{"id":393,"date":"2023-01-31T16:52:57","date_gmt":"2023-01-31T16:52:57","guid":{"rendered":"https:\/\/www.amerantbank.com\/ofinterest\/?p=393"},"modified":"2024-09-09T20:25:17","modified_gmt":"2024-09-09T20:25:17","slug":"building-your-money-management-skills-with-a-student-checking-account","status":"publish","type":"post","link":"https:\/\/www.amerantbank.com\/ofinterest\/building-your-money-management-skills-with-a-student-checking-account\/","title":{"rendered":"Your Money Management Skills with a Student Checking Account"},"content":{"rendered":"\n

Digital banking is everywhere. We use our phones to send money to friends and family<\/a>, check how much we have in our account, use a card to get cash from an ATM, pay using a digital wallet and so much more. All those services are a great convenience. Just remember, they all start with responsible management of a bank account.<\/p>\n\n\n\n

Maybe you\u2019re just entering college and need an account to pay for your books<\/a>, supplies and even some fun with friends. You might have a joint account with your parents or another adult and feel like you\u2019re ready to handle your own account. Having an account in your own name means you have more flexibility and independence when it comes to how you spend and save your money<\/a>. It also means you have more responsibility.<\/p>\n\n\n\n

Top reasons to open a Student Checking Account:<\/strong><\/h2>\n\n\n\n

Safety. <\/strong>Most student checking accounts include a free debit card so you can pay for purchases using the card, your digital wallet or check. You won\u2019t have to carry a lot of cash that can be taken from your backpack or purse. If you keep cash in your dorm room or somewhere else where it can be easily stolen or lost, and once it\u2019s gone, it\u2019s gone.<\/p>\n\n\n\n

Build your credit. <\/strong>When you manage the money in your checking account wisely, you\u2019re building your credit profile. Using online services like Bill Pay to pay your bills on time and making sure you don\u2019t spend more than you have in the account shows you handle your finances responsibly and that can increase your credit score. A higher credit score can make it easier to qualify for a car loan or credit card<\/a>. Plus, a landlord will your check credit score when reviewing a rental application because they want to feel confident you\u2019re going to pay the rent on time.<\/p>\n\n\n\n

Convenient access to your money<\/strong><\/a>. <\/strong>A free debit is just one checking account convenience. You can ask your employer to instantly deposit your paycheck into your account using Direct Deposit. Of course, if you need cash, you can ask for cash back when making a purchase or visit an ATM<\/a>. And yes, you can even write a check!<\/p>\n\n\n\n

Create and stick to a budget<\/strong><\/a>. <\/strong>It\u2019s your money, so spend it wisely. Write down how much money each month you will deposit into your account, like your paycheck or money your parents might send you to cover expenses. Next, write down your monthly \u201cmust pay\u201d expenses like rent, utilities, school expenses and bus or train fare<\/a> to get to school or work. Do you have enough in your account to pay your bills? If not, don\u2019t buy things you can\u2019t afford because if you take too much money out of your account \u2013 called an overdraft \u2013 the bank can charge you fees that could really add up. Online and mobile banking make it easy to check your account balance when you\u2019re on the go, so you\u2019ll know if it\u2019s OK to splurge a little on that supersized latte or opt for the small size smoothie instead.<\/p>\n\n\n\n

Banking Options for Students<\/strong><\/h2>\n\n\n\n

You may have decided a student checking account is right for you. Here are some of the features to look for in a student checking when comparing accounts:<\/p>\n\n\n\n