Rewards For Good Grades: Right or Wrong

It's getting to be that time of year for report cards to come out. Do you ever use money or rewards for good grades? Is it an effective way to encourage a good report card. On the flip side do you punish when grades are not where they should be?


When I was young, my mother would reward me with quarters and dollar bills depending what grade I received on my report card. It was a wonderful reward but really didn't encourage me to do better in school. A fear of punishment was a greater motivator.


It seems parents try to use any kind of motivator to get their kids to do well in school. Even the public school system in some states use a cash reward or gift reward to encourage the students to improve their grades.


Many say we are harming our children by teaching them to do things just for money. To give them money is just wrong and sends the wrong message.


Using money as an incentive can be appropriate if you give small amounts under the right circumstances. For example, rewarding your kids after the fact for behaving well at the supermarket instead of promising them money ahead of time if they don't throw a tantrum. This is not the proper use of the money reward function. Those kids just need a good spanking to encourage proper behavior. The reward comes only from work, not behavior.


Rewarding our kids with money is teaching them the work structure they soon will grow up to be in. That working at your job, producing a service or product for a boss is what you are compensated for. Work for compensation is what we all do everyday. The payment for grades, if done right, will instill in them the equation of Work=Money.


The proper execution of rewards for grades are important. Only top grades are rewarded. Money, if substantial, must be saved for later needs. If the reward money is small then they can spend it on their needs.


The message we are trying to send is that work produces reward. No work or poor work results in zip or punishment. The reward is not a bribe, it's an incentive.


What do you do if junior just refuses to work. We all have one in the house that's like this. Hopefully it's not for long while you adjust behavior with punishment. You have to find a way to promote good actions with a positive reward.


This reward for good grades has been a tool for encouraging hard work for many years. Only when it's used in an extreme way does it get a bad reputation. In moderation it works.

Related articles

• What Would Motivate Our Kids? (coopcatalyst.wordpress.com)
• Report Card Time (wflcenter.wordpress.com)
• Okla. Schools Reward Good Grades With Cell Phones & Minutes (huffingtonpost.com)
• How Should Parents Handle a Bad Report Card? (learning.blogs.nytimes.com)
• Financial reward undermines intrinsic incentives. (mindblog.dericbownds.net)

Economy Boost Attributed To Secret Weapon: Grandparents

Last year America's 70 million grandparents spent $52 billion dollars on their grand kids according to Grandparents.com . That's a lot of spending power in the middle of a recession. But for them birthdays and Christmas are not the only time of year they give to the little tykes. Grandparents also contribute $17 billion dollars to the grandchildren's education. This includes payments for private school tuition, after school programs, college savings plans, textbooks and supplies. They also spend $10 billion on clothing for the kiddies and $6 billion or more on toys.

Today's grandparents are avoiding the silly plastic trinkets and useless electronic gadgets for more long term meaningful things like education. Even though hit by a hard economy and ever rising prices it's a rare grandparent that doesn't sacrifice for their little ones. They are there to also help teach the little ones valuable life lessons as they grow. You will hear grandparents say the way to a happy life is not the latest toy, but education and a good job, it is necessary for a bright future.

The growing trend nowadays is that the grandparents are in better financial shape than their children. This allows them to pick up the slack when it comes to the needs of the grandchildren. Grandparents who are retired or near retiring are able with their extra time or financial resources to help more. The parents may have no money available or are suffering from a job loss and need the help. Thank goodness for the grandparents help.

It's a fact that the generation of the parents will not be as prosperous as the generation of the grandparents. The parents are being called the sandwich generation. They are in the middle of parents who are enjoying extended life spans and children growing up in an ever expensive lifestyle.

If you were able to have your grandparents in your life as you were growing up you were lucky. In my case, my 2 grandfathers were alive to see me marry. Except for my Father, they have been the most influential men in my life. They were frugal before frugal was something new. They taught me about life and family. The made my life richer. I hope I can be half as good as they were. Again, thank goodness for grandparents.


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Divorced Families Cause Problems For College Students

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The costs of putting your children through college are on the rise. Finding the money and saving it is hard enough. But when divorce enters the equation, college money suffers.

According to researchers from Rice University and the University of Wisconsin divorced parents contribute about a third of what married parents contribute to their children's education. Remarried parents contribute about half of what married parents contributed, though their incomes are similar to those parents that have stayed married.  

This is a shift of the burden from parents to other sources of money. Namely the student will be responsible for the money through borrowing or working much more.

