Help student DS budget

[sunnyday2025]

DS 19 is shocking with money, he can’t spend it quick enough.

He has asked for help with managing his summer term loan and is intending to hand it over to me. I will then give him an allowance each week with regular discussions on what he needs to pay for.
am hoping this strategy (suggested by him) will kick start a more sensible approach to money going forward.

My questions are how around much to give him each week and what conversations we need to have.
He gets a full loan of £3100, about half will go on rent.
He only has 3 weeks till end of academic year and is likely to be home mid May so essentially has a lot of money to burn through if he’s not careful. He has suggested £250 pw!!!!!
Says he will then save the rest.

when he gets back he will be working full time for the summer and I am toying with chargung nominal rent so he understands the reality of living costs.

I think you need to approach this from understanding what his weekly expenses are rather than deciding on a figure he has suggested ! Sit down with him and get him to set out weekly expenses what are his bills etc. - suspect it will be a good exercise for him and an eye opener on where his money is going. Step 2 is to get him ( probably with help ) to identify excessive / non necessary expenses. How many subscriptions does he have and does he need them all ? How does he eat - always takeaways ? Once you have gone through this then you can agree on the amount he needs (which can include some for socialising ) v what he thinks he wants