By LIDDIE MARTINEZ
President, Los Alamos Region
Enterprise Bank & Trust, Member FDIC

Spring has arrived and it’s the perfect time to make your seasonal to-do list. The typical annual chores like putting winter clothes in storage or setting up the BBQ are likely on your radar. But if you have a high school senior, your to-do list may be a bit longer this year. From senior pictures to scholarship applications, the transition to college can be a lot for both you and your graduate to manage.

With newfound independence comes more financial responsibility. One way you can support your new graduate is to request an additional credit card on your account for emergencies. Not only can you track their purchases to provide them with a safety net, but this step can also help them build good credit which they may need to rent or buy a house in the future.

Another way to ease your child into adulthood is to have them open a checking account at your bank. They can experience the responsibility of managing their own finances while still allowing you to monitor their purchases to be sure they don’t fall off the financial deep end. As a shared account holder, you can also transfer money into their account when needed 24 hours a day, without engaging a third party.

Start having conversations around finances with your graduate and create a plan that works for both of you. Discuss topics like interest rates, the cost of carrying a balance and developing a budget to help them understand the value of financial planning. As a reminder, Enterprise has plenty of useful financial tools for new graduates on our website under the Financial Education tab.

Graduation is an exciting time, it is a step toward independence and the perfect time to engage your child in responsible adult decisions. Once you both have a plan in place, remember to relax and enjoy the celebrations.