Are you aware that the average college student graduates with $4100 in credit card debt? This does NOT consist of tuition and books. Now is a great time to teach money management ways to your high school student to ensure responsible spending when they leave the home and enter college.
My 1st tip is to open a checking/savings account for your kid. This will allow them to begin to learn the basics of money management. Numerous institutions offer a service that informs you via email or text if the account falls below a particular balance. Set the threshold high enough that you don’t get caught with overdraft fees. You want to teach your kid how to manage money – but you don’t want it to cost YOU money! If your kid falls below the particular threshold – charge him a good overdraft fee.
Next, I would arranged him up with a debit cards.
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It’s often difficult to manage money if you are able to withdraw funds anytime you want. Plus, the balance shown at the ATM is not always up-to-date. It is important for the student to understand that checks written do not post immediately. Also, ATMs can charge withdrawal fees. Plus, many gas stations will allow overdrafts if you pay out at the pump, but will not accept a debit card inside if there are insufficient funds. All of these scenarios can cause the inexperienced money manager to overdraft their account. Once again, chose an institution that tells you when the balance is lower – so you can teach the life training without paying for it!
Another strategy which can be implemented while your student remains in high school is to create a budget. How much do they earn on their part-time job? How much perform they anticipate receiving for holiday and/or graduation gifts? What are their particular expenses? Once you create the budget, make a point to revisit this budget each month and revise as needed. This modification process will allow you to help your kid begin to plan for big expenses (college books) and decide how much to put away each week in savings.
Utilizing these guidelines will assist your student in being a better money manager and hopefully keep them from adding to the increasing college student debt. It is important to remember it is a process. Budgeting is a learned skill. There will be bumps along the way – but the experience will pay off in the end.