Friday, September 24, 2010

What's in His Wallet?

His temple recommend, his driver's license and an ATM card.

The first two are self-explanatory. The third is linked to a joint checking account at our local bank.

When our son went to college, we opened an account in both of our names so we could funnel money to him while he was away from home. Now that he is on his mission, the account has a $100 balance that he can access in case of emergencies like no food at the end of the month or incidentals like new socks.

I figure that everything in his wallet can be replaced if it is lost or stolen or left behind during the last transfer.

Another piece of financial advice is to check your missionary's credit report once a year to make sure that their identity is secure while they are serving. You can access free credit reports at AnnualCreditReport.com. The site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies. You will need their social security number, permanent address and permission because they are of legal age.

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