Our daughter is in college and is 20. She lives on campus out of state and comes home for Christmas and the Summer. She is still dependent for our financially support, because there is no way she could attend college full time and be able to financially support herself. She is a double major on the deans list. She is on grants and scholarships and earns spending money for the year during the summer.
She is also on our health insurance.
She is now considering her options for after graduation, 2012. Will she attend graduate school or will she get a job and try saving up to move out. We told her she will always have a room here, but she will always need to either be in school or have a job.
My husband and I have discussed that if she has a job and wants to live at home, we will figure out a fair amount for her to pay us for rent, but we will not tell her this, we will place that money in savings and give it back to her when she has on her own saved enough to get her own place.. This will be a nest egg for her.
We do not provide "going out money".. I do give her some money for clothing and some necessities, but she is very careful with money, so we actually have saved money while she has been in college..
When I was 18 I went away to college, but then decided to marry my husband, I was 20 and he was 21.. His parents told him once he was married he was on his own.. My mom said if we ever needed anything she would do her best to help us.
We NEVER asked his parents for money.. We did ask my mom for a few small loans and paid her back.. At one point we were really struggling and his parents told us they did not understand why we never asked for their financial help.. Duh, when they told us we were on our own, we took that for the law.. Anyway, we still do not ask them and they still think it is strange.
Each family is different. Our goal for our daughter was to help her get through college. We want her to have the best education she could get. She is doing the work and so we provide the transportation and her living expenses on campus.
I do not know any parents in our group of friends or relatives that just told their kids, you are 18, so get out, you are now on your own. They do not have the earning ability to get jobs to afford a place to live, transportation and living expenses, much less, health insurance.