No matter how old our kids get they’ll always be our babies. Even though we want them to fly, there are times they need a little extra support. Check out some tips on how to financially support your child in college.
How To Financially Support Your Child in College
Any parent knows that saving for college is a prudent course of action. Tuition, books, room and board and miscellaneous fees can add up fast. What do you do, though, about helping your student with day-to-day expenses and unexpected occurrences? Here are a few ways you can transfer money to your child quickly.
Online Bank Transfer
This is probably the simplest method to send a recurring payment to your child. The first step is to set up a joint bank account with your student at the bank where you do business. That means both your names are on the account. You can then easily transfer money from your checking account to your student’s account. Regular transfers can even be arranged similar to automatic bill-pay, so you can give your child an “allowance.”
People with PayPal accounts can send money online to anyone. The recipient does not have to have your password, so you control how much money is sent. You simply put money into a PayPal account through a bank deposit or by debit or credit card. This method also allows you to set up a regular payment. Paypal additionally lets users make purchases or send money through a credit account.
If you and your child have Facebook accounts (or if your child has Snapchat, which is more likely) and your child has a bank account, you can send money through those options. You simply create a message on “Messenger” in your child’s name, click on the dollar sign and type the amount you want to send. You then click “pay” and enter your credit or debit card number. The transfer from your account is immediate but there may be a waiting time of a few days before your student has access to the money.
Venmo is a service that incorporates the “wallet” of PayPal with a social media aspect. Users create accounts with the service, syncing it to their bank account and to their Facebook account. You just send a message using your child’s name, phone number or username. In order to collect the funds, though, they must have a Venmo account.
Money Transfer Apps
There are many apps that you can download to your mobile device that allow you to send money. Some even let you send funds internationally. They work similarly to other methods in that they link to a bank account. They differ, however, in things like fees that are charged, how soon the money is available, whether funds are insured and limits on the number of transfers allowed within a timeframe or the amount you can transfer.
Listed last, this is perhaps the oldest and most well-established money transfer service. Users are not required to have accounts. You fill out the online form giving your child’s name and bank account information if they have one. Then you pay through one of several methods and tell the company whether your child will have the money deposited in his bank account or whether he will pick it up in person. There are some fees involved, and the money is usually available within one to four business days.
Many things can happen that leave your kids without necessary funds. You can make certain that your child has the money he or she needs quickly by using a secure method to transfer money online.