--- title: Money Lessons for College Kids | TIME description: Here are the things parents should be teaching their kids about banking and money before they head off to school. canonical: https://time.com/video/Ioy8QSMc/ og:title: Money Lessons for College Kids og:description: Here are the things parents should be teaching their kids about banking and money before they head off to school. og:url: https://time.com/video/Ioy8QSMc/ og:image: https://cdn.jwplayer.com/v2/media/Ioy8QSMc/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Money Lessons for College Kids twitter:description: Here are the things parents should be teaching their kids about banking and money before they head off to school. twitter:image: https://cdn.jwplayer.com/v2/media/Ioy8QSMc/poster.jpg?width=720 --- # Money Lessons for College Kids > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Money Lessons for College Kids [Watch (HLS stream): Money Lessons for College Kids](https://cdn.jwplayer.com/manifests/Ioy8QSMc.m3u8) (3:01)  _Published 2016-08-29. Here are the things parents should be teaching their kids about banking and money before they head off to school._ --- Jul 27, 2023 8:41 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Here's What Worries Parents As Kids Head Back to School](/video/FwtWffwG/) ### Here's What Worries Parents As Kids Head Back to School [How to Avoid Spoiling Your Kids MONEY](/video/oh7ekV65/) ### How to Avoid Spoiling Your Kids MONEY [Love and Money: How to Give Kids an Allowance](/video/DpFJynym/) ### Love and Money: How to Give Kids an Allowance --- ## Transcript College teaches our kids a lot of things, but there's some lessons that still fall to parents, just like me, including how to manage money. Here to offer some tips to help you and me with those lessons is Jill Schlesinger. Okay, so I hear you've got a kid going to college, so this is why you said, I want to do this segment. Yes, I wanted to do this segment. So, I want to hear all your tips. So, first of all Where do parents start? I think it's the banking relationship that's easy. And I think there also are some misconceptions that maybe, Okay the kid's gonna go up there, just do online banking. I would actually be a little bit more careful on how I choose a bank near the campus especially if your. Kid is living in a place where there aren't your network of banks. You might want to say hey where's the ATM closest to my kid because I really don't want those out of network charges. Do you recommend a debit card or a credit card? Particularly for a freshman. Okay so this is a huge battle that is going on in the financial world because obviously a credit card has an unlimited spending and that can get crazy. While we don't have kids who are getting cards in their own names anymore when your consigning with your kid then this can be really a pretty dangerous situation. It can damage your credit, you bad behavior can damage their credit. So, a lot of people really do prefer debit cards. There's one problem with a debit card that I think is the glaring problem and that is debit cards don't help establish a credit history. The other problem is that if there is some sort of identity theft or problem with a big company that you're doing business with, the credit card is somewhat easier to resolve an issue rather than a debit card. That said, do what's best. Do what the kid is is going to actually be able to handle. A lot of parents do secured credit cards which is essentially like prepaying a card. And that does also establish a credit record for the kids. So do you have recommendations for working students? So many of our kids are working, that's how they're getting through school. One thing that becomes a little bit hazy is many kids will, say, do some waitressing on the side or bartending and in that case they may be getting paid in cash. And tips are not being counted as income. Go ahead and declare that. Don't start begging for problems. And if the employer, most kids might be working through the college, and maybe on- campus, but if you're not working for an employer that's withholding your taxes, Here's a great time to teach your kid about taxes, and how much fun that is, and how you have to actually set some money aside because your employer's not pulling money out, you yourself have to do it. Somehow establishing an automatic savings for your working student is such a great habit to develop. I'm not saying it's gonna be a ton of money, but that said Once you begin the process of saying I'm setting ten cents of every dollar earned aside you tend to actually replicate that as you get older. Great, I will remember that. Thank you Jill, these are great tips. 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