What Should I Do when My College Kid Repeatedly Calls Asking for Money?
Money Management for Parents
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Q: What should I do when my college kid repeatedly calls asking for money?
Rachel: First, I’d ask you what expectations your child had when she went away to school—did she expect you to pay for everything or did you clarify certain things you expected her to take care of. Or, did you not set any expectations at all?
If the expectation was set, I’d suggest giving her a little grace. But don’t let it become a pattern where you turn into a human ATM. How much can she help pay for expenses?
If you didn’t set an expectation, now’s the time to do it. Simply talk about what you will pay for and what you expect her to take care of.
Parents, no matter what the situation is, your kids need to know how to budget. You can help them list out their expenses then figure out where the money’s coming from.
They also need to have a simple bank account they are responsible for. This will help them keep track of what’s coming in and out.
So, to recap, make sure you set expectations and give your kids more responsibility when it comes to managing their money.