YOU DID IT!!! You’ve completed college or trade school. You even have the shiny new diploma or certificate to prove that you’ve taken ONE. HUGE. STEP. toward a brighter future and financial independence. YESSSSSS!!!! There’s only one thing left to do (well besides taking off that cap and gown and enjoying a giant piece of congratulatory cake): You need to cut the financial cord – and remove your parents from your bank account.
Sure, you’ve probably had a good run with your parents connected to your finances – you may have even benefitted from a few infusions of cash over the school year to help with expenses. Thanks Mom! Thanks Dad! But now is the time for you to assert your financial independence and start flying…err… we mean banking solo.
The good news is that unlike finishing school, finishing your parents off your bank account is very easy. In fact, the easiest way is to simply close your account and open a new one in your own name. Then, when you get that brand spanking new account take these 5 smart steps to ensure you manage your money wisely and make your parents even more proud:
- Sign up for Online and Mobile Banking. That way you can keep track of your account balance any time. You can even set alerts to notify you when your balance is low.
- Keep a cushion. Deposit a few hundred dollars and leave it in your account to help protect you from unexpected expenses. It will help you avoid overdrafts, which can be costly and well, AWKWARD!
- Pay your bills electronically. Schedule them in advance to make sure you always pay on time, which is critical as you start to build your own credit history (more adult fun)!
- Open a savings account. Have your checking and savings account linked so you can move money between them.
- Automate your savings. When you get a job, have money automatically transferred to your savings account each pay period.
So what are you waiting for? March down to your bank today to assert your financial independence (just remember to take off your cap and gown first) or open an account online!