Normally, married parents of students on average have contributed 8 percent of their income and have met 77 percent of the financial burden. Divorced parents contribute 6 percent of their income and only can pay 42 percent of the total college bill. When divorced parents enter into another marriage, they only can contribute 5 percent of their income and manage only 53 percent of the funds needed to go to college.

This makes sense because much of the family assets are used up in the divorce proceedings through lawyers and necessary expenses. Loss of income and money channeled  to support two separated residences, instead of the original one before divorce, causes money to be wasted. 

Another problem arises in divorced households is the FASFA (Free Application for Federal Student Aid) application that must filled out each year for financial assistance and grants. in a non-divorced home the FASFA is hard enough to deal with. In a divorced home the FASFA is much more complicated. Normally the household income is entered on the form, among other things, but the income of a spouse who remarried is supposed to be included. The step-father or step-mothers income must be included on the form. This may send the total household income through the roof resulting in no money for the student. Is it right to penalize the student because the parent has remarried. Isn't it right, that the students financial aid be arrived, at by just the biological parents. If a parent remarries why does the new step parents income have to be included. It should just be the biological parents income to determine financial assistance.

Even if one parent is dead, the FASFA does not take that into consideration. While the new step-parent may have children of their own, they to are penalized in this process because the new spouse's income must be included on the FASFA form. 

The results of divorced parents on their child are that the student has to pick up the slack of the lack of college money. They must work extra and save more. Applying for scholarships and grants are a way to help get the student through college and graduate. There are jobs that pay for college as you work. You need to get creative.

However you look at it, divorce takes it's toll on the children in ways we never have thought of.

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Harry Potter Star Responsible With Money

If you are living under a rock you may not know that the latest Harry Potter movie came out. One more time hoards of wizards and muggles are rushing to theaters to see the latest adventures of one Harry Potter. This is the seventh movie with one more to go. The Harry Potter film franchise is the highest grossing film series of all time when not adjusted for inflation, with well over 5 billion dollars in worldwide receipts. It has made stars out of the 3 main characters. These 3 young people have had fame and fortune cast upon them. Ten years ago they were penniless, now they are millionaires.

Young stars with instant fame and fortune have usually gone down the wrong path. Some have crashed and burned like Lindsay Lohan and Brittany Spears. They've gotten into drugs and alcohol.

But here is a young woman who has managed to stay away from all that nonsense. It's "Harry Potter" star Emma Watson. This 20 year old actress, through all her fame, has chosen another way. Her fame has made her a millionaire many times over. Money hasn't changed her. She remarked "By the third or fourth film, the money was starting to get .... serious. I had no idea. I felt sick, very emotional. It was a real shock". Her fortune is estimated to be around $32 million dollars.

Currently she is a student at Brown University in the United States. She is doing some acting and voice over work at this time.

What makes one person go over the edge and another remain completely grounded? We are all exposed to the same temptations of life. Yet one young woman is managing it, while the other is dreadfully failing.

One theory is money makes you more of what you already are. If your a jerk, money will make you a major jerk. If you tend to a life of debauchery, money will only magnify that. If your are a kind hearted person, you will only be more of that.

The tip off I got from Emma Watson's comment was her physical reaction to learning how much money she did have. I am assuming it probably was her parents who told her, because they are managing it. And because they didn't tell her before, I believe they are caring parents that didn't want it to go to her head. The result was disciplined parents producing a level headed child. A lesson for all of us. This actress is going places.

The Real Reason Why You Don't Take Out Loans For College

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Watching my four children on their college adventure has given me time to pause and reflect how proud I am of them. My wife and I have preached and preached how important a college education and the following job is to a successful life. Thankfully they have listened.

Throughout the college journey it has been hard to avoid loans. We have a prepaid college plan for all of them. There have been Pell Grants and scholarships. There has been out of pocket expenses, but nothing that couldn't be cash flowed. We were lucky. But we were prepared and able to have the income to pay for it and avoid loans, for their sake.

Some families don't have the resources or access to scholarships. They don't know about the FASFA application and sources of college money. What they do is take out college loans. Here's where the problems begin. Here is something I believe most people don't even think of.

There is a new study that says that only 22 percent of students enrolled in bachelor's programs at for profit colleges and universities graduate within 6 years, this according to The Education Trust, a Washington, D. C. based group. That compares with 55 percent for public universities and 65 percent for private nonprofit schools.

