iT} ~ Dy CLoLbLLEGeEe LIFE How Parents Can Help Their College Kids Make Wise Financial Choices By Jordan Goodman (NAPSA)—For college students, lesson numberoneis learn- lege students are not aware that as parents, it’s up to you to play professor. Here are my top five “Finance 101” tips that should be on the syllabus of any parents advising their children on how to life challenging after graduation. If they build up a low credit score ing how to use credit wisely—and make wise financial decisions: 4 1. Work with your children to prepare a monthly budget—and help Le Have them write out a them stick to it. they even have a credit score and therefore don’t realize that irre- sponsible use of credit will make because of overduebills, for exam- ple, it might be difficult to rent an apartment or get the job they want because potential landlords and employers check their credit score. One Web site where you can monitor your credit score is www.guardmycredit.com. 4.Teach them to manage debt responsibly. Regularly WERE how much they real- review interest rates with your spend on various categories, and stand why they should consider consolidating their loans. Goodman istically plan to make an agreementthat they will stick to those amounts. If they spend more than agreed upon,let them know you'll restrict their funds in the next month. 2.Give them a card that accumulates rebates. Give your college kid a credit card that offers rebates and gives money back with college kids and help them under- 5. Choose credit cards over cash when on the go. Carrying large amounts of cash whentravel- ing can be especially risky. Cash can be lost or stolen andit’s harder to remember where it was spent. If the best rebate cards in the gasoline industry is the Shell Platinum MasterCard from Citi Cards. Card- you encourage yourchildren to use a credit card responsibly, the card can be replaced if it’s lost or stolen, and tracking spending is much easier. If the card is lost or stolen, make sure it’s reported right away Shell gasoline and 1 percent rebates on all other purchases, which could These are just a few ways that you and your college kids every purchase. For example, one of holders earn a 5 percent rebate on mean earning up to 13 cents a gal- lon based on $2.75 a gallon. And if they can’t qualify for credit just yet, you can always open the account yourself and order additional cards for family members—whichare typically offered free of charge. Using a card on your account will help you monitor their charge activity and help you teach them how to use credit appropriately. 3. Ask your children to mon- itor their credit score. Mostcol- to the credit card issuer. can make smart financial choices this school year. To apply for the Shell Platinum Master- Card from Citi Cards and lower the cost of driving without sacri- ficing the quality of your fuel, call 1-877-MY-SHELL or log on to www.877MYSHELL.com. Financial journalist and Shell spokesperson Jordan Goodman is the author of “Everyone’s Money Book on Credit” and “Master Your Money Type.”
