As your college student heads off this fall, it’s important to make sure you give them a send off that’ll promise them financial success and stability in their futures. Here are a few financial tips for the parents of new college students.
- Fund a Roth IRA. This is a fantastic way for a student to grow their money while also remaining tax-free, as long as they have some sort of earned income.
- Open a credit card. Having your child open a credit card (preferably one with a low limit) will help them kickstart their credit score in a positive way early on. If you want, you can pay off their debts for them as well until they’re able to take care of it on their own.
Image via Inside Higher Ed.