My son, 18, will be going off to college, out of state, so what would be the best advice as far as finances?

cash, as in a monthly allowance check card, credit card with a small limit?My son, 18, will be going off to college, out of state, so what would be the best advice as far as finances?
Have him open a checking account in his college town. He can decide if he wants to get an ATM card linked to that account for convenience in obtaining cash. Deposit his ';allowance'; to his checking account monthly in a pre-agreed amount. If he wants more than you give him, tell him to get a job.





If he hasn't had a checking account before, give a brief lesson in account maintenance. You can be the judge here because you know him but don't assume anything.





Forget the credit card idea - it's a real trap and too tempting for many kids that young. He doesn't need to graduate with that kind of debt.My son, 18, will be going off to college, out of state, so what would be the best advice as far as finances?
i HAVE 3 IN COLLEGE, MY ADVISE IS TO GET A SECOND JOB AND HAVE IT DIRECTLY DEPOSITED TO HIS ACCOUNT, THAT WAY YOU DONT HAVE TO DEAL WITH DOING IT YOURSELF!! BEST OF LUCK- THEY DO GRADUATE-HOLD ON!!
Get him a bank account with the same bank you use, and have him get a debit card. assuming you have online access with the bank, you can transfer him money with a mouse click, and also monitor his spending (youll have to get his account password). Limit the ATM use, as you wont know what he's spending it on otherwise. I'd recommend doling out money not as an allowance, but on a case-by-case basis. you're already extending yourself enough by paying out of state tuition for your son... ther's more to college than academics... i know lots of people that have money management problems up into their 30s because they never had to fend for themselves financially.
i would never recommend credit cards. and limit to each week how much money will be used, i tried to do a monthly limit but it never worked for me, when i divided it to weeks it was much better. at least then if its all spent too soon he will only have till the following week to wait for more cash.
Don't do cash. Crime on campus for cash is high and there is no record of the spending so you don't know what it is being spent on.


I suggest opening a checking account for him and put money in there to start him out. Have the bank statements sent to your home address so you can monitor it. He should ALSO keep a check register updated.


A credit card would be OK, but make sure it is a debt card so he doesn't tap into the insanely high credit limits they issue. You could also ask the credit card company to limit the credit limit on the card so he can't go over.


Between the credit card statement and/or bank statements you can monitor how the funds are being spent and how much so you can do your own budgeting. Hope this helps!
ask him to concetrate in hhis study and spend his spare time at the ceapest places or with no coast
Get an on-campus job and open a checking account with an on-campus branch. Do NOT fall into the trap of getting a credit card no matter how tempting. Checking accounts are best for students because they have to track debits and credits. Kids are much less likely to carefully manage if all they have to do is swipe a card.