College Students Start Off Right – No Cash Advances
by
Holly Petherbridge
Teach your children the right way the first time around in order to prevent a need for an online cash advance later. Sending a student off to college is a first step for them to learn about tracking finances and being accountable for what they spend. Credit cards often require cosigners unless the student has a job. Parents who start early with lessons on handling money will have an easier time keeping these young adults out of debt.
Cash advances are found online, in cash advance stores, through credit cards, banks and credit unions. Their easy accessibility has many struggling with additional monthly payments. The last thing any parent wants for their college student is to get them into debt before they start their career. A checking account is a great ways to start a young adult into the world of finances. It is a safe place to keep their money and can be accessed in multiple ways.
The first step would be to find a financial institution which can be found at home and from campus. Many large banks have convenient locations in most big cities. Choosing the best one to fit their needs with as little or no monthly finance charges would be the next step. Does the young adult have any need for checks or would a debit/credit card be a better option for their personal use? Does the bank have a certain limit which needs to be kept to save from being charged monthly fees? What kind of protection is there for overdrafts? Make sure to shop around. The parent\’s bank may not be the best suited for a college student\’s needs.
Find one which can be accessed online and has a local ATM for no fee withdrawals. The less money eaten in fees is the way to go for a newcomer. Online access can also be helpful when needing to add more money to the account. Parents could possibly deposit money into the young adults account in an emergency or pull from a saving. Online account will usually have low balance reminders. This is a good way to stay aware of balances getting too close to the zero mark.
Financial newcomers do not need to make all the same mistakes as those in the past. Technology will keep them up to date and better regulated on cash flow than the days when everything was done by standing in a bank line or writing a check.
Teaching young adults that any third party money costs money to use is a good beginning lesson. Having the option to use a credit card can be a thrill as well as a curse. Money spent is forgotten about and the balance climbs as it gets used here and there. Little purchases can add up really fast and if not paid of in full, the price you pay increases with interest payments. The sooner we learn to control spending to what we have, the less debt we may fall into.
Online Cash Advances promotes responsible lending and borrowing. Lessons which are learned early in life will help to prevent a pile of debt which will create financial struggles for later.
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