Do you have a high school or college student and he or she has just started their first job? Or, perhaps, they’ve moved into their first apartment and are embarking on their own financial journey. Whatever the situation is for your son or daughter, opening a checking account for them and helping him or her manage it effectively is one of their first steps toward achieving financial independence.
“Managing a checking account is essential for any young adult to achieve sound financial wellness,” said Jennifer Miller, First Bank’s Product Management Officer. “In order to know how much money he or she has to work with each month, for things like bills, savings, fun money, and investing, they must first know how to properly oversee a checking account.”
A checking account that is designed with your young adults’ needs in mind, is a safe and secure resource for his or her hard-earned paychecks and/or direct deposits. Not only does the right checking account give your young adult peace-of-mind, but it also allows them access to their funds so they may pay bills, use a debit card to purchase goods and services, and also manage month-to-month finances.
Miller said that checking accounts, like the First Bank Student Checking (ages 16 – 24) and First Choice Checking, will give them control of their money with digital tools and services, such as free eBanking and Mobile Banking.
Help your son or daughter get started managing their money with these five easy steps:
1. Enroll them in First Bank’s eBanking.
2. Encourage your son or daughter to set up Bill Pay so they may pay all of their bills from the convenience of a laptop or computer.
3. Have them download our First Bank On The Go mobile app with their iPhone, iPad, or Android phones and Android tablets, as well as many other mobile devices.
4. Sign them up to receive eStatements. This will allow them to see a full month’s account activity right from the convenience of their eBanking dashboard.
5. Ask them to download Plinqit and establish up to five savings categories, like saving for furniture for their first apartment or a new set of wheels. They can simply set it and forget it while Plinqit automatically handles the rest.
“Our digital tools and services can help your son or daughter manage their checking account effectively,” she said. “We highly suggest that clients at every stage of their financial journey take advantage of these resources to get all they can out of their money.” Helping them keep track of how much they’ve spent, how much they’ll need in order to pay upcoming bills, and having the ability to stay on top of their account balance are all key to becoming financially independent.
In fact, with either checking account, they’ll have the ability to set up account alerts to notify them if an account balance falls below a certain dollar amount or if transactions larger than a certain dollar amount have transacted.
For more information about which checking account may be right for your son or daughter, simply contact a First Bank trusted representative. If you’re ready to help them get started, simply open a Student Checking Account or a First Choice Checking Account from the comfort of your home or office.