Congratulations to the Class of 2010

It’s early May and in addition to finally seeing leaves on the trees again and hearing those morning songs from our returning feathered friends, it’s also time for college graduations and commencement speeches about how this year’s graduating class is poised to change the world.

I’m actually going to depart from my typical “sky-is-falling” rants and sermons about preparing our young people to become financially successful. Nope – this is the time to say to the 2010 graduating class, “Congratulations on a significant accomplishment in your life and take a moment or two and celebrate!”

Everyone my age seems to feel compelled to offer advice and nuggets of “wisdom” to graduates during this time of year. Why should I be any different? Except that my three pieces of advice are really low-level and are, of course, about handling money on a day-to-day basis. I’ll leave the loftier pieces of advice to others.

Number One – Get a Handle (and keep an eye) On Your Debit Card
Starting July 1, banks will no longer allow you to spend more money at a store with your debit card (or withdraw more at the A.T.M. machine) than you have in your account unless you’ve given them permission first (“opt-in”). This means that if you don’t have enough money in your checking account at the time you swipe your card, it will get rejected at the point of sale. If you choose to opt in and allow your bank to authorize the transaction, that is going to cost you a fee. It’s your choice.

Number Two – Sign up for Online Banking
Regardless of your decision with number one, I want you to change your morning routine – after you check your Facebook page, your text messages, your twitter followers, and your email (yeah, I know - from old people), then I want you to check your checking account balance. Banks clear checks and assess fees overnight so you need to start out each day knowing how much money you have and what charges have hit your account. It’s also a great way to make sure all of the transactions that have posted are yours. If your bank or credit union offers mobile banking for your smartphone or iTouch, then get that as well. Whatever makes it easier for you to keep track of your money – it’s your choice.

Number Three – Address Changes
If you’re moving into your own place – don’t forget to tell your financial world that you’ve moved. Get your address changed with the U.S. Postal Service as soon as possible – don’t assume that just because you contacted your cell phone service online that the bills will automatically come to your new address. This one is a pain I know, but investing a little time in the beginning will save you headaches and perhaps unnecessary fees down the road.

That’s it for now. There’s plenty of time to start thinking about the other financial stuff – your whole life is ahead of you.

Congratulations on this part of your journey and I wish you all of the blessings and happiness that life has to offer!