April Schneider: July 18, 2019

USING SUMMER BREAK TO PREPARE YOUR CHILDREN FOR FINANCIAL INDEPENDENCE

Developing positive personal finance skills early in life can lead to long-term fiscal stability and success. With school out and summer in full swing, Bank of America’s April Schneider shares tips to help parents take advantage of this moment in time to better prepare their children for financial independence.

 

 

April Schneider

Bank of America, Head of Consumer and Small Business Products

 

Summer is here, and for the millions of parents who have children who are working summer jobs, preparing to head off to college or simply hanging out, it’s an ideal time to help their kids get savvy about their finances.

 

April Schneider, Head of Consumer and Small Business Products at Bank of America, will share key tips to help parents prepare their children for financial success. Additionally, as Bank of America was recently named “Best Bank for College Students,” April will provide guidance on the newest products, tools and services available for students returning to and on the road to college.

 

TIPS INCLUDE:

  • Create a budget: For many young adults, summer means a part-time job along with a new and often first source of income. Teaching your children how to plan and track their spending is the first step toward financial independence. If you need a refresher on budgeting tips, visit Better Money Habits, Bank of America’s free online financial education platform.
  • Open a bank account: If your child doesn’t have a bank account, it’s time to enroll—stashing that summer job cash beneath the mattress is no longer an option. When evaluating your banking options, make sure you’re asking the right questions: Are there account fees? Is there a mobile banking app? If your child is heading off to college in the fall, be sure to ask whether there are ATMs on campus. Bank of America was recently named “Best Bank for College Students” by MONEY Magazine, and our Advantage SafeBalance Banking allows students to bank without the worry of overdraft or nonsufficient funds fees.
  • Take advantage of apps: Technology has made it easier than ever to keep close tabs on our finances—odds are, your children are already glued to their phones, so make sure that they’re set up for mobile banking.
  • Be careful with credit: Whether your child is planning a vacation and purchasing plane tickets or preparing to set up a meal plan at school in the fall, a credit card can be a great tool for managing expenses and building credit history — providing that it’s used responsibly. Teach your children to use their credit card for planned purchases, to pay off their balance on-time and in-full, and to never charge purchases they’re unable to pay back.
  • Start saving: Start as small as necessary. Even if you’re just saving $20 a month, forming the basic habit of saving and sticking to specific, attainable goals will secure the groundwork for a lifetime of financial discipline. At Bank of America, students can use Rewards Savings to set aside money for important financial priorities and targeted goals. Additionally, students can take advantage of additional savings with programs like Keep the Change and BankAmeriDeals when using their Bank of America debit/credit card for purchases.

 

 

For more information, please visit: www.bankofamerica.com/student-banking/

 

More About Bank of America Executive April Schneider:

 April Schneider is the head of Consumer and Small Business Products at Bank of America. Her team is responsible for delivering the products and services that help Bank of America’s 66 million consumer and 3.5 million small business clients meet their financial goals. Schneider’s team consists of approximately 800 employees across the country.

 

Schneider and team are focused on providing clients with a full range of convenient and innovative financial products and services. They are responsible for growing Bank of America’s $700 billion in consumer and small business deposits and $95 billion in outstanding credit card balances. This includes the development, pricing and management of consumer deposit, debit and credit card, first mortgage, home equity, vehicle lending, GWIM banking and small business banking solutions.

 

Schneider has worked in the consumer products space for more than 20 years. Since 2007, she has held a number of leadership positions at Bank of America including Products and Pricing executive, Mortgage and Home Equity Products executive, Pricing and Portfolio Management, Capital Markets and Secondary Marketing. 

 

Schneider holds a Bachelor’s degree in Economics from Hiram College and a Master’s degree in Economics from the University of South Carolina. She serves as a Market Sponsor for Tucson, AZ, Executive Sponsor the bank’s Parent Care Network and currently leads the advisory board for BAI Research. 

 

 

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