If you have a college-age child, chances are you’ve already sent them off to campus at this point. Maybe you even helped them get packed and moved in. If so, there was definitely a checklist of the necessary items.
Clothes, laptop, backpack and family pictures all made the list. But did you also include the financial tools they would need to be successful this year? Or what about the skills to use those tools correctly?
If these weren’t on your list, don’t worry. We have your back with our list of tools and tricks to help your college student find financial success in addition to all of their studying:
- A checking account. This may seem a little basic at this point, but it is worth saying. Make sure the account comes with a debit card (hint: all of our checking accounts do). This will help them easily access their money for purchases or via ATM.
- Understand check writing basics and how to pay bills. Not everything can be paid for with a debit card. Things like rent and some utilities may require a check, which means knowing how to use it is a necessity.
- Access online banking services. Most millennials prefer doing things electronically, so make sure your child is set up for success online. Start with Online Banking, and then be sure they download out Mobile Banking app for their iPhone or Android phone. This will give them convenient access to their Raccoon Valley bank accounts from their laptop or smartphone.
- Learn how to budget. Even if they aren’t earning much income at the moment, budgeting is still a good lesson to learn. The most basic of budgets will do; simply list out all income and what a month’s worth of expenses looks like. If the expenses are higher than the income, they need to cut back.
Your college student can learn more than what’s required by their major while at college. Using the above tools, they can become savvier at financial management, even if they aren’t a finance major.
To learn more about how Raccoon Valley Bank can help your college student succeed contact us today.
Raccoon Valley Bank
Equal Housing Lender