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College Student’s Guide to Banking

Preparing your child's bank accounts can help them have a successful year at college.

Preparing your child’s bank accounts can help them have a successful year at college.

You’ve been to summer orientation, purchased dorm room furniture, and have your class schedule in hand, so you must be ready to go off to college, right? Think again!

MBT Bank wants to make sure your banking needs are taken care of before you head to school. Evaluate your current financial status by taking time to go over each of these items:

  1. Set up a checking account. Set up a basic checking account with a debit card. This is an easy and basic way to get introduced to banking responsibilities without having to worry about additional payments and bills. MBT Bank offers a variety of checking accounts that you can choose from.
  2. Learn how to balance a check book. Once you have a checking account set up, understand how to balance your transactions and follow your accounts. It is much harder to know how much money you have if you use a card rather than cash, so it is important to track your checking account to prevent overspending.
  3. Understand check writing basics and how to pay bills. Depending on your living situation at college, you may need to make rent and/or utility payments. While many landlords and utility companies offer an online payment option, knowing how to write and send a check is still a very important skill to have. Making regular and on-time payments is the base of building good bill paying financial habits.
  4. Access online banking services. In today’s world, you are more likely to do your banking from your phone rather than physically going into the bank. You can access, make transfers and manage your accounts by utilizing MBT Bank’s online banking system.
  5. Create a budget. At this point, your financial goals are probably to eat dinner tomorrow night and to pay for school. Take time to sit down and create a budget that can help you develop good financial habits and achieve your long-term financial goals, whatever they may be!

MBT Bank hopes that you have a great year at school! For any more banking information, feel free to give us a call or stop by anytime.