Banking Advice | BankingAdvice.com » College & Kids

Should a College Age Student Have a Credit Card?

walter — Mon, 14 May 2012 15:07:01 +0000

If you’re getting ready to send your son or daughter off to college, you’ve probably worked with them to prepare a checklist of things they’ll need to take to school. Along with the various dorm room essentials, you’ll need to consider whether one of the things they’ll need at school is a credit card. Recently passed laws have made it significantly more difficult for a college student to get a credit card on their own, unless they’re able to demonstrate an independent and adequate income. You may decide to help your child obtain their first card, but first you need...

When Should Your Child Get a Savings Account?

walter — Wed, 09 May 2012 15:08:41 +0000

Along with “when should I start giving my child an allowance,” one of the early financial questions a parent is likely to face for their child dealing with money is likely to be when to get them their first savings account. You’d like that first savings account to be something that your child genuinely takes an interest in, so that they start wanting to save, instead of you having to constantly remind them to do so. The answer to the question will vary for each child, of course. But there are some factors you can take into consideration when trying...

Advice to Help Your Teenager Get Started With Banking

walter — Wed, 08 Feb 2012 19:48:15 +0000

Raising a child can be one of the most challenging and fulfilling aspects of an adult’s life. In your role as parent, you’ll be their primary teacher for the lessons that will help them live their own lives safely and productively. One aspect of parenting that’s sometimes overlooked and underappreciated is giving a child a financial education. Fortunately, an increasing number of parents are starting to teach their children about money early in life. Often this takes the form of giving a weekly or monthly allowance (even if it’s just as small as $2.00), and helping the child understand the...

Can You Afford to Save for Your Child’s College Education?

walter — Wed, 16 Nov 2011 15:11:23 +0000

If you have children, you probably want them to go to college one day so that they can get a good education and prepare for the profession of their choice. But college isn’t cheap, so unless you’re independently wealthy you can’t count on having the money sitting around to send them to college when the time comes. What’s a good parent to do? Ask a financial advisor if you can afford to save to college, and he will probably tell you that you can’t afford not to. But if you’re scraping just to get by, it’s not necessarily that cut...

A Banking Checklist for College Students

walter — Mon, 16 May 2011 17:32:37 +0000

The college years are a time for learning - not only about your chosen discipline, but about life in general. They’re the first time most of us are out on our own, so we’re forced to learn in a hurry how things work in the real world. We have to start budgeting our time and our money, and make sure that all of our needs are taken care of since Mom and Dad are no longer close by to help us out. One of the most important things that a college student can do before embarking on that educational journey...

Getting Kids Ready for Their First Summer Job

walter — Tue, 10 May 2011 14:06:03 +0000

Some kids can’t wait to get their first summer job. Others would much rather laze around all summer and let Mom and Dad take care of them. But with very few exceptions, summer jobs are good for young people. They help kids learn how to manage money and give them a sense of responsibility. If your child is old enough to get a summer job but hasn’t mentioned it, try bringing it up in conversation. Find out what their thoughts on the subject are, and let them know what will happen if they don’t get a job. Will you cut...

Building a Savings Plan for Your Children

admin — Sun, 01 May 2011 13:51:12 +0000

One of the best ways you can provide for your children is to create a savings plan for them when they're young and contribute to it gradually. As your children grow, so, too, will their savings. You may also consider investing for your child, provided that the investments are wise and promise a decent return over time. Creating a savings and investment strategy can be beneficial for both you and your children so when they grow up they'll be in a solid financial situation during their college years. Here is advice on how to build a savings plan for your...

How to Teach Your Teen Financial Responsibility?

admin — Wed, 02 Mar 2011 17:01:55 +0000

Help your teen enjoy a bright future by teaching them financial responsibility. Knowing the basics of money management will help your child to plan ahead and achieve their life goals. Talking with your children about finance and debt is extremely important for their financial futures. However, many parents are very uncomfortable talking about this with their kids since they may themselves have problems with their finances. Also, perhaps today's parents didn't learn money management and they are still making it up on the fly. If you feel a little awkward talking about money, these steps make it easy to explain...

Teaching Kids Finances

walter — Tue, 28 Dec 2010 16:20:40 +0000

The troubled economy has forced many people to look back and find habits that have hurt their current financial standings. It requires those struggling to make changes in handling money that may have started before money was an issue. Parents want to keep their children from facing the same types of struggles. Teaching kids finances today helps them with their tomorrow. The more effort put into the financial education of kids today then the more sound their economic future tomorrow. Make allowance the platform for teaching kids the basics of finances and give kids the tools to learn about taxes, savings...

Teaching Your Teenager About Budgeting

admin — Mon, 01 Nov 2010 16:00:10 +0000

Budgeting is a way of life that every teen should learn when they reach an age where they can understand the concept of money. It is very easy to spend more money than planned if there is no budget in place. By teaching your teen the concepts of budgeting, you will help them to learn how to avoid overspending and how to make their money stretch – two valuable lessons that will come in handy during adulthood. Here is some advice to get your teenager educated about budgeting. The first lesson in budgeting is to teach your teen how to...