Sanitation: How to create a college spending plan + 9/11 remembered

On the Money

By Lauren Young, Digital Special Projects Editor

Greetings, On the Money readers!

It’s back-to-school season, and pumpkin-themed merch is popping up everywhere.

In this week’s newsletter, I address a topic that’s confounding friends with older kids returning to campus: college spending money. In addition, you’ll find some more estate-planning advice and a September 11 remembrance.

As always, I love to hear from you. Write to me at onthemoney@thomsonreuters.com.

While you’re at it, be sure to follow our On the Money coverage. And connect with me on LinkedIn, where I’m always posting the latest Reuters news.

Pro tip: Don't set an allowance for your college student without creating a budget first! REUTERS/Jonathan Drake

How much spending money should my college student get?

My social feeds are filled with photos of kids heading off to college. A big question among my mom friends is: How much spending money do they need?

To figure out the right amount (and launch financially responsible adults in the process), here are three essential action items: make a budget, create a spending plan and build an emergency fund.

And since many kids are getting credit cards for the first time, I got advice on that topic, too.

After you read and share my article on this topic, let me know how you’re handling college spending! If you have any other thoughts/tips, please email me at onthemoney@thomsonreuters.com.

Full disclosure: I deleted the section on working in college because my article was getting too long — but I’m a big fan of having a job for extra cash and using some of that money to start saving for retirement!

Read. Watch. Listen.

Video of the Week

Hands on with Apple's new foldable iPhone Duo. Apple unveiled the iPhone Duo, its first folding phone, priced at $1,999. The device features advanced screen and hinge technology and the largest display of any iPhone.

Here is the first look.

How to protect your family and your finances

Another friendly reminder to get your financial documents in order, pronto! REUTERS/Lucy Nicholson

Death and illness are not topics people like to discuss with their loved ones. But expecting family and friends to manage your money and make healthcare decisions when an emergency strikes is not a prudent estate plan.

Here are the key moves you need to make to protect your family and your finances.

Climbing the career jungle gym

Sarah Franklin, chief executive officer at Lattice, once gave a presentation on colonizing Mars to land a sales job. Courtesy Lattice/Handout via REUTERS

"Your career is not a ladder. It’s a jungle gym," according to Sarah Franklin, chief executive officer at Lattice, the people management platform.

Her trajectory up the corporate ladder — from a sales clerk to debugging German code at a major consulting firm to chief marketing officer at Salesforce to her current role as CEO — was filled with unexpected twists, turns and a few memorable spills.

I love talking to people about their first jobs for Reuters. (I publish these interviews in tandem with the U.S. employment report.)

Here is Franklin’s first-job story.

A$k Lauren

I have lots of personal finance ideas, but the very best stories come from readers! What personal finance questions do you have about saving, spending, healthcare, credit and more? Write to me at onthemoney@thomsonreuters.com. I read every message!

Never Forget

It is hard to believe that tomorrow is the 25th anniversary of 9/11.

I began my career as a financial reporter in New York City in the 1990s. I visited the World Trade Center for work events many times, and I knew dozens of people who worked in both towers, including David Alger.

I hope you’ll take a moment to read the profile I wrote about Alger, who was recognized by SmartMoney Magazine as the fund manager of the 1990s.

My Reuters colleague Steve Holland was traveling with President George W. Bush on September 11. His recollection of the events that unfolded that day and in the following weeks will stick with me forever.

This newsletter was edited by Franklin Paul.

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