If they're going off to college this year, a short course in banking basics may be especially important. When students are away from home for the first time, they will be making financial decisions on their own, and they need information to make the right choices about spending, credit, record keeping, budgeting and more. First, help your student develop a budget. A budget should include all the fixed expenses a student is responsible for. Next, open a checking account.
Many parents find it convenient to open a joint checking account with their kids.
Use properly, credit cards are convenient, helpful in emergencies, and will help your kids establish a credit history. Finally, have periodic chats with your kids about finances, so there are no unpleasant surprises at the end of the school year. The benefit of this service is that you will be able to find ATM where you will not be charged a transaction fee. No matter how many times you've done it, an auto purchase can be a stressful event. First, there's a choice to make about the right type of car.