Teaching Your College-Bound Teenager Financial Responsibility
Introduce your daughter or son to the benefits of opening a checking and savings account at a bank that has a branch at their college.
Teach your teenager to put a portion of his/her income into the account for an emergency fund or just for the enjoyment of being able to buy things for themselves.
When your child writes checks, teach him/her how to fill out the check register.
Give your teenager a college debit card to be used solely for books, meals, laundry, or other necessities.
Help your teenager establish a debit card tied to his/her checking account
Enlighten them about the dangers of credit cards and discourage them from getting one. Explain the consequences of credit card abuse and the best way to manage debt is to avoid it.
