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June 14th, 2012, 07:49 AM
mandy5586 mandy5586 is offline
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Join Date: Nov 2010
Location: Texas
Posts: 8,137
I haven't even discussed this with DH yet. I'm sure he would do the whole, "We have plenty of time to think about that" kind of thing since he rarely thinks ahead!

College: I have been putting a small (very small right now) amount aside for her savings. I paid my own way through financial aid and student loans. I would hate for my daughter to have to have student loans like I do. She is going to have to work through high school and college. I want to be able to help as much as we can, but I also think it's important to be independent when you're an adult.

Living expenses: Like a PP said, I greatly enjoyed the college experience. I made lifelong friends and was able to live on my own. I hope that my kids will want to experience that, too. Hopefully we will be able to afford to help pay for that. They will need to work to pay their bills, just like I did. In high school, I had to use my own money for clothes, going out with friends, etc.

Car: Well this is a touchy subject for me! My parents bought my brother his first truck. By the time I was of driving age, my Dad had passed away. In order for me to do Driver's Ed, I had to pay for the course myself and my mom said she didn't have the $$ to help me get a car. So I didn't get my driver's license or a car until after I turned 18 and was going to college. My mom traded in my Dad's truck and got my middle sister a car when she turned 16. Then she helped my youngest sister get a car by paying her down payment and paying half of her car payment every month AND her insurance. So I was the only one who bought all of my cars myself.

So to answer the question: We will probably do what DH's family did. Part of the savings we have for her until she is 18 can go toward a car. You work, save money for a car, and we will match what you save. Hopefully we'll be able to do that for her. Or maybe pay part of her car payment and insurance so that she can divide her paychecks by partial car expenses, partial living expenses, and such. We will figure something out.

Cell Phone: I had to pay for my own cell phone and so will she once she is working. Before that, we will pay for it. You DEFINITELY pay your own cell phone bill after you graduate high school.

Clothes: We'll buy her clothes and then when she is working, she can buy the clothes that she wants. I will NOT buy her clothes when she graduates and moves out.

I think it's SO very important to teach a kid to live within their means and budget. DH and his 2 siblings had debt like crazy because if they wanted something, they used a credit card if they didn't have the money. I am still paying for DH's credit mistakes from before me. I have been working to improve his credit.

So when my kid(s) start working, I will definitely teach them how to budget their paychecks, check their statements, use spreadsheets to keep up with their expenses...whatever I need to do to HELP them be independent.

GREAT question Rachel!

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