There are all kinds of money-related subjects to cover with your kids before sending them off to college: the importance of saving, budgeting, managing a bank account, etc. And if their eyes are glazing over in boredom at these topics, maybe you can get their attention with this one: credit.
October 18 is Get Smart About Credit Day, and it’s as good an excuse as any to start talking with your high school and college-aged kids about credit: what it is, how it’s used, why it’s important, and why it’s critical that they learn how to manage it properly.
There are a few ways to make credit education more exciting for kids. If you’re okay with being open about your finances, maybe give them a peek at your credit card bill. Let them see how the interest is calculated and how it adds up over time. Let them know how you go about managing credit use and payment of bills each month.
If you have a college student, you may want to encourage them to get started building credit using a card with features designed especially for college students.
As a parent, if you’d like some help giving your kids an education on credit, check out our Student Credit Education page.