The fall semester is in full swing at college campuses across the country. Students are juggling full class schedules, part-time jobs and packed social calendars. On the other hand, parents are hoping that they've positioned their child for success.
Budgeting. College is the first time that many young adults are living on their own, so it's important to have a basic proficiency in budgeting and tracking spending. This includes accounting for known and unknown upcoming expenses, from rent and football game tickets to textbooks and burgers. For a refresher on budgeting tips, visit Better Money Habits, Bank of America's free online financial education platform.
Checking. Many young adults start banking with a checking account, but not all checking accounts are created equal. When evaluating banking options, students should note which ATMs are on campus and close to their dorm or apartment; whether their bank offers a mobile banking app; and the terms and conditions of the checking account. Some good features to look for include waiving monthly maintenance fees and preventing overdraft fees.
Mobile apps. Technology has made it easier to keep tabs on bank balances. Since most college students are already married to their phones, it's an obvious next step to download their bank's app and ensure they're set up for mobile banking.
Saving. Students can start as small as necessary. Even if it's just depositing $20 each month, sticking to a specific, attainable goal is in itself rewarding. In addition, look for a savings account that doesn't have any fees.