SmartBanking Blog

Graduating is a lot.

There’s so much to think about! College, jobs, grocery shopping and all that other stuff that comes with adulting can be a little overwhelming for new grads.

And managing money is no different.

Not to worry, parents! Here are five tips you can share with your grad to make managing their finances a breeze.

1. Know which account is the right fit. Does your grad like banking online? Are mobile capabilities most important to them? Take time to review what checking and savings options are available, and don’t forget to do a financial check-up every few years to make sure their account type is still the best for them.

2. Watch that account! Banking is not something you can set and forget. Fortunately, financial tech makes it super easy to keep an eye on your balance and account activity. It’s as easy as checking your app over morning coffee or setting up text alerts.

3. Be careful when giving. Gen Z is a remarkably caring generation, eager to get involved and contribute to causes that matter to them. However, there are a lot of crooks out there who try to take advantage of people who want to donate. Tell your budding humanitarian to thoroughly research any site or cause they want to support. Searching “Is *insert charity* legit?” or “Is donating to *insert charity* safe?” can be enough to provide peace of mind. And the same goes for retail sites!

4. Learn about building credit. Credit and credit scores can be a confusing topic to a young adult. Talk to your grad about getting an auto loan or small credit card, depending upon their needs. These can help begin the process of building credit. Also, chat about checking your score regularly; you can receive a report from each credit bureau annually through AnnualCreditReport.com.

5. Privacy is important. We live in a world that values sharing…and maybe over-sharing. Financial matters should be kept private, as to not attract crooks or “friends” who don’t have your student’s best interests in mind. Make sure your grad knows not to let friends use their debit card, pay account, or any other financial application. And never share financial information online. Even something as innocent as a post celebrating a windfall of graduation money or birthday cash can attract the wrong kind of person.

Keep these tips in mind, and your grad will be in for smooth sailing as they navigate the seas of financial literacy. And don’t forget to stop by TheSavingsBankOhio.bank/blog for community spotlights, banking and lifestyle tips, and more!