Hi all, our household income is down about 50% or more since spouse lost job in 2014. Formerly comfortable to now working on keeping mortgage going. Rising senior will be having the college finances talk in August with us (ie in state tuition may require you to attend SUNY) Had a thought for budgeting purposes I thought I would throw it out to the parents. My current thought is to tell Rising Senior that our budget for their senior year is $xxx. Senior can use funds however they want-be it yearbook, shopping, class trip etc., but that the $$ will be in a bank account for them to manage as they see fit-and no refills when the well runs dry. I am willing to pay for AP courses, hair cuts, but am thinking it may boost Senior's priorities at managing cash if they know that they control the $ and will have to live with the choices they make. Senior is still in somewhat of denial of reduced income and thought this might make sense. Any pros or cons? Helpful comments welcomed.
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