Even though (according to Teen Research Unlimited) teens spend more than $173 billion annually, many young adults enter college without any practical financial guidance or accountability. That's a scary number. It means that it's now more important than ever for young adults to prepare themselves with the most beneficial information possible on how to manage their money. And that's why we at First Source Federal Credit Union feel it's important to educate college students about the most important personal financial tool: the checking account.

Checking accounts help students pay, and maintain, everyday bills. Combined with a check or debit card, a checking account can be the one tool that college students use to help manage their money. Experts say that college students should stick to just one account--not only for ease of use, but because college students, perhaps more than any other group, are often victims of credit card company schemes that often lead to disastrous overspending and long-term credit issues. A checking account is that one, safe way for college students to pay bills and make those everyday purchases (like eating at the dining hall or paying for textbooks). Other expenses can usually be set up through regular automatic deductions or through online banking solutions as well, making paying for bills even easier.

In other words, a checking account can be that one gateway that serves as both a practical tool and a safe starting ground for young adults on the journey toward a rewarding financial future.

How do you choose one that's right for you? Here are some questions to answer before choosing the account and credit union that best fits your needs:

- Does the credit union offer a student checking account? Some financial institutions will offer special account set-ups for college students.

- Does the checking account have a minimum balance? As a student just starting out, it's best to stick to an account that has a zero minimum balance.

- Does the checking account provide free online banking and/or Internet bill paying and does it offer free statements?

- Does the account offer free introductory checks for students? (Many times, credit unions will offer the first box of checks for free.)

- Does the checking account provide free ATM services? What are the fees (if any) for using an ATM outside of the credit union?

- Does the credit union offer free 24-hour member service?

- Does the account offer any other special rewards or features that might be of interest to a college student?

Just like any other major life decision, when choosing a checking account, it's important to be informed. And, it's just as important to be comfortable with the credit union you choose. Ask questions if you don't understand something. First Source can help. Call 735.8571 and our friendly representatives will be happy to help walk you through the ins and outs of taking those first steps toward financial freedom.