Pros of a high school checking account

As we slowly reach adulthood it is vital to start thinking about finances. A key part of adulthood is to one day become financially independent and a great place to start is by opening a checking account during high school. This will not only help teach you valuable life skills but it will make your life a lot easier in the process. So maybe after this article, grab your mom or dad and take them down to the bank to open your joint high school checking account!

Responsibility
Opening a high school checking account is a great way to promote responsibility and good spending habits. This is because you will need to be in charge of your spending and saving. Maybe it’s developing habits like having a minimum of $20 in your account at all times or maybe it’s saving all your money. Whether it’s big or small, you are preparing yourself for the future.

Safety
Although it might seem easier to simply store money at the bottom of your drawer or under your bed, having large amounts of money randomly dispersed in your room or house leads to several risks. Unlike cash that can easily be lost, stolen or destroyed, money in a checking account is federally insured. Having a bank account at a young age will allow you to store large amounts of money with minimal risks.

Digital payment methods
In this modern age, digital payment is a very common and convenient way of paying or receiving money. There are so many ways you can pay that don’t require using a debit card. As long as you have a checking account, you can use apps such as Venmo, Apple Pay, Cash App or Samsung Pay! Rather than having to manually give cash to someone, it is very convenient to simply send or receive money with the click of a button.

Paychecks and getting a job
As you slowly reach adulthood, getting a job is a common thing for many high school students. As a result, having a bank account will greatly aid in receiving your first paycheck. Rather than having to go through the hassle of cashing every paycheck at a bank you can simply get the money deposited into your account.

Paying bills and budgeting
Having a checking account allows for easy transactions and organization. Several budgeting tools and programs can keep track of all your memberships and transactions in a very simple and convenient way to help you stay organized. If you were to sign up for an online membership using your personal debit card, banks make paying it every month super easy. As long as you have the funds in the account, you won’t even have to lift a finger to make your monthly payment.

As you can see, there are many positives to opening a checking account during high school. It not only gives you a sense of freedom but it is also a great way to be better prepared for the future. Even if your parents say no to opening a high school checking, you can still find ways to manage your money responsibly. Maybe start off by using a jar or a piggy bank and put some money aside every month; be creative!