Money may not be able to buy happiness, but it can buy independence. Because many  teens strive for independence from parents, bank accounts are a great way to start the long-term process of both saving money and gaining independence.

Later in life, students will need to be economically independent from their parents, so many St. Paul Academy and Summit School students open bank accounts early.

“I opened it in spring of last year because my dad wanted me to. It has given me somewhat more independence from my parents because it was their idea, but it’s my own money,” sophomore Sylvie Schifsky said.

Sophomore Maya Shrestha also went along with her father’s idea to open a bank account for her. “I opened it when I was eight, and I only had $50 in there to start. It helps me think about saving money more than having it in a piggy bank would, [and] I like being able to take it out whenever I want.”

Other students use checking accounts to keep money for a debit card . “It’s given me more freedom because I saved all my money from when I was younger so now I just pay for stuff from my debit card instead of cash, which is nice but I know that it’s still my money,” junior Moira McCarthy said. “It’s also nice not to have change,” she said.

The obvious use of a bank account is simply to store money in order for students to buy things on their own. “I opened my bank account a few years ago to keep my money. I buy things because I know it’s there, so having a bank account reminds me that I can buy things with my own money,” freshman Koji Gutzmann said.

Freshman Parsa Farbakhsh has a more unique reason for starting a bank account; Farbakhsh started his own business. “I opened my bank account this summer. I started my own company and I sell stuff on Ebay, so I use it to buy things for my company,” he said.

In addition to necessity, having his own money in the bank makes Farbakhsh feel more mature. “My parents supported my decision, but I’m earning money and buying my own stuff, so I feel more independent,” Farbakhsh said.

Managing money overall helps students prepare for later in life and creates smart money management habits. “Money rules the world nowadays,” junior Austin Leiby said. Thus, by learning to manage money, students have the world in their hands.