Teaching Your College-Bound Teenager Financial Responsibility
As the parent of a future college student, you have a lot to worry about already - from how you'll handle the empty nest to paying tuition bills.
One huge and often unspoken subject between parents and their (almost) adult children is financial responsibility. You can help your child understand how to manage money responsibly with these simple tips. Then, perhaps you'll be spared the requests for more money from home!
- Introduce your son or daughter to the benefits of opening a checking and savings account at a bank that has a branch at his or her college.
- Teach your teen 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 teen a college debit card to be used solely for books, meals, laundry, etc.
- Give your teen a debit card tied to his/her checking account.
- Enlighten your child about the dangers of credit cards and discourage him or her from getting one. Explain the consequences of credit card abuse and that the best way to manage debt is to avoid it.
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