Dear Ms Wise, My 18-year-old son is moving interstate for university next year, and I want him to have some emergency money. When I moved away to uni, my parents had me take out a bank card with a $500 limit for this purpose.

The options I’m considering include a low-limit credit card, adding him as an additional cardholder to my credit card or depositing money into an emergency savings account for him. What do you think? Brian