If your son or daughter is heading to college this fall, both you and your child most likely have a lot on your mind – finances, meeting new people, choosing a major, and more. With all of these conversations happening, it’s a great time to talk with your child about the basics of budgeting, establishing credit, and opening a free checking account.
When it comes to budgeting, help your student focus on two main items – saving and spending. Assist them in creating a chart of all of their current expenses and their income. Show them where they might be able to cut back on spending (eating at restaurants, entertainment, etc.), and how much they can save. If they have a goal in mind, you can discuss how long it will take to reach that goal. FORUM’s Prepaid Debit Card
might be a good tool to help them budget a specific amount, and it gives you the option to reload the card at your discretion.
If your student is contemplating opening a credit card, it’s important for them to know that their credit impacts their future ability to take out a mortgage, car loan, or student loan. To help your child build credit, teach them a few simple guidelines. Pay bills on time, get current with missed payments, keep balances low or pay off credit card balances each month, don’t shift debt between accounts, and don’t apply for too much credit at once. If you’re not sure where to start, you can check out the FORUM MasterCard® Credit Card
. It fits the unique needs of students and young professionals who are new to credit.
FORUM’s Student Checking Account provides the services that can accommodate your child’s lifestyle. There is no monthly fee and no minimum balance requirement. Students also have access to free apps for Android and Apple devices. Plus, if your child opens a Student Checking between June 6 and August 31, 2016, they will be entered to win 1 of 8 prizes! Prizes include an Apple® MacBook Air and seven cash deposits of $75 each!* Click here
for more details.
*Participants will be entered to win prizes with the opening of a new, non-secondary Student Checking Account and order of free MasterCard® ATM/Debit Card. Participants must have a balance of at least $50 at the time of drawing to be eligible for prizes. See official rules for details. Apple is not a participant of this promotion.