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Reaching financial independence and developing responsible money management habits takes time. That’s why it’s never too early to start teaching basic financial skills, like how to effectively use a checking account.

Youth checking accounts can help show young adults the benefits of making wise financial decisions. Youth accounts are the same as any conventional checking or savings accounts, except they’re opened under the minor’s name with a responsible party as a joint owner on the account.

While there’s still a level of control in place over a youth checking account, teens can get firsthand experience with valuable financial lessons that will last a lifetime, such as:

• How to manage spending: Young adults are going to make mistakes and overspend. The beauty of a youth checking account is as a joint owner on the account, you’ll be notified when they make a mistake, and they can learn a life lesson about spending money they don’t have.

• How to track transactions: Being able to watch their money in real time with Ascend Digital Banking teaches youth the correlation between choices and consequences. The more they can recognize “wants” vs. “needs” when spending and saving, the faster they can achieve their financial goals.

• How to budget effectively: They can learn how to set a budget and meet their goals, instilling a sense of accomplishment and self-discipline. Whether they are saving for a car or a college fund, starting a budget and sticking to it has more than just financial benefits.

By establishing these skills early, young people can be better set up to reach their financial goals along their journey.

It’s easy to open an Ascend Youth Account. Stop by any of our 28 Middle Tennessee Ascend branches and speak to a financial service representative. Ascend Youth Checking account holders must be between 13 and 17 years old.

April is Youth Month at Ascend Federal Credit Union, and it’s the perfect time to invest in an Ascend Youth Account. Stop by any of our 28 Middle Tennessee branches during the month of April to open a new primary Youth Savings Account, and we’ll deposit the first $100!* Plus, if you open a new Youth Account or deposit at least $10 into an existing Youth Account during April, you’ll be entered to win a household membership to the Nashville Zoo.*

*Restrictions apply, see ascend.org/youth for details.