If your children are planning to go to the college, it is a good idea to educate them the basics of how credit work. By teaching your kids how to make money as a college student and build their credit, you will help them develop a credit score so that they will be able to qualify for a variety of loans, such as auto and home loans later. The more your kids will know about good debt and bad debt, the better they will become in managing debt. You can also teach your children about how to make money from home as they spend a lot of time at home. If they know different ways to make money from home, they will find it easy to build credit. Children can make money playing the game in leisure time. My Son Sam made 1500 dollars playing Maple Story on his free time.
PROVEN WAYS TO MAKE MONEY AS A COLLEGE STUDENTHere are the best ways to make money as a college student and build their credit from the student life:
Playing Maple Story:
What is Maple Story Maple Story is MMORPG (Massive Multiplayer Online Role-Playing Game), or otherwise known as an Online Multiplayer game. In the game players choose many characters to begin with such as a Magic Caster, Melee, Defensive and so on.
You start at level 1 beginning in a tutorial level which teaches you how to play the game. As you advance through the game you learn different skills and progress with your class at level 20. You can be either a Paladin, Warrior, Mage, Ninja and so while gaining different levels.
You can also at that time accept optional quests which is not required to play but can earn levels, skills and experience points. Around level 30 to 100 you can hunt hard bosses with a party of other players. This is an online game after all so having a party of players is fun to have so you can interact with each other. Players can also buy Mesos which is the currency of the game by doing quest and buying Mesos from online sites.
Online sites for buying Mesos cost real money using a credit card so be careful on how much to spend. When you are at level 100 players have the option to sell their accounts using the appropriate methods that game teaches you or by using a site that can sell Maple Story accounts. Make money There is much to do in the world of Maple either with trade, leveling, hunts, parties or chatting online learn how to play and make money.
Game Stop:
Young kids can make money selling their old game in Game stores. Game Stop have many promotional deals where you can trade 2 games preowned for 4 or sometimes get better deals by trading expensive games for cash or credit. Of course, you will get more points toward credit than cash. You can also buy digital downloads and expansions via Xbox live, PlayStation network or via PC Steam Downloads. The deals at GameStop vary week to week and sometimes if you have Gold membership you are allowed free games since the time of the release of the Xbox one.
Cleaning your friend house:
Other best way to make children can make money is by cleaning your friend’s house. My son Eresh made 1000 dollars by cleaning my friend’s Jim’s house on the weekend.
Tutoring:
They can also do tutoring your friend’s kids. My son Eresh tutored my friend’s Afia’s Daughter and made 500 dollars over the summer. This simple way they can make extra money and stay busy and learn how to make money.
Dog walk:
Your Teen can make money by walking friends and neighbors dog. It will teach them how to get responsible and feel pets need and become more interactive with their pets. So, as they live themselves they will know how to take care of their own pets. Great exercises for young kids and can make money.
Different Options on How to Teach Your Children to Build Their Credit:
When it comes to how to teach your children to build their credit, there is no definitive answer. Here are several options for you to teach your college kids to build their credit:
Recommend a Co-signed Card
You can choose to co-sign for your college kids. The primary account holder, in this case, is your child who gets a bill. It is important to know that if your kid fails to pay the bill, it can damage both the child’s and the co-signer’s or the parent’s credit score. Besides, the co-signer, that is you, may not know until the debt becomes delinquent. A co-signed card for credit is a good option only when your kids know about bad debt.
Unsecured Bank Card
You can recommend your daughter or son to apply for a low-limit credit card when they open a checking account with a bank. Some banks will provide kids with a low-limit credit card. These credit cards usually charge high interest rates so it is important to educate your kids to pay off the entire balance each month. If you have a highly responsible kid, a credit card is a great option for your college kid to build a credit score or history.
Add your College Kids to One of Your Credit Card Accounts as an Authorized User
College students can be tempted by credit offers from banks and credit card companies to cover personal and educational bills. It is far too easy to get into debt if they use several cards and have bad credit behavior. You can advise your child to turn down these offers, and instead consider her or him as an authorized user of your credit card account. Monitor your child’s spending to ensure he or she is using your card with responsibility.
Advise Them to Apply for a Student Credit Card
If you think your daughter or son is responsible with money, they can apply for a student credit card. Student credit cards usually come with high interest rates so it is important to talk to your children about the prudent use of credit cards designed for college students. A credit card is a great way to establish credit history. You could teach them to pay off credit balances in full each month to help build their credit and void interest on card.
Your Child Should Not Apply for Several Credit Cards at a Time
When a credit application is made, it stays on a credit report.
Too many applications for credit cards or personal loans show up on your credit report and they count against you because potential lenders assume that you are desperate for credit.
So, you can teach your child that too many credit applications reduce your credit score.
You can suggest to your child that she or he should be selective in choosing which credit card to apply for. Advise them that they should not apply for several cards at a time.
Educate Your Children about Responsible Credit Use
One of the most important things you can do to teach your college kids to build credit is teach them about the fundamentals of responsible credit use. You can teach them to open the bills regularly and pay off the balances in full each month. If they learn about responsible credit use and know about good debt and bad debt, your child can build good credit history by avoiding bad debt.
Set Specific Spending Limits
If you add your child to one of your credit accounts (credit card or personal loan accounts), you can set specific spending limits for them. If you advise them to apply for a separate credit card and if they get one, you can recommend that they stick to the specific spending limits.
In Conclusion
It works well for parents when they teach their children how to earn money during college. If you teach your college kids to build or establish credit, they will become financially responsible and have years of credit history when they get out of college. It is also a good idea to teach them how to make money from home so they can make extra money from home to cover some of their expenses and develop valuable skills along the way.
