Your Destination: A checking account is the easiest way to track your expenses. You can check what you spend on and how much.
Travel Kit: See handout Sample Savings Account Bank Statement, Traditional Checking Account: Things to Consider and Make a Sample Check Handouts.
On the Path: Compare which account provides the most benefits to you.
A Traditional Checking Account typically has a monthly maintenance fee that you can avoid in some banks by initiating a direct deposit or maintaining a minimum balance. (The minimum balance may vary from bank to bank. Compare banks for the best requirements.)*
A Student Checking Account typically is for students between 18 and 23 years old. For example, it does not have a maintenance fee for people between the ages of 18 and 23 years old and comes with a lot of benefits, including no foreign ATM charges, no overdraft fees, no minimum balance requirements.*
A Premium Checking Account requires a higher balance but has many benefits such as a free safe deposit box, personal checks, etc.*
Step 1: Use the Make a Sample Check handout to pretend to write yourself a check and pay a bill.
Step 2: Use the Traditional Checking Account: Things to Consider handout to keep track of your deposits and withdrawals.
Step 3: Review the Sample Savings Account Bank Statement to get an idea of what your monthly statement will look like. Complete the handouts.
Extend Your Journey: *If you are 16 years old, you can open a checking account with a parent or someone over 18 years old. They would be the primary account holder, and you would be an authorized user. It is a great way to start learning how to manage your money. Most bank accounts have a program that automatically tracks your income and spending. Make sure to utilize all the programs possible to help reach your goal.
Learn new vocabulary:
- Monthly maintenance fee – money bank charges you for having an account
- Liquid asset – an asset that can be easily converted to cash
*Please note that the information above are just examples of different kinds of accounts. The particulars may vary from bank to bank and even change sometimes. It is up to the consumer to check and compare the rates and restrictions.
Resources and Visual Aids:
https://artsphere.org/blog/sample-checks/
https://artsphere.org/blog/bank-statement-handout/
https://artsphere.org/blog/credit-register-handout/