Get Financially Ready for Back to School

Get Financially Ready for Back to School

How student checking and savings accounts can help make it easier

Whether your child is going off to college or preparing for a busy year of high school, you likely have a lot on your back-to-school to-do list. At APCU/Center Parc, we recommend you make one smart addition to that list: preparing your student for financial success. 

As your student gets older and more independent, there may be many times throughout the school year when they will need to be able to perform financial transactions, such as paying for football game tickets or buying food while on a field trip. You will also want to ensure they are able to practice saving and strong money management. If they are in college, their need for financial independence will be even greater with more frequent financial transactions.

For this reason, high school and college are great milestones for introducing your student to checking and savings accounts. A student checking account enables your teen or young adult to begin making financial transactions and learning the basics of money management, while a student savings account promotes saving toward a variety of financial goals.

Here are ways you can incorporate a variety of student accounts into your back-to-school plans and school year.

• Learning daily financial management – While they are still under your supervision, it is critical that your student begin to practice making everyday financial decisions, like whether to splurge on a milkshake or comparison shop for gasoline at the pump. With a teen checking account, they will get a great way to start learning money management with online and mobile banking and a debit card. 

• Setting and reaching savings goals – Most teens have big dreams – and those dreams require savings, for things like a first car, a laptop, event tickets, or equipment for a favorite hobby. Teens can access a variety of savings solutions that help them set aside a portion of their allowance or after-school earnings to help them reach those goals. 

• Borrowing with a first-time loan – Managing a loan, such as an auto loan, is a great way for teens to build credit history and start to understand the real-world responsibilities associated with making larger purchases. 

Get the Right Solution for the Right Student

Which type of checking, savings or even loan is right for your student depends on your goals and your student’s age. At APCU/Center Parc, for example, we customize our student accounts around the unique needs of teens and young adults:

• CU Succeed Solutions – For ages 15 to 18, our CU Succeed accounts include checking and savings, as well as first-time loans and scholarship opportunities.

• Jump Start Solutions – Older students ages 19 to 24 can take advantage of service-charge-free checking, financial education materials and more.

We also offer accounts for students as young as 10 years old. Learn more about our youth and teen checking accounts, savings options and other financial solutions designed for young members now – or for personal assistance, give us a call
at (800) 849-8431.

Federally insured by NCUA