It’s a good time to start instilling sound money habits
If money habits are formed early, then this is the foundation from which every other habit derives. Start with inflows and then address the dreaded expense side of the equation.
Many parents prefer that college kids remain at their own bank and link accounts, in order to keep an eye on what’s going on and to transfer money to the account seamlessly. As the process unfolds, don’t forget to provide graduates with a lesson in compound interest; insidious fees, like minimum balance and overdraft protection; and electronic bill paying.Way back when, before the 2008-2009 Great Financial Crisis and Great Recession, college students were bombarded with credit card offers.
While anyone can apply for a credit card as early as age 18, they must have independent income to do so. Without that independent income, those under age 21 must have a co-signer on the account. Instead, consider a secured credit card or add students as authorized users on their own accounts, which allows kids to spend and build a credit history, with the help of your good credit.
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