If you are a teen between the ages of 13 and 17, you may be ready for a checking account. A checking account is a great way to help you learn to manage your money and teach you financial responsibility.

But don’t get excited about it just yet. First, you need to discuss opening a checking account with your parent(s) or legal guardian; they will have to approve and become a joint owner on your checking account.

Here are a couple of topics to discuss:

• Having a checking account means keeping your account in balance so you don’t run the risk of overdrawing your account. Are you the type of person who spends money without thinking about it, or do you watch every penny? Knowing what kind of spender you are will help you determine what steps you will need to take to stay in balance.

• Getting a debit card for your checking account means you will have to remember to keep close track of your spending. Can you remember to record your purchases in a timely manner? If not, you may need to carry your checkbook register & record your purchase the minute you buy it. If you are good at remembering to track your spending, just keep your receipts all in one place until you get the chance to record your purchases.

Of course, SCCU is here to help you on the road to financial independence. We offer free Online Banking, where you can see every transaction you make so you can easily balance your checkbook. We also offer free Daily Balance Alerts that help you stay informed of your checking account balance every day.

The experience you gain from having a checking account now will help prepare you for the future.

To learn more about checking acccounts, read The Balancing Act, Part 1 and
The Balancing Act, Part 2.