When the bill comes in, let your child know how much he or she owes and when payment is due to you. A great credit card alternative is a debit or check card. Issued by banks and credit unions, debit cards operate similar to credit cards except that the money is directly withdrawn from the cardholder's checking account. For example, a debit card that carries a Visa or MasterCard logo is accepted at any merchant or restaurant that accepts Visa or MasterCard. But because the money comes out of your account, there are no interest charges.
Debit cards are safer to carry than cash and more convenient than checks.
CPAs say that the credit management lessons you teach your children before they go off to school are just as important as the education they'll receive while they're there. By properly educating them about the importance of financial responsibility, you help protect them not only while they're in college, but for years to come. Bunch deductible expenses. Calculate your projected income for the entire year thus far and tally up your actual medical expenses. If you are close to this threshold, you may want to prepay your child's orthodontia, schedule elective dental work, or buy new prescription eyeglasses before year-end.