The Banking Back-to-School Checklist

Back-to-school shopping usually comes with a long list: new shoes, backpacks, notebooks, pencils, lunch supplies and maybe a few items your child insists they absolutely need. But just when you think all the school supplies are checked off the list, there are a few less-obvious things families may want to take care of before the year is in full-swing.

Making sure your child has access to money when you’re not around is one item in particular that can save a lot of stress. Take a look at some of these financial tips to help keep the school year running smoothly for you and your kids.

1. Making Sure Your Child Has a Way to Access Money

As children get older, there are more situations where they may need money without a parent standing nearby. Think about an away sports game, a school field trip, an after-school activity, a vending machine purchase, a forgotten lunch, or an unexpected purchase while they’re out with friends.

For younger children, carrying cash may not be the best solution. A child-focused debit card or money management program can give parents a way to provide spending money while maintaining oversight.

Consider Greenlight for Kids

Programs such as Greenlight can help parents introduce children to spending, saving and money management in a supervised way. Parents can provide funds for their children while monitoring activity and helping to establish healthy financial habits.

For families with children who are becoming more independent, or spend more time away from home, a program like Greenlight can turn everyday purchases into opportunities to learn about money.

Instead of simply handing over cash, parents can talk with children about questions such as:

• How much money should you bring on a field trip?
• What should an average meal cost?
• How much should you save instead of spend?
• What happens when your balance reached $0?
• How can you plan ahead for something you want to buy?

In addition to these important conversations, parents can limit spending in certain categories or all together, teach the value of hard work by providing allowances to their Greenlight debit card based on chores completed around the house, or simply and safely provide them with finances they may need outside the home.

The learning experience and honest conversations around spending habits can help children begin developing financial skills they will use long after the school year ends.

TEACH YOUR KIDS TO EARN, SAVE, AND SPEND WISELY WITH GREENLIGHT

Consider Student Checking for Older Children

For teenagers who are working their first job, driving, paying for activities, starting their first after-school job, or preparing for college, a student checking account may be a logical next step.

A student checking account can give teens practical experience managing their own money while providing parents an opportunity to help them learn how banking works.

Review the details together or also include a banking professional in the conversation. Talk about:

• How to fill out deposit slip
• The convenience of direct deposit for paychecks
• How to use a debit card responsibly
• How to check account balances regularly
• How to avoid overdrafts
• How to recognize fraudulent transactions
• How to use mobile banking
• Why it’s important to keep account information private

The goal isn’t simply to give your teens a checking account, but to also help them learn how to manage one on their own.

2. Talk About the Unexpected School Expenses

You may have budgeted for school supplies, clothes, and sports registration fees, but what about the random expenses that pop up throughout the year?

Children may need money for:

Sports: Away games, team meals, tournaments, equipment or school sponsored events.

Field trips: Lunch, admission fees, souvenirs or other approved expenses.

After-schools activities: Snacks, transportation, activity fees or supplies.

College-bound students: Application fees, campus visits, textbooks, parking, meals, and other expenses.

Consider setting aside a small amount specifically for these expenses so they don’t sneak up on the family budget.

3. Set Rules Before School Starts

Providing your child with access to money helps them develop financial goals at a young age while learning the importance of responsible spending, saving, and budgeting.

Have a conversation about what the money is intended for. If your child has a debit card, discuss where it can be used, how much they can spend and whether they need to ask before making certain purchases.

You might establish simple rules such as:

• A weekly spending allowance
• A certain amount of money reserved for school activities
• A savings goal
• A limit on convenience purchases
• No sharing their debit card or PIN
• Checking their transactions regularly

Rules will look different for a 10-year-old than they will for a high school senior. The important part is giving children increasing responsibility as they demonstrate they are ready for it.

4. Know Your Balance

One of the simplest financial habits a child can learn is also one of the most important: knowing how much money you have BEFORE you spend it.

If your child has access to online or mobile banking, show them how to check their balance and review recent transactions.

Make it part of a routine.

For example, before heading to an away game or school event, have your child check their available balance and think about what they need to purchase during this trip. This small habit can prevent overspending and introduce the concept of budgeting.

5. Explain Debit Card Safety

Before handing your child their first debit card, take a few minutes to talk about keeping it safe.

Make sure they understand:

• NEVER share their PIN
• Don’t give their card to their friends to use
• Don’t share banking passwords
• Be cautious when entering financial information online
• Tell a parent immediately if the card is lost or stolen
• Review transactions regularly and report anything they don’t recognize.

Teens are also spending more time online, which means it’s important to talk about scams, fake payment requests, fraudulent websites, and messages asking for account or personal information.

Kids also tend to lose things from time-to-time. Knowing what to do about a lost debit card is important to prevent fraud on your child’s account. Depending on the account or program, they may be able to temporarily lock their card, but overall, they should understand that the first step they should take is to immediately let their parent and/or bank representative know their debit card is lost.

A back-to-school conversation about financial safety is just as valuable as one about school safety.

HELP YOUR KIDS SPOT A SCAM BEFORE IT’S TOO LATE

Planning Now Can Make the School Year Easier

The back-to-school season is busy enough without adding extra tasks to your plate. But taking the time now to think about how your child will handle money during the school year can save headaches later.

Whether your child is carrying their first debit card, opening a student checking account or simply learning how to budget their allowance, these small steps can help build financial confidence.

While you may not be able to prevent every forgotten lunch, lost permission slip or last-minute school supply request, you can help your child be prepared for the financial moments that come with growing independence.

Before the school year gets in full swing, add one last item to that checklist: Make sure your child is financially prepared for the year ahead.