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How is everyone transitioning your children financially after high school?
Posted on 8/18/26 at 1:18 pm
Posted on 8/18/26 at 1:18 pm
I plan to pay for my children’s car expenses (car insurance, gas, maintenance), college tuition for the first 4 years at a public in state university, and they are more than welcome to live at the house for the years they are in college. If they want on campus housing or apartment during college they will need to get a job and pay for that. If they wanna go out drinking or fun money in college they can get a job to pay for that. After college graduation and they get their career job, all bills are on them except they can stay home a few years if they want to save up for a housing down payment to get ahead on life. If my children don’t want to go to college they have to come up with a career path plan and are welcome to stay with us as long as they have clear defined goals and making reasonable progress towards getting a career in a non college required field. How do my plans compared to your plans or what you did for your children in the past once they finish high school? Is what I outlined above reasonable expectations?
This post was edited on 8/18/26 at 1:21 pm
10
Posted on 8/18/26 at 1:55 pm to Redstickbaw
quote:
How do my plans compared to your plans
Basically the same except that we plan to pay the price of on-campus housing and board (if they want more expensive off-campus housing, they have to pay the difference) because it's important to me that they don't live at home during the college years (at least for the first year or two). That's rooted in not being given that option by my parents and feeling like it really dampened my experience/growth. Happy to have them back as a college junior/senior and/or post-college, as you are, but they need to move out initially.
Posted on 8/18/26 at 2:00 pm to Redstickbaw
No quite there yet, I need to figure this out too.
I'll pay for or help with any uncovered basic college room/board but if they want to upgrade they'll need to fund it. (I want to encourage them to move out to go to better schools than we have locally)
They will pay for gas and a portion of car insurance as soon as licensed. (Unless this keeps my son who prefers to invest all his $ from wanting to get his license)
After HS, cell phone and entertainment budget is all on them except for family outings/vacations.
I will match Roth IRA contributions 100% (not sure when I'll stop maybe never)
Considering buying them newish cars for college with better safety/automation as a reward if they get into good schools and will be driving back/forth to visit. Maybe wait until after successful freshman year.
They will be welcome to live at home but I will probably charge rent (that I will invest for them to use as a home down payment)
I'll pay for or help with any uncovered basic college room/board but if they want to upgrade they'll need to fund it. (I want to encourage them to move out to go to better schools than we have locally)
They will pay for gas and a portion of car insurance as soon as licensed. (Unless this keeps my son who prefers to invest all his $ from wanting to get his license)
After HS, cell phone and entertainment budget is all on them except for family outings/vacations.
I will match Roth IRA contributions 100% (not sure when I'll stop maybe never)
Considering buying them newish cars for college with better safety/automation as a reward if they get into good schools and will be driving back/forth to visit. Maybe wait until after successful freshman year.
They will be welcome to live at home but I will probably charge rent (that I will invest for them to use as a home down payment)
This post was edited on 8/18/26 at 2:04 pm
Posted on 8/18/26 at 2:09 pm to TorchtheFlyingTiger
quote:
I will match Roth IRA contributions 100% (not sure when I'll stop maybe never)
Yes, we do this too and will probably never stop. Actually, since we have a low-income teen, so far we've required a 15% of gross contribution to the Roth and then topped it off with the other 85% from our funds. Probably will keep doing that until we feel like it gets too expensive.
Posted on 8/18/26 at 2:17 pm to NCTigerFan
When is a teen eligible for a Roth IRA?
Mine does yards and makes good money. He just has to file a tax return for this year?
What institutions are best for this?
Mine does yards and makes good money. He just has to file a tax return for this year?
What institutions are best for this?
This post was edited on 8/18/26 at 2:19 pm
Posted on 8/18/26 at 2:23 pm to Redstickbaw
paid full boat for each of mine for 4 years of undergrad (both had max TOPS and other scholarships, so it was living expenses (housing, cars, insurance, gas, etc.). As I told them, their "job" was school. They both did some side hustles and made their "fun" money.
one graduated and is making bank as a engineer and the other got a full ride for post-graduate education. Paying 50% of rent while that is going on and still on my health insurance, but that's it.
one graduated and is making bank as a engineer and the other got a full ride for post-graduate education. Paying 50% of rent while that is going on and still on my health insurance, but that's it.
Posted on 8/18/26 at 2:26 pm to meeple
I don't know about self-employed teens, sorry. My teen gets a W-2 and doesn't have to file a return because the income is below the threshold. The Roth is currently at our credit union because it was easy with no fees. At some point we'll migrate it to something with more investment options.
Posted on 8/18/26 at 2:29 pm to Redstickbaw
Ours is at an out of state JUCO playing ball right now so that covers tuition/books. We pay rent/utilities and give her a finite amount per month (not a ton) for gas/groceries. She worked over the summer and saved for fun money. She understands that she can come home & finish her undergrad with TOPS, but we are not paying out of state tuition, nor will we pay rent. She can live at home or work to pay rent. We bought her newer car at 16 and paid it off, so it's hers to do with what she wants. Anything past undergrad is on her. Her goal is to become a traveling nurse, so hopefully not a ton of debt.
