Post re: MM(19) Freshman college year:

Last year MM spent $500.  This was everything during the school year that wasn't tuition/room/board/medical.  Off the top of my head, his spending would have included school books/supplies, transportation, club dues, haircuts, clothing, dining out, entertainment, gifts, toiletries, ATM withdrawals, etc.  I did spend about $250 on bigger purchases for him, when his very liquid funds were getting low.  So I think $750 was a fair annual number ($500 + $250) and he will be very comfortable with the $1,000 next school year.  ($111 per month).

I had given MM(19) his annual $1,000 "college money" gift from in-laws.  Not really any reason to save more for his college years and felt that money would be better suited to giving him spending money during the college year.

The school year is half way over and so I was just looking at where we were at with things.  MM(19) has spent a whole whopping $350.  I have less details because I am not on his new credit card.  But would be for all of the same categories I mentioned above.  This puts his spending very on track with the prior year.

I expect that his spending the first quarter was somewhat reduced by his very busy schedule.  But...  With going to LA almost every weekend, I would expect more eating out and gas expenses.  It could just be he had no time for anything else.  He also had a job that quarter.  & this quarter he has been sick. 

MM ended up testing negative just 5 days after his first COVID positive.  Phew!  Glad that he got out of COVID jail quickly and is not impacting his classes.  He was sick for a few days and then he had asymptomatic COVID after, which meant maybe two weeks where he wasn't leaving his apartment much.  The weekend he tested positive, both his girlfriend's parents and the in-laws were visiting.  He said they brought him 6 bags of food and things.  He is very well taken care of.  & the girlfriend was bringing him several meals (might have been included in the 6 bag count).  She likes to cook.  

I guess it's been a weird quarter.  There were some days that they just had to shelter in place re: flooding.  At this point he's maybe spent half the quarter just stuck in his apartment. 

The new thing this year is groceries.  I gave MM $400 for groceries & $100 for the week he was in LA, to cover food costs.  That's for 4 months, so we are averaging $125/month food spending.  MM(19) is being *very* cheap with his food shopping, but also gets the benefit of a lot of food from his girlfriend.  

{I hadn't thought about it but he clearly spent nothing on groceries during the past few weeks?  If several people brought him food.}

This school year MM(19) received $1,100 net wages, received $201 in credit card rewards, and has received $140 interest.  The I Bond interest is just starting to kick in (9.62%). 

Edited to add:  Talked to MM(19) this weekend.  He went beach camping this weekend and will be spending next weekend in LA.  Just to be clear that his spending does not reflect a miserly existence. 

MM's spending this year is notably more "hoarding electronics".  With the private bedroom and more personal space, he is clearly starting a hoard.  He's always been a bit of a trash hoarder and did find a (broken) drone on the beach end of last year.  That would be very typical MM.  But with a little personal space and money he is starting to buy old electronics off the internet and buy a lot of stuff "because it was cheap."  The electronics is old, but for some purpose or project.  The "because it was cheap" purchases are anything you can imagine.

I just saw that our credit union is doing a 5% CD for 12 months.  I will ask MM(19) if he is interested.  He is starting to pile up more cash.