Cheryl Winokur Munk

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643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Financial Mistakes to Avoid When Sending Kids Off to College · 18 Jul 2023 podcast

Sometimes it works.

Sometimes it doesn't.

But you just have to be careful of those other little things.

So in this case, what they're doing is they're making them what's called an authorized user.

So they'll get their own plate and they can use it as they wish.

The parent needs to be very clear with the child what expectations are for spending on that card.

You don't want the child to just go off and run up your bills completely because you're responsible for that card.

This is a good strategy if a child doesn't have income to get a credit card on their own, which many 18-year-olds will not, even 19- and 20-year-olds won't.

But you do have to be careful because the spending on the card will affect the parent's credit as well as the student's.

So it has an impact on both.

So my kids are authorized users on one of our cards.

And what we do is I get an email every time the card is used.

You can do this with most cards.

I've set it up for a very low threshold, so I think it's a penny.

So any time it's spent, whether money is spent online or whether money is spent at a bodega or anywhere online,

I get an email.

So, OK, this causes problems sometimes because my husband always jokes that he can't ever spend anything without me knowing.

But it's a really good tool, not only for monitoring your children's spending, but monitoring for fraud.

Nope, not on this card.

So it's going to depend on the school.

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