Posted on 8/18/26 at 2:30 pm to NCTigerFan
I'd move it to Schwab, Fidelity, Vanguard. No fees for any of those.
Posted on 8/18/26 at 2:56 pm to Redstickbaw
First one just left for college, what I am paying for
-Tuition - 529
-Housing - 529
-Books - 529
-Campus food - 529
-Gas
-Phone
-Insurance
-Travel home
What I am not paying for
-Anything not listed above.
After graduation it will be based off how school went, but I suspect we will be helping them get started. Once employed, the kids are on their own.
-Tuition - 529
-Housing - 529
-Books - 529
-Campus food - 529
-Gas
-Phone
-Insurance
-Travel home
What I am not paying for
-Anything not listed above.
After graduation it will be based off how school went, but I suspect we will be helping them get started. Once employed, the kids are on their own.
Posted on 8/18/26 at 3:12 pm to Redstickbaw
I moved and didn't leave them a forwarding address.
Posted on 8/18/26 at 3:17 pm to Redstickbaw
I plan to pay for everything until they have a full time job. I will expect them to treat their performance in college like it is a full-time job...but they are earning "As" instead of being paid.
I expect internships during the summer months. I do not expect my kids to work during the semester.
This is what my parents did with me and I'm thankful for the arrangement.
I expect internships during the summer months. I do not expect my kids to work during the semester.
This is what my parents did with me and I'm thankful for the arrangement.
Posted on 8/18/26 at 3:18 pm to lynxcat
One thing I will likely do that I didn't get benefit of: I will likely cover material down payment for home buy whenever they are ready to settle down.
Inheritance is more valuable when 22 than 52.
Inheritance is more valuable when 22 than 52.
Posted on 8/18/26 at 3:23 pm to meeple
quote:
When is a teen eligible for a Roth IRA?
Mine does yards and makes good money. He just has to file a tax return for this year?
What institutions are best for this?
There is no age requirement you just need earned income that equals what you contribute. I would assume that if he files a tax return for his lawn business that would count as earned income and he could contribute that amount up to the max of $7,500.
As for where to go I have mine and my wife's Roth IRA with Vanguard in VTSAX. I also have UTMA accounts for my kids with Vanguard in the same fund. They have great funds and are very low cost. I've also heard great things about Fidelity.
This post was edited on 8/18/26 at 3:24 pm
Posted on 8/18/26 at 3:39 pm to Redstickbaw
Our kids can live at home and go to local community college but they pay for everything themselves. Not sure if we will charge them small rent or not.
Posted on 8/18/26 at 3:41 pm to meeple
quote:
When is a teen eligible for a Roth IRA?
There is no age limit. Any kid with an income can open a Roth IRA. My kids earn cash for babysitting, pet setting, etc. and that counts as earned income. I have opened Roth IRAs for my 12 & 14 y/o. Fidelity is the easiest place to open a minor ROTH IRA. It took about 10 minutes to create an account, transfer money and make the first investment purchase.
This post was edited on 8/18/26 at 3:44 pm
Posted on 8/18/26 at 3:59 pm to Redstickbaw
I don't really know the specifics yet of what I'm going to cover, but I'm planning on traveling Europe for the summer with my oldest before she goes to college. If I can't take off for that long I'll just quit my job and then find another when I get back 
Posted on 8/18/26 at 4:10 pm to Redstickbaw
Wife’s grandparents left behind education trust…based on that this how we do it
1.Auburn Tuition and junk fees - trust
2. Housing and somewhat major expenses like a laptop - 529
3. Monthly max allowance of $600 for food during school months on co sign sign credit card (i.e. month or December wjen daughter is home most of time she would get maybe $200)
When she graduates in may of 2028 i will give her a 8 month grace period if she wants to move back in with us. In month 9 she start paying us $5-600 a month. She will not know it but I intend to give her all of that money back to her once she moves out. As far as her expenses go that will all be on her after month 9 post graduation …minus possibly her health insurance as as she has younger sister and if you have one kid on a policy you might as well have 10…same cost
1.Auburn Tuition and junk fees - trust
2. Housing and somewhat major expenses like a laptop - 529
3. Monthly max allowance of $600 for food during school months on co sign sign credit card (i.e. month or December wjen daughter is home most of time she would get maybe $200)
When she graduates in may of 2028 i will give her a 8 month grace period if she wants to move back in with us. In month 9 she start paying us $5-600 a month. She will not know it but I intend to give her all of that money back to her once she moves out. As far as her expenses go that will all be on her after month 9 post graduation …minus possibly her health insurance as as she has younger sister and if you have one kid on a policy you might as well have 10…same cost
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