Back-to-School Money Tips: Preparing Your Teen for Financial Success

Every back-to-school season comes with a checklist: new clothes, school supplies, updated schedules and maybe even a new laptop.

It’s also the perfect time to teach an important life skill: managing money.

Whether your child is saving birthday money or is ready for a first checking account, back-to-school season is a great opportunity to build money habits they’ll use for years to come.

Start Small

Every financial journey starts with small lessons. Elementary and middle school are great times to introduce concepts like saving, budgeting and making thoughtful spending decisions.

Back-to-school shopping is the perfect opportunity to put those lessons into practice. Let your child compare prices on school supplies, help create a budget for new clothes or save toward something they want. Those everyday conversations help lay the foundation for bigger financial milestones later on.

When Is the Right Time for a Checking Account?

As children grow, so do their financial responsibilities.

Many families don’t think about opening a checking account until their teen is driving or preparing for college. In reality, the teen years are an ideal time to begin building financial confidence.

As teens become more independent, they may start buying lunch with friends, earning money from babysitting or a part-time job, paying for school activities or saving for something they’ve been wanting.

While payment apps like Venmo and Cash App are convenient for sending and receiving money, they’re designed for transactions—not teaching everyday banking habits. Opening a checking account gives teens the opportunity to learn how to use a debit card, receive a paycheck, budget for purchases and manage everyday expenses while parents are still there to answer questions and provide guidance.

That’s why TVFCU allows teens as young as 13 to open a joint Teen Checking account with a parent or guardian.

With a TVFCU Teen Checking account, teens can:

• Use their own debit card.
• Access online banking and the YOUR$ app.
• Monitor account balances and transactions.
• Set savings goals.
• Build budgeting habits through real-world experience.

Parents can:

• View account activity.
• Transfer money for lunch, school expenses or allowances.
• Help guide spending decisions and encourage good financial habits.

Best of all, there’s no need to switch accounts when your teen turns 18. The account grows with them, making it a banking tool they can continue using through college, their first job and beyond.

Save While You Shop

Teaching your teen about money can also help your family save money.

Back-to-school shopping can add up quickly. Between clothes, school supplies, shoes, technology and extracurricular activities, expenses can stretch almost any family’s budget.

If your family chooses an eligible TVFCU Perks Checking account, you’ll receive access to Bazing®, which offers discounts at thousands of local and national businesses. Whether you’re shopping for school supplies, replacing a laptop or grabbing dinner after practice, those savings can help your budget go even further.

Eligible Perks Checking accounts also include benefits like cell phone protection, roadside assistance and identity theft resources.

Saving money together is another simple way to reinforce the habits you’re teaching at home.

As your family gets ready for the school year, keep an eye out for local back-to-school events. Stop by Food Truck Friday on Aug. 7 at the Kitchen Incubator of Chattanooga, where TVFCU will have school-related giveaways. Community partners will also provide free backpacks, while supplies last, and free hot dogs for families.

Quick Tips for the School Year

Help your child build good money habits this school year:

• Create a back-to-school shopping budget together.
• Encourage them to save for something they want instead of buying it right away.
• Review spending together in the YOUR$ app.
• Talk about the difference between needs and wants before making a purchase.

Ready to Take the Next Step?

Back-to-school season is about more than preparing your child for a new classroom. It’s also a chance to prepare them for future financial success.

Whether your teen is ready for a first debit card or you’re simply looking for new ways to teach money management, a Teen Checking account can help them gain real-world experience while you continue to guide them along the way.

Learn more about Teen Checking or compare TVFCU’s checking account options to find the best fit for your family.

Related Links:

Teen Checking

TVFCU Perks Checking

YOUR$ app

Food Truck Friday