Dr. Ryan Decker reveals how to help your college freshman get financially ready for school
Whether you are preparing to send your child off to college or preparing for them to have a remote college experience, there are many factors to consider. Regardless of how this coming semester plays out on college campuses, you still need to prepare your student for the rigors and demands of college, including finances. If you are not sure where to begin, North Central College’s Dr. Ryan Decker, director of the Center for Financial Literacy and assistant professor of economics and finance, weighed in on seven critical topics to discuss in an interview with MoneyGeek.
“Encouraging the use of a credit card early will allow the student to obtain a quality credit score for the car purchase, home purchase or student loan refinancing that typically happens after college,” says Decker. “Teach the child to use the credit card for small purchases and pay it off in full every month. Treat the credit card like a debit card, and you’ll never be in credit card trouble.”