Credit card
Helping your young adult understand the importance of building their credit through proper debt utilization is knowledge that lasts a lifetime. A starter or secure credit card can help them get started.
Adulting 101: 5 tips for surviving adulthood
Helping your young adult take hold of their finances can be both gratifying and terrifying. But with a basic plan, your young adult can feel prepared to navigate the financial waters without your life raft.
- Build: Encourage your young adult to establish a steady stream of income, such as a job that can help them pay for their expenses and learn the value of hard work.
- Budget: Now that they have the basics of budgeting under their belt, help them understand the difference between fixed and discretionary expenses and encourage them to take a good look at their spending habits.
- Manage: Make sure your young adult has a bank account and help them understand the benefits of using banking tools like direct deposit, automated savings and online bill pay.
- Protect: Your young adult may be considering a big purchase, like a car or a home. Show them how to protect it and themselves with auto, property, life and health insurance.
- Plan: Talk about long-term goals, managing stress and the importance of saving early so they can plan for and live the life they want.
