PIC CREDIT:
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FUNDING: College is not cheap so talk to teens about managing their money carefully.
PIC CREDIT: ISTOCK PHOTO FUNDING: College is not cheap so talk to teens about managing their money carefully.

Graduation may be over but don’t wait until September to put your financial plan for college into action.

Avoid a last-minute scramble by following this advice.

First of all, make an appointment with a personal banker to better understand how you can finance your child’s tuition.

Why not explore making one application for the entire four years’ tuition so there is no need to keep re-applying for loans each year.

Access

Ask your personal banker questions like, “Should I access my savings or should I apply for a home equity, personal loan or the new Personal Line Of Credit?”.

Borrowing for their entire college education may give you added security, knowing you can pay tuition fees without any delays.

When it comes to the need for your child’s safe and easy access to money, a personal banker can also discuss the options.

Day to day cash

A safe and easy way for students to access money is with an HSBC Visa Debit Card. Cash withdrawals are easy from ATMs worldwide, and this card is welcomed at millions of locations.

You can open a joint savings/checking account, sign up for a debit card, plus personal Internet banking for immediate money transfers between accounts.

This can help you to manage finances and track all purchases online.

Emergency cash

As an added safety net, a Visa Classic Credit Card joint credit card account has a realistic credit limit that’s easy for students to manage online as a secondary cardholder. It lets you check the balance, make payments, monitor expenses and stay in control.

Earn reward points for every purchase and redeem them for cash back.

Peace of mind

There’s always a dedicated team to assist should your child report their card lost or stolen, and if they need an emergency replacement.

Travel and property insurance

Things can go wrong, and so it’s always helpful to have added protection for your personal effects and travel plans.

Come in and see us during the school holidays and we can review your finances together.

 

Call HSBC Bank Bermuda on 299-5959 to book an appointment.