Htown Harry
Thinks s/he gets paid by the post
- Joined
- May 13, 2007
- Messages
- 1,525
DD started college in September and DS will start in two years...
I transferred $25k into the oldest's bank account at the start of the academic year and told her that was enough for the year and she had to manage it. I'm hoping this will be a lesson in financial responsibility. She just paid for 2nd quarter expenses and so far I think that she is on track academically and financially.
Interesting that you went with this approach right off the bat, during freshman year. $25k a big number for an 18 Y.O.
My DD is a junior and we started down this path only recently, for the money needed to cover expenses during a study abroad semester.
I like the feedback I am getting so far, so we'll probably go for the full lump sum payout for her senior year.
That's two data points on the early end of the time scale. Do others have experiences (pro or con) to share on Junior spending the parent funds contributed to education?