As a student, knowing how to manage your checking account can help you maintain financial independence! Taking good care of your account will ensure you minimize issues that could cost you money. The price of books, tuition, and other mounting educational related expenses can be overwhelming. We are here to help get you off on the right foot.
Tip #1: Open savings account
Try to begin saving money as soon as possible using a savings account. This allows you to periodically place funds into the account from your checking. If you get to the point where you’re comfortable doing so and know you can afford to, you can also schedule automatic transfers that help build your savings with funds from checking. Transferring even small amounts on a regular basis can accumulate over time—just wait and see! With enough funds, a well-maintained savings account could be a lifesaver.
Talk to a representative at Bank of Old Monroe to set one up today!
Tip #2: Keep track of electronic payments you have scheduled
Whether it’s utility bills, college housing, or monthly streaming subscriptions like Netflix, you probably have a lot of scheduled automatic payments to keep up with. You should maintain some kind of record of recurring payments and when the funds will leave your account.
If you pay in the form of a check, utilize online banking to monitor your account to make sure the check clears and that you have enough funds available to cover the payment. The mobile app will also help track expenditures.
Tip #3: Always remain aware of your checking account balance
It’s important to know exactly how much you have as consistently as possible which can help avoid an overdraft charge. Bank of Old Monroe makes it easy for you to stay alert with online banking and our mobile app. You can regularly log into your account online using a computer or smartphone, or check your current balance on the bank’s ATM.
You also have the ability to set up text and email alerts to let you know when your balance sinks below a certain limit. It’s important to remember that your “available balance” doesn’t account for any outstanding transactions, checks written, anticipated bill payments, or purchases using your debit card that are still awaiting authorization from merchants.
Tip #4: Make a habit of reviewing your transactions on a regular basis
Keeping an eye on your account activity will not only further help avoid spending beyond your budget, but it can also help alert you to any suspicious activity that you didn’t authorize. Regularly look into your account activity, including ATM deposits or withdrawals, debit card transactions, and recurring payments.
Always notify your bank immediately of any issues that you notice with your account. Your bank may freeze your card and protect your account until it can resolve the issue.
Tip #5: Start budgeting accordingly!
With a savings account and a checking account that are properly managed using mobile and online banking, you can begin making the right decisions around budgeting that will help you financially in the long term. You can determine how much money you have on a regular basis by staying aware of your account activity. In turn, you’ll be able to protect your accounts from any unauthorized activity or forgotten recurring payments that are no longer needed, among other potential issues that could otherwise leave you financially compromised.
Contact Bank of Old Monroe
If you would like to get started setting up a student checking or savings account, Bank of Old Monroe is here to make it easy and help you begin your financial journey. You’ll benefit from many features that come with our accounts, whether banking online, by phone, or in-branch. Contact us or begin the application process online today to begin setting up your account!