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A few parent pointersJun 26 '00 (Updated Sep 09 '00) Write an essay on this topic.One of the most difficult decisions that must be made just prior to your son/daughter leaving for college is how much money are they going to need for all the extras. If you talk to 20 people you will get 20 different answers. You and your family will have to make the ultimate decision. Here are a few pointers to help you get started. All of these suggestions are based on my trials and errors. The most important item...they must have a checking account, preferably a debit card. The bank should be a local bank in the school's area. Most local banks do not charge college students fees for the accounts, however they do charge ATM fees for a withdrawal at a bank that is not their own. Additionally, the bank that the withdrawal is made from will also charge a fee. You would be amazed how those ATM fees add up. In any given month, the fees can easily exceed $15.00. While that might not seem like a lot of money, view it as the amount that your child will have to pay for their local telephone service. Additionally, have the statements sent home to you and not to them at school. This way you can monitor the amount of money being spent and on what. The other reason is the kids have a major problem learning how to balance a checkbook. I would, however, send her the statement after I reviewed it. Secondly, I would make deposits directly into my daughters checking account about twice a month. I learned this the hard way. During her first semester in school the checks that I would send to her seemed to take over 10 days to clear the bank. The reason...she claims she never had time to get to the bank and deposit it. This way I was assured that it would be deposited the day it was received instead of sitting in a dorm room for days. Finally, I made it her responsibility to pay her phone bill and cable bill from her own checking account instead of having the bills sent to me. The reason...give them responsibility. When they are writing the check you will be shocked as to how the telephone usage on long distance calls actually drops. Even though I was putting the money into her account, this system seemed to have worked quite well. In closing, the only thing I can add is that no two kids are alike. You will learn the same way I did as to how to handle the allowances.  |
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