College/money access?

My parents gave me $5000 my first year, which does sound like a lot, but it included money to do something for spring break (budgeting reality check there - I'd hoped to go to Mexico with friends but because I blew through too much money at the beginning of the year, I ended up going on a Habitat trip to Iowa). It also included clothes, transportation to/from the airport, haircuts, and basically everything else. They were also explicit about pointing out that it was enough I could actually save some (I ended the year putting about $800 of it in savings, which was part of the money I used to get my first place after college).

I learned quite a few really valuable lessons about money that year - things that my parents had taught and enforced when I lived at home, but never fully absorbed until I was managing a decent amount of money all on my own.

My daughter set up an online checking account with USAA. She can use any ATM and gets reimbursed for any fees. She uses her debit card. I set up a weekly automatic transfer from my bank account (not with USAA) to her checking. I don't think you need to be a member of USAA to use their online banking.

I send her $100 per week during the school year. She's not on a meal plan, so that has to cover all meals and school supplies and incidentals (but not books.) She also has a research job on campus of 10 hours a week that pays for her entertainment. It's been just about the right amount since she dropped her meal plan after freshman year. She's in a student apartment with a kitchen, so she can cook and store food.

In my opinion, that's when you learn some hard lessons. Like I did, when I had to say no to a trip I SHOULD have been able to afford and REALLY wanted to go on, but because I'd been an idiot and pissed away a lot of money early on because it seemed like I had so much, I didn't get to go on that trip. And I knew better than to beg my parents for money to go because they had given me enough to go - I was just stupid with it.

It was a hard-learned lesson and it stuck with me.

(Of course, I'm talking strictly about spending money, if food has to be covered by the allowance, then I'd take a different approach.)

My dd just finished her first year of university. They pay by the semester in advance. Last August, we paid for Semester 1 tuition and residence fees. The beginning of January, we did the same. She opted out of the meal plan because she is a vegetarian and a good cook. She shared a suite (2 bedrooms, one bathroom and a kitchenette) with another girl and they both cooked. Besides, the meal plan was an extra around $2600 for the 8 months. I sent her $100 per month to help her with the cost of food. She spent about $200 per month on food and she shopped mainly at Whole Foods. She saved about $1000 by eating at Whole Foods rather than the residence meal plan LOL

A few times, I went to her bank (which is different from mine) with only her account number and deposited money into her account for extra things. I'm in Canada so not sure how this works in the US but you can also email money into their account. Most universities here have student account cards and parents can add money to the card online but you cannot check out the balance. I did top up her card for the second semester for book purchases.

DD made a financial error for the second semester. She thought she had more money and went on a clothing shopping spree. She thought I held back $800 for the second semester but I didn't. So....she didn't have any money for a few weeks. I was going to make her suffer a bit for being careless. Her bills were paid and I was giving her $100 per month for food still. Then she started getting a severance payment from Target Canada which she didn't expect LOL. So they sent her money for most of the second semester.

I find it hard to believe that 17/18 year olds don't have a bank account??? Really? How do they save for school, trips etc? or learn to budget?

Laws vary state to state. In my state a child can only have an account held in trust for them If they are under 17. At 17 they can then have an account on their own with parental permission. No parental permission they have to wait until 18. Definitely not the same law I grew up with as I had a checking account at 16.