MM(19) got out of jury duty.  Didn't have to go in, and was freed Wednesday afternoon.  He bought train tickets the second he got the news, and headed to LA.  The prior weekend he went re: school club and had most expenses paid for.  Last weekend he visited the girlfriend, who has a job down there.  The train was pretty fast and it was cheaper than gas.  I gave him $40 for food.  Because the GF watched our cat while we were out of town, and refuses to take money.  So I told him to try to make her take the cash.  & if she won't, then to take her out to eat.  Or buy her groceries or whatever. 

I just noticed that MH's larger mega savings account bumped up to 4%.  It used to be 3.5% or something like that, when everyone else was paying 1%.  But they had been slower to adjust re: recent interest rates.  I moved my money out personally (it had dropped down to 2%), but I thought it might be worth MM(19) waiting it out.  That surely they would adjust.  I see now that they went up to 4% on April 1.  That works out well for MM(19).  He only has $2,000 in there right now, but he can put any summer earnings in this account.

I also noticed that MM(19) is done with 9.62% rate on I Bonds.  Will bump down to ~7% for the next 6 months.

MM(19) ends the school year with $937 more than he started with.

+$445 interest (10 months)

+$202 credit card rewards 

+$1,115 TA job (one quarter)

-$825 Misc. Spending**

Net = +$937 

**I don't have any details re: his spending.  It works out to spending ~$82.50 per month during the school year.  Off the top of my head, this would be contributing gas to GF and gas re: multiple trips to LA during the year (school club), meals out (mostly when on the road), toiletries, haircuts, and any personal spending, books and school supplies, etc.  Net of credit card rewards on his newer credit card (that I have no access to).

Not included above, I sent MM $800 for groceries.  That works out to $80 per month.  Which is ridiculous, compared to the $300/month he eats at home (in less expensive region).  🙄  

I know he gets a lot of meals from the GF.  If I thought literally he was only eating $80/month food, I'd be more concerned.  But I am guessing he gets at least $100/month of food from his girlfriend.  

We will have to have some discussions and figure out next year.  Paying rent quarterly to the school (with tuition), I have just been reimbursing MM(19) grocery expenses once per month.  But with the off-campus housing, I'd like to just send him a monthly allowance to cover room and board.  (Because will also be paying rent every month.  Just want to do one monthly reimbursement).  I think $150/month might be more appropriate for groceries, but want to make sure he is spending a little more and eating enough.  So we need to talk about that.

Bigger picture, MM(19) has $11,700.  & that's just more liquid cash.  He also has college funds and ROTH IRA.  Last we talked about it, he's thinking of buying a car next summer.  But he's been very wishy washy on this front.  He seems hell bent on going very cheap with the car.  Unfortunately, I don't think the 20yo kids' car has given him a realistic view on car expenses.  It didn't need a repair for the first 4 years (when he was paying for all of the expenses).  Dude, if your grandparents *and* your parents are happy to pay for your college.  Take the money and buy a nicer car that will last you a very long time.  We did too good of a job setting our kids' car expectations, but I didn't know they'd just be handed everything (car + college degree).  I think MM(19) could easily buy a $10,000 car that will last him a very long time (if he waits until he is 21 to buy a car).   

Well, I got sidetracked re: kid stuff.  I just wanted to see how the school year shook out for MM(19).  Before, I really had no idea how much spending money he would want/need re: college, and was tracking just to get an idea about things.  At this point, I have much less access to his finances and he's clearly got enough money to cover expenses.   The next chapter will be figuring out how to handle the monthly expenses next school year.  I should probably just transfer him rent money for July.  His first month rent must be due next week.  Off campus, he's stuck with a 12-month lease.  

I am checking where we are at with things.  I have $11,200 I Bonds set aside for MM's junior year rent.  In my mind it was $10K (original investment) and I only had 11 months of rent covered.  But I am going through the math and I think I have 12 months rent covered + about $85/month to cover utilities.   With the interest earned on these I Bonds. This is my big chore for next week.  I need to sort out insurance with the rental company and make sure MM(19) gets his first month's rent paid.  Utilities won't start to sort out for another few months.  

Of course, I am still getting ~7% on these bonds, so I won't be cashing any I Bonds out soon.  I will just cash flow rent and reimburse myself when the interest rate drops down (December).  I'll be draining our cash down in the meantime.  But mostly this is money we want to use to fund our IRAs (when the year is over).  So it works out pretty well.  I'll have a $6,000 chunk to cash out in December and will just move over to IRAs.  In 2024, I can just pay the rent with I Bond money every month.  

Even though the I Bond money is tied up for another 6 months, I am pretty happy with where we are at re: MM's college funds.    I am just presuming that he will get the usual $1K college gift from in-laws (this month) and will be able to use that money to furnish his apartment.  He's not going to need much and will mostly buy used.  I think we can stretch that money out to furnish his apartment and also get him a very used bike.  (No point spending any money on a nicer bike that will just get stolen).

Well, I started this post a bit ago.   I leaned on MM(19) to call the leasing office.  He needed to talk to a human because I don't think anyone plans to move in until September.  Found out he needed a cashier's check for the first month rent.  He just happens to be in the college town this weekend, so it worked out.  He had time to go to the CU and will drop off the check this weekend.

MM will be traveling to the college town two weekend in a row.  But the leasing office is closed weekends, so I don't know when he will ever get the key to his apartment.  He seems very "meh" about crashing in completely empty apartment.  Would rather just crash with friends in their nice furnished houses.  

(Yes, this was after two weekends in a row in LA.  He is alternating work trips with vacation trips.  I think next weekend is just a big birthday weekend.  I think he's staying at someone's fancy pants parent's house on the coast).

I put it on my calendar that I will need to start sending him rent money before the 1st of the month.  July was easy with the partial month, but I guess technically will need to send him a second bigger check this month, before August 1.