It is very possible that you will not finish your college plans. Taking out student loans and not finishing is a mistake that will follow you for many years. In the students life many circumstances can come up that will delay the completion of college. There are financial, health, relational and physical problems that could cause the student to never finish. With those outstanding loans your finances will suffer for years to come.

Taking out loans is considered the only way to go to college to most people. But with escalating tuition costs and a new awareness in the culture to be more frugal; students and their parents are finding new ways to better prepare.

If you don't have enough money to pay for college you have two options. Either reduce costs or increase cash. You will have to decide. It will be hard but paying off student loans is much harder.

How Do You Help Your Grown Kids Financially Without Hurting Yourself?

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When our kids are young they are such darlings that it's hard to say no to them. With to much indulging, we sometimes end up spoiling them. Their impact on our finances are minor. Then comes college and cars, the costs start to rise. Then finally they are gone and the costs go down. Now you put that money toward retirement, savings and paying off the house. Whew. You are done.

But wait, your not off the hook yet. Your grown children are coming to you for money. One wants help with a down payment for a house. Another wants to start a business. Maybe another is going through a divorce and needs money for a lawyer. Ouch.

Remember when I started this post I said how hard it is to say no to your kids?  Your kids need money, some are in trouble and some just need money for their life. How do you help them without hurting your own finances. There are a few things to keep in mind. Is this help they want a need or a want. How will your actions help their life? Maybe by helping them you're really hurting them or enabling them.

Children view their parents in different ways.  Some see Mom and Dad as a bottomless pit of money. They never seem to get it that they should be on their own. Some understand that finances are finite and it's best to leave the parents alone. They know it's time for the parents to not bare the financial responsibility for their grown kids any more. The parents have done more than enough.  

So it's a balancing act to know if you should say yes or no. We can all agree that in an emergency we are not going go let our children down. Keeping in mind that by helping them we are careful to not harm ourselves. It's quite possible we will turn down our children's request in a situation, but may help instead in a non-financial way.

The type of situation is important to the decision of giving help. If my child comes to me for a down payment for a car or or house; I will say it's not an emergency or a necessity. I will tell them as adults they responsible for their own finances  Now if you have the money because you are well off and can afford giving them the money, that's a different situation.

On the other hand if your child is going through a divorce or needs money for an operation, your obliged to help them. But only if you aren't going to harm yourself financially. It goes without saying, staying out of debt is paramount.

These black and white examples show what to do in a non-emotional way. But with your children, it's hard to to keep it that way. Your feelings toward them will weigh on your decision. Bottom line, decide if your help will be a help to them long term or just enable bad behavior.

Essential Money Management Tips for Kids.

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Author Bio : This is a Guest Post by Marc Brown, a Financial Writer, associated with Oak View Law Group. Besides, he also maintains his own personal finance sites & advice people to lead a debt free life.

Debt is crucial concern to many people irrespective of rich and poor, which necessitates them to preserve money and manage their budget. It is even essential to teach your kids about how to plan their budget, save money thereby. As It would help them to properly utilize their financial resources in future. However kids are too innocent to understand the importance of money and budgeting. Therefore, parents should take the responsibility in their own shoulders to make their financial future secure.

Here are some tips which can help you to make your kids acknowledge the value of money:

1.  Budget Planning : Teach your kid to make a weekly or monthly budget. Ask them to allot their money to different areas. They should divide it as X% of the total money goes to the savings account, Y% to something else. Advice them about how much they must allot for each area and arrange them a depository where they can reserve their money.

2.  Playing with your kid : Play games with your kid that includes dealing with money. This will teach them to count money and will compel them to learn how to save it.

3.  Discuss family budget : Involve your kid in the family budget discussion. Give them a knowledge as to where the money goes, how you save, how much you afford to spend.

4.  Shop together : Take your child with you while you go for a shopping. Ask him to assist you by finding sales on items. Involve him while making a list of things to be purchased. Also tell him to keep a instant record of the total expenses.

5.  Live indication : Give your kid a new or a fresh storage box so that they can visualize the increment when they save and the deduction when they spend. This will help them to value savings.

6.  Training kids on real things : Kids remember the visualized things more than what they hear. Practical teachings are more effective where they can apply their own brains. Beside the weekly allowances that you give them, tell them that you would pay them an incentive if they do certain work for you. This way they will learn to value their own earnings.

7.  Teach them to have patience : Once your kid starts understanding more about money, he might hurry in getting what they like. So incorporate in them to have patience. Buy things what he likes but delay the purchase. This will help him having a control on his own desire of buying things.

