Teach Them to Bank Before They Bounce

As your child heads off to college, a job, or their first apartment, one of the best gifts you can give them isn’t a new comforter or a stack of Ramen—it’s a crash course in financial setup.

Setting up a basic money system now can make all the difference later. We're talking:

• A checking account so they can manage spending
• A savings account so they don’t spend everything
• A credit card (if they’re ready) to begin building their credit profile

Yes, your young adult may still need you to get started—and that’s okay. Consider it part of your final parenting victory lap.

4 Questions to Ask (and Answer) Together

Which bank or credit union is right for them?

Some banks cater to students with no-fee accounts and low minimums. Others… not so much. Help them shop around for one that won’t nickel-and-dime them, offers mobile access, and has ATMs near campus. Credit unions are often more personal and forgiving.

Do they need your help?

If your student is under 21, they may need a cosigner to get a credit card or open certain accounts. Even if not required, having permission to view their account can help you support them in case of a financial slip-up—before it affects their credit.

Do they have the right documents?

They’ll need a government-issued ID, Social Security number, and proof of address (like a lease or a school letter). Bonus points for remembering a check or cash for that first deposit!

Are they prepared to avoid ATM fees?

Out-of-network ATM fees are sneaky (and expensive). Teach them to stick to their bank’s network and steer clear of “convenient” machines at gas stations and grocery stores that charge up to $6 per transaction.

You’ll find even more money advice like this in the book Unsolicited Advice for the High School Graduate: A Practical Guide for Becoming Independent—from handling finances to surviving roommate drama, mastering laundry, and even finding chic shoes on a budget. Go to Amazon.com to grab a copy for your grad (and maybe skim it yourself—you never know what you’ll learn).

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FREE RESOURCE: “Banking Basics Before You Move Out”
Download our simple checklist and walk through it with your student. It covers what to do, what to bring, and what to watch out for—without making them feel like you’re lecturing (we did that part for you).

Bottom line: A little banking prep now prevents a lot of “uh-oh” later. Help your young adult set up their financial foundation before they step out the door. You’ll both sleep better.