| Plastic has in many ways taken the place
| |
| | expenses. Money must be used in a
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| of hard cash. While credit cards protect
| |
| | budgeted way and the rule of thumb must
|
| you to some extent from pickpockets and
| |
| | be "live within your means." 4. Know the
|
| such and have advantages, it is important
| |
| | importance of wise spending and that he
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| for children to learn early the subtle
| |
| | or she cannot lean on parents and expect
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| nuances of credit cards. Early education
| |
| | then to constantly bail him or her out of
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| on the handling of money and the
| |
| | a situation. 5. Create an expenditure
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| knowledge that credit cards are to be
| |
| | budget for every month and learn how to
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| used wisely will help ensure that the
| |
| | balance money spent with money available.
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| kids don't go into credit card debt or
| |
| | 6. Only use a card in emergencies and
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| tread the path to financial ruin.
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| | purchase only what can be purchased in
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| According to experts always introduce the
| |
| | cash. Overspending is a definite "NO" and
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| world of credit cards to a child when he
| |
| | one must learn to do without. 7. Learn
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| or she turns 18, give them a card with
| |
| | the importance of saving and the habit
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| low credit. Begin the learning experience
| |
| | must become ingrained. Kids must be
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| when the child lives with you and not
| |
| | encouraged to set aside 10-25% of their
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| when beginning college and staying away
| |
| | allowance or earnings each month and
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| from home. Inculcate the importance of
| |
| | learn when and how the money must be
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| being independent and responsible enough
| |
| | used. 8. Know as much as possible about
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| to manage money. If kids learn at an
| |
| | how credit cards function and all about
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| early age the need to establish and build
| |
| | late payments, interest accrued, reward
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| credit they will never face any strife
| |
| | points, and billing cycles. Statistics
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| and will be able to be responsible
| |
| | reveal that only 13% of students use a
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| adults. In order to use the first credit
| |
| | credit card sensibly and that too for
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| card wisely a student must: 1.
| |
| | emergencies. Over 79% of students are
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| Acknowledge that the card is for use in
| |
| | irresponsible and need to be taught the
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| emergencies and not an extension of
| |
| | importance of using a card wisely. It is
|
| spending money. It is important for a
| |
| | important to inculcate from a young age
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| student to realize that the card must
| |
| | that money power is to be wielded wisely.
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| only be used to the extent that he or she
| |
| | Although schools have programs in place
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| can settle the bill in full at the end of
| |
| | about handling finance it is up to
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| the month. It is crucial for a child to
| |
| | parents to not just teach the children
|
| live within his or her means. 2. Learn
| |
| | but to keep an eye on whether the child
|
| the role played by credit reports and
| |
| | is straying from the right path where
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| scores in life and begin to build a good
| |
| | money is concerned. It is important for
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| report from day 1. A solid payment
| |
| | teens to stray clear of the buy know pay
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| history will enable the student to set
| |
| | later attitude. Debt is a monster and no
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| the foundation for a good credit score.
| |
| | child should begin life in debt or seek
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| 3. Realize that a card is not available
| |
| | bankruptcy protection. Financial
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| to pay for purchases that cannot be paid
| |
| | responsibility is an early lesson that
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| in cash or to pay for tuition and living
| |
| | must be taught and understood well.
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