Opening a checking account is one of the first steps young adults can take to start building a financial foundation. College students particularly benefit from having an account, especially if they have financial aid or student loan payments to make. If you’re new to managing money, use this guide to get started.

4 Checking Account Tips

1. Automate Your Finances

Automate your monthly transactions so that you never miss a payment, whether it’s for your student loans or rent. This simple action makes budgeting easier because you’ll get a sense of how much money is entering and leaving your account each month. If you have a part-time job, it’ll also give you an idea of your remaining balance for impulse purchases until your next payday.

2. Use Online Banking

Most banks have mobile apps that are easy to use while you’re out and about. They offer a wide range of features in the palm of your hand, like easy money transfers to friends and family, eco-friendly paperless statements, and remote check deposits. You can also set up alerts for suspicious account activity and payment due dates.

3. Avoid Fees

Many financial institutions offer policies with low or no penalties for young savers, but it’s important to know the additional costs that come with having a checking account. Most banks charge a small fee for using out-of-network ATMs or not maintaining a minimum balance, which adds up over time. Securing a checking account with a lenient overdraft policy gives you an additional safety net if you have to spend more than your balance.

4. Earn Rewards

Seek an institution that gives incentives for spending money. Find a checking account that helps you grow your balance with earned interest and cashback rewards programs. The extra money will go a long way when you need to buy next semester’s textbooks, new dorm furniture, or a parking pass.

Get on the right financial footing with help from Hawaii County Employees Federal Credit Union in Hilo. This member-owned financial institution has provided the community with secure checking accounts, virtual banking, and 24/7 statement access for almost 90 years. Learn more about their membership benefits by visiting their website or calling (808) 935-2969.