My son will be going away to college this Fall.He is 18, responsible, and just graduated from high school.I am thinking of getting him a credit card in the same account with my wife and I. My thought is that I could keep tabs on him financially, at least his first year.Actually, I am trying to find the best way to deal with money for him. I assume he will need some money for day to day expenses. Maybe I should just give him a few hundred dollars when he leaves, and then wire him cash when he runs short. How do college students deal with money this these days?I graduated 36 years ago, so I am a little rusty.Any and all input is appreciated.Thanks.
The latest "Money" magazine offers some advice and, in an article titled "Send Off a Frugal Freshman" they recommend Citi's mtvU (at citi.com).They best tip, though, is one I used with great success: buy books online instead of the campus bookstore. I regularly bought at books at half price and, for this semester, bouth Business Plan Pro for about $40 via eBay versus about $90 (plus tax) from the bookstore.They also rag on campus dining card programs, pointing out that many meals are missed due, I guess, to things like schedules, distance, travel, etc. On the other hand, if the meals themselves are good bargains then maybe even missing some of them still results in a positive. At my undergrad school a number of meal items came from the campus ag farm so, if anything, they were probably as good as or better than a standard eatery.Graduating in Dec. with an MBA,BG
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