Teach Your Teen How to Manage a Student Checking Account

Saving and Managing Checking Accounts

As a diligent parent, you always strive to provide not only the basics of food, clothing, and shelter, but also other luxury items, like sweets and toys for your child. Teaching your kid the basics about being financially responsible and an independent adult, which also ensures that you are making provision for his future needs too, can help them out for the rest of their lives. There are several ways of teaching kids about money and helping them develop sensible financial habits and attitudes. One of these is to have your teen open a student checking account and learn to manage it efficiently. Here’s how you can get your older kids started on the way to financial maturity.

Why should your teen have a student checking account?

In a few short years, your teen will become an adult with a job and a salary that is at his or her disposal. Therefore, the first step towards adulthood and financial freedom is to set up a checking and savings account under your child’s own name. By learning to actively manage these accounts, your child will be able to buy things, pay bills and save money. A student checking account can help your kid achieve his goals, save up for college tuition fee, and budget for recreational activities, like watching a movie, going to a concert, or eating dinner with friends.

Where should your teen open a student checking account?

Kids and Banking - Learning to Manage a Checking Account

A credit union is a good place to open a student checking account for your teen. These financial institutions are owned by the account holders and operate as a non-profit organization. They usually have lower fees, more personal service and special accounts for teens. Some credit unions provide individual accounts only if you are over 18 but co-signing parents are allowed to open joint or custodial accounts for children. Some credit unions also offer perks like access to financial websites for teaching kids about money.

How should your teen manage his/her student checking account?

Your teen should understand that a student checking account has to be managed and monitored correctly and regularly. As the account holder, your child needs to know how much money do they have available in the bank, examine bank statements for accuracy, use ATM/debit cards properly, and ensure that his checks are written legibly. Most teens think that managing a checking account is a difficult and time-consuming process – but the truth is, it’s nothing more than adopting a few easy habits and routinely monitoring your account.

Teaching kids about money takes plenty of patience and persistence but it pays off in every sense. Encourage your youngster to open a student checking account and teach your child how to manage it!

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