There are a lot of important things that parents should talk to their children about before they even step into college. Many of them needs to be discussed earlier than that such as sex, drugs and personal safety. These should be at the top of concern but there are other things that can wait. Sometimes, though, these things can make so much difference in your son or daughter’s life. One particular concern that you need to discuss is finances, specifically, student credit cards. Now this may come as a surprise to some parents because frankly it rarely comes into mind but the truth is, it’s important for many reasons.
Student credit cards are often pushed on college students. They can run into them in different places or events and more often than not, they are enticed with a free gift in order to get them to sign up. Also, they are quite easy to get so a number of students end up availing them. Now, keep in mind that having student credit cards are not necessarily bad, they can, however, spell trouble for students who are not ready for the responsiblity of spending money they have yet to earn. It is for this reason why you need talk to you children about this matter before they set off to college.
Teaching your children about financial independence can start in their high school years when they get their first jobs. Allowing them to work is the perfect way of teaching them about earning money, saving up and also managing their expenditures. With that in lock, handling student credit cards should no longer be a problem for them as they already have experience in managing funds. Young adults who had not yet gone through holding a job or earn money by themselves will tend to abuse their student credit cards. Obviously, experience play a huge role in managing money than anything else. At the same time, they will not recognize how much this will affect them in the long run.
It is important to take note that despite dicussing with you child the nature of student credit cards, they will most likely still get them whether you agree or not. During college, I remember getting one when I still had no source of income. The process of acquiring them is very easy and quick as credit card companies like to find clients that will continue to avail their services after college. Talk to you child about the dangers of too dependence on student credit cards along with the necessary information they may need to in getting and maintaining good credit. You may not be able to control what your kids want to do but by simply sitting with them and advising them on anything that can affect their finances will make a big difference when it comes to the choices they will make. It will make you feel a lot more secured about their situation even if you’re not there to help them.