(BPT) - This holiday season may look a bit different than years past due to rising inflation, which may make your holidays slightly less jolly and bright. To help start the new year off strong, have open and honest conversations as a family about finances.
The end of the year is a great opportunity to review your family’s end-of-year expenses. Use this moment to review spending and savings habits, and discuss how to improve them in the year to come. By having these open conversations with your kids, you can help them better understand the basics of money and lay a strong foundation for financial independence.
Not sure where to start? Check out these four tips that can help your family talk about your finances and build better money habits together.
1. Saving made easy for 2023
Managing your money can be overwhelming, but it doesn’t need to be. The end of the year can be especially hectic with additional expenses like holiday shopping and travel costs. To make things easier in 2023, automate your savings to help reach your financial goals faster.
With tools like Chase Autosave, customers can set up repeating, automatic transfers from their Chase checking into their Chase savings account. This presents a great learning opportunity for families to discuss the importance of savings, working towards a goal and building healthy habits.
Parents, you can show your children how you determine your savings goals and then help them set their own financial goals for the new year. Once they’ve figured out how much they want to save, help them set up a plan to get there.
2. Work together as a family to improve your finances
Working toward a common goal can make everyone feel like they have a stake in the ground. Setting financial goals together for 2023 and creating a monthly budget will help organize finances throughout the year.
As a Chase checking customer, you can open a bank account with a debit card for kids between the ages of 6-17. Chase First BankingSM comes with its own debit card and parental control, while offering several other benefits like setting spending limits and allowing them to experience money firsthand. This opens the line of communication between parents and kids about building good money habits.
3. Build healthy financial practices
Make financial discussions a regular part of family conversations.
Whether it be what or where they’re spending, how much they’re earning or their savings goal, you’ll have plenty of opportunities to discuss good money habits with your kids. To get a clearer picture of your spending and saving habits, check out the Spending Snapshot in the Chase Mobile® app. You and your kids can also set up real-time account alerts to ensure you know exactly where and how they are spending their money.
4. Prepare students heading back to school
Now that 2022 is coming to a close, it’s time to prepare students heading back to school for their second semester. Before winter break is over, talk with your high school and college students about their finances and help them feel confident in their future by laying the groundwork for financial independence.
Accounts like Chase High School CheckingSM, for students 13-17 and co-owned by the parent, and Chase College CheckingSM, available to students 17-24 with no monthly service fee for five years while in college, provide access to digital banking tools to help them stay on top of their finances throughout the semester.
Using these four tips, your family can start the new year off with optimism about the state of their finances. To learn more and continue the conversation, visit chase.com/studentbanking.
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Bank deposit accounts, such as checking and savings, are subject to approval.
Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC.