It’s never too soon or too late to develop good financial habits. Elka Herr and Sophia Lee of Starion Bank visited the show to give some tips for getting teens started on the right foot.Whether your teen is starting their first job or simply earning a couple of bucks working a side gig, having a secure place to deposit their funds is important.
Starion Bank experts say milestones like these are a perfect time to open up their first checking and savings accounts. This will kick off the conversation on budgeting and saving so they’ll have good habits as they enter adulthood.Starion Bank requirements for opening up a bank account for minors:
If a child is still a minor, their first account needs to be a joint account
A parent/guardian is ultimately responsible for the account
Minors can become solely responsible for the account when they turn 18
Senior Universal Banker Sophia Lee says this lets teens learn finance in a safe environment.
Three important ways to stay informed about finances:
- ATMs are convenient, with caveats. Avoid ATMs that add surcharges.
- Check your balance regularly — no one enjoys overdraft fees. These fees can add up quickly if you make a habit of spending more than you earn.
- Use mobile apps. Mobile banking makes it easy to check account balances, deposit a check, add to savings, and make digital payments.
- KX Finance: Setting Financial Goals
- Put your savings on autopilot
- Take a portion of every paycheck and put it into a savings or investment account.
- Be prepared in case of unexpected medical emergencies, vehicle repairs, or other urgent needs.
- Earn! Scheduled deposits into an interest-earning account are a good way to methodically save for a vehicle, vacation, or other large expenses.
