You are sending your child off to college for the first time and you are considering getting them a credit card to take with them. Should you do it? How do you make certain that they don't go crazy with spending?

1. Before giving your child a credit card, think about the type of person they are.

Not every student is going to be responsible enough to be able to handle a credit card. If your child is someone who tends to spend money as soon as they get it, chances are they aren't ready for a credit card.

However, if you still want to give them a credit card, start them out with a pre paid credit card. Explain to them what the limit is, and what the penalties are if they go over the limit. If they do well with the pre paid credit card and appear to be acting responsibly, you can consider getting them a card with a low credit limit and make certain that they pay the bills on time.

2. Talk with your child about what they can and can't use the credit card for

Before you hand that piece of plastic to your child, lay down some ground rules for its use and what the consequences will be if they use it for something else. Don't be completely strict with them, but don't allow them to walk all over you either.

Choose a credit card that offers the ability to look up invoices and transactions online. Let your child know that you will be monitoring their activity with the credit card.

3. Make your student pay something on the credit card each month.

Even if you are making payments for them to help them build up their credit score, make certain that your student pays something on the credit balance each month. It may seem harsh but you want them to learn responsibility, and you are also telling them that a credit card is not free money.

4. As your student becomes more responsible, let them have more leeway

Reward your student's responsible behavior and give them more freedom with their credit card. This doesn't mean, of course, that they can go out and by a whole new fall wardrobe with it, but a pizza or a movie now or then shows them that you are starting to trust them and that you appreciate how responsible they have been so far.

Credit cards are not for every student, and the decision is really up to the parents whether or not the student is ready for the responsibility. But with simple guidelines and trust, it can be a rewarding experience for everyone. Your student is building up credit, and you have the peace of mind knowing that they have the funds available if they have an emergency.