Lesson #1: Budgeting is your friend.
Sit down with your child and list anticipated expenses for the semester. Include books, dinners out, clothing, toiletries, transportation and anything else you can think of it. Total it all up, and divide the amount by the number of weeks in the semester. Pad the amount by 10 or 20 percent (to cover unanticipated expenses). That’s your child’s weekly spending limit. Whether you provide it or she earns it herself, help her understand that she needs to stick to her plan so she doesn’t run out of cash before the semester ends.