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Q: Typical allowance for a college student. ( No Answer,   3 Comments )
Subject: Typical allowance for a college student.
Category: Business and Money > Economics
Asked by: ddiwan52-ga
List Price: $10.00
Posted: 24 Oct 2006 21:22 PDT
Expires: 23 Nov 2006 20:22 PST
Question ID: 776605
What amount of money does a college student receive as a percentage of
their parents household income? Is there a correlation between
household income and monthly "spending" money given to the student?
Additionally, let us suppose that a household has an annual income of
approximately $800,000. What would be a reasonable amount of money to
give a month? Many Thanks.
There is no answer at this time.

Subject: Re: Typical allowance for a college student.
From: keystroke-ga on 24 Oct 2006 23:17 PDT
I don't believe that a matter like this should be based on the
parents' income at all.  College is a great time to learn about the
value of money and if one has an unlimited supply of it, that is
difficult to do.

When I was in college, my parents put their credit card on file in the
college stores and basically said that I could buy anything I wanted
at any time; they trusted me to do this and not go crazy because they
knew that I was fiscally responsible.

I won't give specific recommendations because I think more information
is needed on this particular student.  Is he/she going to live in a
dorm with all meals already paid? If the student has to buy groceries
and cook, that adds to their expenses.  Does the student get good
grades?  Is she good with money and responsible with it or does she
waste it?  What location does this involve?  A college student in New
York City will need more money than someone in Nebraska to do the same
things.  Does the student have any hobbies that are expensive but
pretty educational and to be encouraged (i.e. going to see plays and
musicals, buying books) or is all the money going to be going to the
local bar?
Subject: Re: Typical allowance for a college student.
From: markvmd-ga on 25 Oct 2006 07:58 PDT
Household income of $800K and you're only offering ten bucks for this question?
Subject: Re: Typical allowance for a college student.
From: myoarin-ga on 25 Oct 2006 11:29 PDT
Keystroke is quite right.
In my family  - as a student and later as father of one -  it was
expected that the student submit a budget for the year that included
everything  - tuition, fees, books, etc., etc., and then stick to it. 
It's Daddy's money and his decision.
Including everything helps understand that "allowance" is just a minor
part of what Dad is paying.  Sure, there can be reasons for his
agreeing to fund an unexpected expense  - if it can be justified.

Where the money comes from or how much there is has no bearing on the question.

Regards, Myoarin

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