(InvestigateTV) — If you have a student about to graduate high school or college, there are some money moves to help them make or at least think about.
John Kiernan, managing editor at the personal finance company WalletHub, said it’s important for a student to have their own bank account and know how to use a debit card. Help them practice budgeting.
“You all should also at least become an authorized user on a parent’s credit card, if you’re not already. This will help you start building credit. And it’ll give you a way to pay for emergency expenses if they come up,” Kiernan said.
Kiernan said that card access would only be for emergencies and not buying the entire dorm pizza.
He also says parents should teach graduates how to set up automatic payments for any bills. Parents should also help them start saving for an emergency fund. Aim to set aside at least 10 percent of take-home pay.
And if a company offers a 401(k) plan, teach graduates how to use it and make sure they don’t leave free money on the table if their company offers a match.
Teaching them to be frugal and to live below their means could instill the lifelong skill of saving money.
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