Question
As we prepare to have our first child enter college, do you have any advice on how to handle her discretionary spending money? Assuming room and board are paid for, we were thinking about putting $100 a month in her bank account for incidentals and then if she had an unexpected expense like a high-end calculator she was required to buy, she could send us the receipt and we would reimburse the account. She would have her own money in the same account saved up from camp counseling to spend on outings with friends, etc. Does this sound like a good plan to foster independence and wise money management or do you have other ideas you can share?
