April 17, 2024
Step 1: Add Yourself to Their Accounts
First things first: Before your child heads off to college, ensure that you are added to their bank account. If they are an HRCU member and opened a Teen Checking Account before turning 18, a parent/guardian will be listed as a joint on their account. Once they turn 18, their Teen Checking Account transitions into a Free Checking Account, which you as the parent/guardian will remain a joint account holder on. Visit an HRCU branch together to confirm that you are included on your child's account. This way, you can monitor their spending and conveniently send them money when necessary.
If your child is under the age of 18, consider opening a Teen Checking Account with them today. Not only will they begin to learn about the importance of money management, but you can also guide them to a secure financial future along with the support of your local credit union.
Step 2: Make Sure They Know What Tools are Available to Them
HRCU members can use shared branching, a network available exclusively to credit union members, providing access to ATMs and branches all over the country,--with NO FEES. This means your child can get to their money easily, no matter where they go to school. Having this access can help them feel more secure about their finances, whether they're on campus or out exploring.
Mobile Banking is another great tool for both parents and students. It lets you manage your account quickly from your phone, making things more convenient. Your child can check balances, deposit checks, and transfer money easily, giving them more control over their finances. They can also sign up for e-alerts for deposits, withdrawals and balances to help them stay up to date with their account. That being said, you can still monitor and check in on your child's finances when you need to!
Step 3: Give Them a Crash Course on Smart Spending and Saving
Besides these practical tips, it's important to talk openly with your child about money. Teach them how to budget, save, and make smart choices. Encourage them to look for scholarships, grants, and part-time jobs to help cover college costs.
Even though meals and housing are often included in tuition, it's smart to have some money saved up before college starts. Unexpected expenses like eating out with friends, paying for tickets to an event, or buying last-minute winter gear can quickly add up.
Getting your child ready for college financially takes planning, talking, and using the right tools. By adding yourself to the student's account, using shared branching, and taking advantage of Mobile Banking, you can help your child handle college finances confidently. With your guidance, they can focus on learning and growing, knowing their finances are in good hands.
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