Some Smart Talk For Students Personal Finances


Some Smart Talk For Students Personal Finances

As we all know going to collage is not cheap. Our young students shouldn’t be saddled with any more debt than they already are from student loans. We need to take a close look at how we can keep our students in spending money without the burden of getting into debt. Remember, getting the students personal finances in order our only objective. Some say that a family debit card works for their students, but there can be pitfalls from using this kind of payment method. Lets say that a student has a chance of becoming Home Coming Queen. Having this honor bestowed on her requires lots of planning and money. Just buying the gown could put your checking account into a tailspin, because you may not have transferred adequate funds to cover the large purchase. In most cases the transaction would go through, but it you didn’t have overdraft protection, your account would be overdrawn and you will be charged an overdraft fee because your account had insufficient funds.

I have found the perfect way to keep our students in spending money without borrowing the money from a bank.

Being on the prepaid credit card.

The prepaid credit card will be the best solution for your students personal finances. The prepaid card works exactly the same as a regular credit card. You have the same advantages and you can use it anywhere that except credit cards. It can also be used on line for buying everything from buying airline tickets to ordering a pizza.

The biggest advantage is, you do not get a bill every month, and hence our students never have to worry about getting a bad credit report because the prepaid cards are not reported to the credit reporting companies. The fees that accompany these prepaid credit cards are not where near what a regular credit card would be. No service fees, no interest charges, no annual administrative fees. The only fees associated with this type of a credit card are the small fee charged when buying the card, usually under $5.00.

When these cards first came about we were limited to only buying them from a bank. Now days though since the invention of the gift card you can buy prepaid credit cards anywhere that sells gift cards. The process is simple; you pick the card you want to buy and take it to the check stand and tell the teller how much you want to put on the card, the teller rings it up, electronically charges up the card with said amount of money and adds $5.00 fee and away you go.

Here is another great tip; I have found that if I buy my prepaid credit cards from Safeway Stores I receive credit on my Safeway Club Card for $1.00 off per gallon of gas at your next fill up.

I hope this information I have provided is of some help to you, thank you for looking.

Please feel free to comment.