Spending Money - - Who Pays
Author: By: Ms. Sasha Tovbin

Aside from tuition and room and board costs, the colleges I researched presented a whopping estimated figure for the 'expenses' column. I figured they were exaggerating, and made the mistake of ignoring it.

That theory worked until the first year I was away from home. That was when I discovered that, like it or not, I needed spending money. I also discovered that different families have different approaches to the subject. Some people had unlimited use of Mom and Dad's credit card with no questions asked. Sigh. Others worked for every penny they earned. And then there were the ones who got checks from home whenever they asked.

I fell somewhere in the middle and I found that it worked for me. I had a credit card for emergencies and necessities (like shampoo, food, medicine etc.) and my hard earned summer money for the extras. I discovered that watching my own money exchange itself for prosaic things like chocolate suddenly made me realize what living on a budget means. Until then, my own money was reserved for things like books, CDs and jewelry. To find it literally being eaten up brought me down to earth with a resounding bang.

But you know what? I'm glad I wasn't in "the spend all you want, darling" category. I found that I didn't like whipping out that credit card. I felt less guilty occasionally splurging my own money, rather than using my parents'. If I was buying something extra, it was only fair that it should be at my own expense. Yet, I still had the security of knowing that if I really needed something I could get it.

Everybody's different and everybody's college situation is different. Some parents are covering tuition, and some aren't. Some need to pay for their own books and some have the college requirements covered. Some of us have gas and car insurance expenses while others don't drive at all. Some even pay for their own meals and others get their own clothing. Some have work study opportunities. So when we speak about necessities, some parents are willing to chip in for books, food, insurance, clothing and laundry. Others don’t or can't. But there's a good deal to be said for not asking your parents for the extras.

And I don't just mean the iPod or CD or laptop. I'm talking about eating out, or the midnight ice cream splurge, the trip everyone is going on, or that cool sweater; those things that fall into the category of fun, but that you really could get by without having. I'm not saying you should do without them, but I am saying that you should pay for them yourself.

It doesn't matter if it’s your summer earnings, your campus job, or Great Aunt Rose's graduation present. But it should be your own money. Not just because there's nothing like spending it to learn the value of the dollar, or because you'll think twice before purchasing the latest fad. You'll get a cozy feeling of independence from managing on your own. Because, by the time you're in college, you're really an adult. Welcome to real life.