There comes a time in every home when kids become young adults and take the first steps to becoming independent.
For many families – that first step is heading off to college, and many 18 year-olds are packing up their bedrooms and getting ready to find out what dorm life is all about.
No more curfews. No more nagging. No more home-cooking. No more help with the laundry.
There are some big changes ahead for those college freshmen. Have you prepared your children for life on their own?
It’s natural for moms and dads to worry about their kids being out in the real world. They know how tough it can be, and only hope their parenting skill are up to par.
Take comfort in the fact that if you are concerned about your children, then you probably cared enough to teach them some valuable lessons. When they do find themselves in trouble, they know you will be there for help and advice.
Plus – it’s not too late to pass on a few more words of wisdom before their journey of higher learning (and possibly toga parties) begins.
Lessons about responsible money management and personal finances are some of the most important things you can teach your teens before college.
They’ll be buying food, clothes, toiletries and text books for themselves. Now is the time to teach them how to budget their money.
One great way to do this is by signing them up for a checking account at a bank or credit union near their school so they can use personal checks. When students use personal checks as a way to pay it will be easier for them to keep an eye on the money that’s going in and out of their account.
They’ll get a free check register with an order of new personal checks from Check Advantage. Teach them to enter every transaction they make in that register – or use an online tool or special spreadsheet to track their finances.
Teens will also enjoy selecting from the many personal check designs available when you order checks online. At Check Advantage we offer a nice selection of cool checks that young people won’t mind sticking in their purse or pocketbook.
It’s not a bad idea to get your new college student a credit card. Now is a good time for them to start building a good credit history. This way they can learn to use credit cards responsibly from the start.
The 2009 Credit Card Act now requires that individuals younger than 21 have a parent or guardian cosign on most credit card accounts – unless they can show they have sufficient income to repay any debt.
You can also make them an authorized user on your account and limit the amount they can charge. Just keep in mind that their activity becomes part of your credit report.
We’ve all heard the term “for emergencies only” when it comes to credit cards. Once that piece of plastic is in their hands – they decide what an “emergency” actually is. It may mean they learn some lessons the hard way – but that’s life.
If you’re worried about your child’s ability to manage their personal finances – it’s best to take things slowly. But good parenting means now is the time to start giving them some freedom so they learn how to live a fulfilling life of their own.
Just like all the guys in “Animal House” — right?
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