Teaching your kids how to fail is one of those underrated parenting skills.
Thats particularly true when it comes to teaching kids about finance.
Those lessons can have an important impact on your childs future.
Wondering if you should get your pride and joy a credit card?
Heres why and how to do it so they can learn how to handle credit responsibly.
Should Your Kid Get a Credit Card?
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
They probably cant qualify for a card … because they dont have a credit history.
Thats where you come in.
Which one should you choose?
Did you know?
For most issuers, an authorized user doesnt even get a separate credit card number.
That also means your kids are depending on your credit history to build theirs.
Its a great opportunity to build credit, Christensen said.
It doesnt cost [parents] anything.
It doesnt affect their credit at all.
I typically recommend it especially in the late teens, Christensen advised.
Still unsure if you’re free to trust your kid with the plastic?
You dont actually need to tell them theyre getting the card.
Ive done that with my own kids, Christensen said.
Ready to give your kids the chance to learn but arent sure where to start?
Tiffany Wendeln Connors is a staff writer at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
