There’s nothing like sending your kid off to college for the first time. A mixture of excitement, sadness and yes, a little bit of fear, is common. However, of all the things for you to worry about when they head off to school, money doesn’t have to be one of them.
By equipping your soon-to-be college freshman with the right financial tools, you can help them have better success in managing their money and becoming more financially independent.
Here are five tools your child should have with them when they head to campus for the first time.
- Debit card. This will allow your student to make purchases quickly and easily in person and online. It will also allow them to access their accounts at ATMs for times when they need cash, such as school events or games.
- iShop Success Checking account. With iShop Success Checking, they have a chance (if qualifications are met) to earn credits toward Amazon or iTunes purchases.
- Online Banking and Mobile Banking access. Help them manage their money by enrolling them in Online Banking and Mobile Banking. This will allow them to check their account balances, transfer funds and stay on top of their money in between classes, studying and all the fun school activities they will be participating in.
- Credit card. While many parents may shy away from giving their student a credit card, it can be beneficial. It can give them an early lesson in managing credit, as well as starting their credit history.
- A savings account. While they may not be able to save much during college, it can payoff later to help them learn to save now.
Whether they are going 50 or 250 miles away, you want to be sure your college student has the financial tools they need. It will help them grow financially independent, even if they have to consult you every once in a while.
If you need assistance setting up any of the above accounts or services, contact Putnam Bank today for help.
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