8.  Teach them to compare price : It is very important that they learn to compare prices before buying something. Tell them that doing this will increase their savings.

Following these simple but important tips you can help your child to make a money management at an early age, which will be definitely prove to be very helpful in his future.

Your Kids First Car

Image by Brave Heart via FlickrThe journey we parents go through to raise kids is hard and never ending. One of our hardest tasks is the purchase of the first car. Your child is anxious and you have reservations, but you know it has to be done. 
 
There are many factors that go into this fun purchase. First there is deciding to get either a new or used car. I'm sure junior wants to get that new 2011 Camaro. But you know it's to expensive and it's a accident waiting to happen. Plus who's going to write a check for that. We are going to use this car purchase to teach many things like living within your means and not going into debt. Hopefully by the time the car purchase date arrives you and junior have saved money for this car. Junior should have been working and saving. Mom and Dad should also have been saving to make this a debt free purchase. It's best for the child to save an amount of money and the parents match it. But if the child has all the money he should pay all of it. When junior has some skin in the game the car is going to stay a little cleaner and driven a little better, we hope. 
 
Is this car going to be new or used? Hopefully your savings will determine that. There is no excuse to not buy a used car. The argument of there being more reliability in a new car is moot because we only have enough money for a used car. Used cars are reliable and give many years of good service. Junior's learning a lot from this experience. 
 
Now what kind of car? I think many people believe that a big car with plenty of metal to protect your kid is the way to go. A big land yacht surrounding your kid is not the right choice. A small economical car like a Honda, Toyota or Ford will do just fine. In our house the 4 children drive 3 Honda's and 1 Mitsubishi. With proper maintenance they have really done the job. 
 
We bought 2 at the used car lot and 2 private sale. For us the private sale equaled less money spent. The cars mileage when purchase were from 50,000 to 75,000. I wouldn't buy a car with higher mileage. Also the cars were 5- 6 years old. 
 
The age when they get to drive their own car can vary. Some kids are responsible some aren't, you have to decide. We have one child who is 19 and we won't let him get a car because of behavior problems. In our family the rule was you must be 18 to have a car. This rule kept them out of a car a little longer and also the car is in their name and you can't be sued in an accident. 
 
When you drive by a high school look in the parking lot and see what cars are there. I bet you will see new cars there. Handing a kid an expensive new car is teaching them the wrong values. The first car is what I call the "practice car". Let them dent, scratch and mess up a used car. 
 
A car will always be one of the biggest purchases your children will make in their lives. You must teach them the proper ways of doing it right, because hopefully this car will see them through till they graduate college. So the next car they can buy themselves. 


Here's a list of some decent used cars:

Money Does Buy Happiness

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It seems there is a sweet spot in your income that determines your happiness level. That amount is $75,000. The lower your income is from the number, the more unhappy you will feel. But as you rise above that level, no matter how high you rise above it, there is no more increase in happiness. 
 
This study was conducted out of Princeton University by Nobel Laureate in economics psychologist Daniel Kahneman and economist Angus Deaton. The study draws on data from more than 450,000 Americans polled by Gallup and Healthways in 2008 and 2009. 
 
The participants were asked how they felt the previous day and how they would rate their life, from being the worst to the best. 
 
It turns out it isn't low income that saddens people; it's that less money makes them feel more ground down by other issues, like health and relationship problems. People that had health issues and a low income reported to be more unhappy about their problems. While people with the same problems but making much more income, only half the people reported to be unhappy. 
 
This effect disappears when the people make $75,000 and up. From there on up, individual temperament and life circumstances like age and education level have much more sway over how a person feels on any given day than money does. But the study doesn't explain why. Deaton concludes that there is a number where people think money is no longer an issue. Also at that income level people have enough money to do, what they want and pay for life's problems. 
 
There seems to be 2 kinds of happiness. Your day to day mood whether your stressed or happy. Then there is the overall happiness of where your life is going; that your on the right path and happy how your life is progressing. 
 
This study confirms to me a lot of my own experiences. You go through your life trying to attain money and things. There is a number of years your income is never enough. But you do reach an income level that is more than enough and that results in satisfaction. 
 
I have observed you reach a point when the car breaks, the A/C blows up and the roof leaks and you don't freak out. The reason being you have the cash to easily pay for the repair. That's what a good income does for you. 
 
