As many of you are aware, we’ve requested students obtain their Social Security Cards and state-issued ID cards for the purposes of opening bank accounts for each of them. Some of you may be thinking “My child doesn’t need another bank account–I’ve already opened one for him back home.” And while that may be true, we are requiring students to open individual accounts at Bank of America separate from any others they may have. This will be the account in which they deposit money they’ve made working in their internships, and it will allow us to teach all of the following during their Personal and Advanced Personal Finance Support Sessions and individually:
- Online banking
- Mobile banking
- Paying bills online
- Expense tracking
- Personal budgeting
- Setting spending limits
- Saving
- Remembering passwords and PINs
- Proper card use and safety
- Importance of information privacy
- Confidence and self-efficacy in money management skills
As with many aspects of college, the freedom that comes with your adult children having their own bank accounts can be a difficult adjustment for you as parents, but it’s important for them to learn to be financially independent so that in the future, they’re not asking you for money or needing to move back home. Isn’t that what every parent dreams?
If you’re interested, check out this podcast on “Adulting Classes”