Sending your kid to college? Follow these tips to help them manage their money

This paid piece is sponsored by The First National Bank in Sioux Falls.

Sending your child to college is one of the most bittersweet moments, marked by lots of big changes – for both them and you. They’ll be searching for classes, making new friends and trying to remember where they parked their car.

One thing you shouldn’t have to worry about is how they’ll manage their money. Here are a few ways to make sure they’ll be able to take care of their banking easily, as well as some tips for a bright financial future after they earn their degree.

Use online banking and/or your bank’s mobile app

With online banking, your student can make transfers, check their balance and more anytime, anywhere. If a parent is an authorized signer on the account, usually you can have access to these features too. Most often, they’re also available on a mobile app.

Adding a debit card or bank account to a mobile wallet is another easy way to send and receive money. Services such as Venmo, CashApp and Apple Pay are great for quickly paying back friends.

Enroll in e-statements

Choosing to receive e-statements is a great way to cut down waste, as well as eliminate the worry of keeping track of paper statements as your student moves from place to place.

Sign up for alerts

Another way your student can manage their finances is by choosing to receive alerts about their account activity. Some financial institutions offer alerts through text messages, notifications from their app or by email. You typically can receive notifications about transactions, deposits, security or even when the balance falls below a certain threshold. If you’re a signer on your student’s account, you can receive these alerts too – just in case you want a little extra peace of mind.

Open a credit card

Opening a credit card – and using it responsibly – can help start building credit, which can be helpful when it comes time for your child to apply for more credit like auto loans, mortgages and more. Here are some easy ways to use a credit card in college.

• Use it for monthly or recurring charges like Spotify or Netflix. These charges are small amounts that occur every month and are easy to pay back.
• Keep it for emergency, unexpected expenses.
• Keep your balance low, and pay it off as soon as possible.

The First National Bank in Sioux Falls offers all these services and more. Whether your child is attending a school close to home or somewhere across the country, we’ll be with them wherever they go. Apply for an account online, contact us, or visit one of our 18 branch locations.