They should of asked me before they did this study. I've been telling my kids this for years. My advice to them has been that no matter what problems you go through in life whether it's sickness, divorce, depression and anything that can go wrong does go wrong. If you have a good paying job and money in the bank, you may be in a fix for a period of time, but the money makes everything go a little easier. 

Taxes Going Up As The Bush Tax Cuts Go Down

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There were two major tax cutting bills enacted during President Bush's administration. They were the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. These two pieces of legislation are what we call the "Bush Tax Cuts". The bills included across the board tax relief for American taxpayers. They will expire as of December 31, 2010. 
 
Exactly what will the loss of these tax cuts mean to you and me? 
 
Tax Brackets 

Tax brackets that are currently 10%, 15%, 25%, 28%, 33% and 35% will go up to 15%, 28%, 31%, 36% and 39.6%. This means that if you are in the 10% bracket your taxes will increase by half to 15%. What happened to helping the lower and middle class? 
 
Marriage Penalty 
 
Remember when the marriage penalty was such a hot topic in the news, well the Bush Tax Cuts fixed it. But now it's going back to the way it was, when a couple living together was paying less taxes. Married couples will have to pay more than single couples. 
 
Child Tax Credit 
 
The current child tax credit is $1000. This will fall back to $500 in 2011. Also eligible families will decline. 
 
Dividends and Capital Gains 
 
The tax rate on dividends is currently 15%. It will climb to a range of 15% to 39.6%. Capital gains top rate will climb from 15% to 20%. 
 
Estate Tax 
 
In 2010 there is no estate tax. But in 2011 it returns with a exemption of $1,000,000 and a tax bracket of 55% 
 
The Tax Foundation estimated that the median family of four saved about $2,200 in taxes under the present plan. These cuts will vanish with the next tax year. 
 
I can't reconcile any of these tax cuts as unnecessary. They effect all tax payers of every age. I can't see giving the government more of our money when the budget is out of control. When our money is wasted at every turn it unconscionable to allow them more money. Cut the budget 10% and leave us alone. 
 
Not making these tax cuts permanent will be the final nail in the Obama Administration. The damage done will echo for years to come. 

Kids Need To Work

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One of our duties as good parents is to instill the work ethic in our kids. But how do we do that? In my house both mom and dad go to work everyday to their full time jobs. Teaching by example should be enough but in this world it doesn't even come close, junior is perfectly happy to see others do the work. 
 
Should there be a certain age for your child to look for work? I believe there is. Each family can determine if the child is physically and emotionally ready to go to a job. We found that around the time they got their driving permit was the perfect time. They were mature enough and were self motivated because they needed money for their own life. 
 
Also at this time they wanted to have their own cell phones. We were firm in stating they would be paying their own cell phone or they wouldn't have one. So the job was becoming more of a necessity in their minds. 
 
The amount of money they made was enough to pay the cell phone and give them some money in their pocket. We taught them to save for things they would need in the future. Now all this seems pretty straight forward but with kids there is always some way they mess up. But this exercise is a teaching experience and probably prone to disaster. 
 
Having a job when your young is good for you. Because it teachs many things. For starters, it teaches you to show up somewhere on time. To have an authority over you that's not your parent or teacher. Also that Work = Money. 
 
Now all of our children did not all respond the same, with this wonder plan of the parents. More than half of them learned to work. But some of them just never got on board with the plan. The disgruntled children had to be led kicking and screaming down the road to work. But in the long run it worked out for all. 
 
Everything about work is a lesson in life: 
 
1. Work=Money 
2. Being somewhere on time is a skill that will be used the rest of your life. 
3. You will always have an authority figure over you in some form or another. 
4. Self reliance is the only thing that will never let you down. 
5. Success only comes after many years of work. 
 
Parents devotion to teaching their children is a never ending job. But I'm seeing with the oldest one the fruit of all my teaching. Be prepared to see some bare much fruit and some to bare a little. 

College Loan Defaults Increasing

Image via WikipediaOver at Yahoo.com there's an interesting article about graduates not paying their student loans. Figures from the U. S. Department of Education shows 7 percent of borrowers of federal student loans defaulted within two years of graduation, up 6.7 percent from the previous year and 5.2 percent the year before that. 
 
Her we have the perfect storm of easy flowing money from the government. Coupled with the recession starting and the cutback in job hiring. These two factors really hurt the newly graduating students. 
 
Even before the recession was on the horizon student borrowing had doubled. Education Secretary Arne Duncan voiced his concern over excessive debt and useless degrees. The article goes on to argue not about the burden, all this debt has but, who's debt is worse public or private schools. 
 
