I posted about this topic last December, when our oldest graduated.
The BankAmericard has been a good card for him. No annual fee. And, so far, he’s earned $98 in cash back rewards. So, rather than paying $60 for a credit card, he’s saved almost $100, a difference of close to $160.
He’s done with his year in the mountains, something he loved and is happy he experienced. He now has a real job and is saving money for a) his own car, and b) first and last month’s rent so he can move out. 😉
He’s making good progress on the transition to get off the bank of Mom and Dad. In December, he’ll start reimbursing us for his cell phone costs ($54/mo). Once he has his own car he’ll be paying for his own insurance (if not before). He DOES eat our food, but he buys his own lunch supplies. And he continues to pay for pretty much everything else – gas, entertainment, eating out, clothes – that he’s been paying for since graduating. Living with us provides him a big break. When he was in the mountains, making little money AND paying rent, he ate a lot of ramen!