Here we see the bureaucrat mentality. The common sense rules of excessive debt isn't even explored. Just who to point fingers at. We have 2 problems here. First a mindset of non-restrictive borrowing. No preset guidelines depending on the degree your seeking. For example, borrowing $100,000 for a job that only pays $35,000 per year. Secondly, why is the government so deep in the student loan business? I can see some intercession by the government for it being the source of last resort for people who can't borrow anywhere else. 
 
Even some private sector loans are guaranteed by the government. The government has a never ending supply of money to loan out. In this day of an ever expanding government. Do we have to address every need of the citizen. Maybe it's time for Uncle Sam to but out. 

How much should I save for college?

 Fidelity Investments released guidelines last month for how much parents should save in a 529 college savings plan. It shows both annual and monthly selections. If the plan is followed you should not have to take out any loans. 
 
The guidelines estimate what a four year in-state college would cost in 18 years from now for a parent with a newborn infant today. It used data from the College Board about the average cost of public and private colleges today and how much those costs are growing annually. It assumes a 5.4 percent annual growth rate in costs for the next 18 years. 
 
Next, using Sallie Mae data, Fidelity estimated how much in scholarships, grants and family gifts households currently earning $55,000, $75,000 and $100,000 annually could expect to receive and subtracted that amount from the expected cost. Then it estimated how much, at each of those income levels, a family would need to save to cover future college costs. Assuming they put the money in a 529 plan that gave a return in line with what the company estimates an investment in Fidelity's age based investment option should provide. 
 
The table reflects their findings and supplies their actual dollar amounts to be invested every month. 
 
 Their are no guidelines for family's making over $100,000 dollars per year. But they should examine the guidelines and interpret a plan that suits their own situation. Also the proposed savings amount don't consider the extra expenses that go with college, only tuition. Though transportation and health care are qualified 529 expenses. 
 
Fidelity Investments claims if you follow their recommendations the family making $55,000 would accumulate $48,000 for public college and $107,000 for a private college. The $75,000 family would have to save $51,000 for public college and $115,000 for a private college. The family making $100,000 would need to save $55,000 for public college and $123,000 for a private college. 
 
Now these figures are very subjective. We don't know what the final amounts would have grown to. Also we don't know if a family could sustain making these large payments for 18 years. But if they could the 529 accounts would become substantial. I am aware that it's pretty hard to estimate all this and I have to give Fidelity credit for attempting this. The amounts of monthly savings are relatively close. The family incomes are not, so the burden is on the lower wage earners. Like I said it's a place to start. w

College Students Dont Need Credit Cards

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We have a child heading off to college this week. We are not giving him a credit card to take with him. Most parents equip their child with one. If you do, it would be considered normal. Students are told that the card is only for emergencies. But to a student an emergency is a lack of donuts. You probably are thinking credit cards and students don't mix. Your right, the chance of abuse or immaturity is high. 
 
On campus they are exposed to the wiles of credit card applications. They're offered hats and t-shirts for a filled out credit card application. It's hard to say no to a nice hat. As a good parent it's our job to teach them about credit and making choices about staying out of debt when they have no income. But thankfully there is a new law that says you have to be 21 years old to open a credit card or get an adult co-signer. 
 
Parents hopefully realize co-signing makes you fully responsible if junior defaults on his account. Also if you co-sign you can monitor and keep restrictions on the account. On the other hand if junior doesn't pay, it will reflect on your credit score. 
 
Helping your child is good but doing everything for them is very bad. Sure they need to be educated about the responsibility of credit and debts. Having a credit card without a job is foolish. Having a credit card while in college is not necessary. 
 
Take this opportunity and use this experience to teach them to not use credit like it was cash. Teach them to use cash for purchases. For convenience using a debit card instead of a credit card. Teachable moments like this are great. 
 
Our son worked all summer and put money in the bank to use at school. Mom will be able to monitor this joint account and deposit money to cover expenses. Staying away from credit cards, saving money and living on less than you make is taught in our home. 
 
We won't participate in teaching our children to use credit cards as a crutch because of a lack of planning. The semester ahead has been anticipated and planned for. 

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• Credit-card limits mean students may need new source of funds (seattletimes.nwsource.com)
• Get Out of Credit Card Debt Once and for All (financialplan.about.com)
• Switching from Credit to Cash/Debit (mytotalmoneymakeover.com)
• Reasons You Shouldn't Co-Sign for a Credit Card (applyforacreditcard.com)