July 10, 2023Top Financial Advice for Teenagers

It’s an exciting time being a teenager. You’re becoming more independent, and the time is getting closer for you to step out into the world on your own. The best thing you can do is to get a good financial head start. There are certain financial moves you can make now as a teen that will have a tremendous impact on your financial well-being. Here are some top financial tips for our teenage credit union members: 

1. Create a Budget

Creating and following a budget is one of the best skills to develop as a teenager. As you’re getting older, you might want to start paying for your own things like clothes, school supplies, bath and body products, and other essentials. Plus, you might even have your own car by now, so you’ll want to budget in car expenses too like: 

• Insurance 
• Gas 
• Repairs 

While your parents will likely help you out with certain financial matters, it’s always a great feeling to be able to afford to pay for things on your own. A budget will keep you on track and help keep your income from exceeding your expenses. 

2. Work

You might want to look into getting a part-time job or a paid internship to help you not only make extra money to pay for expenses and save but also to gain work experience. Later in life, companies will want to see your work history before hiring you. Jobs as a teenager help you build your resume to assist in landing your future dream position.   

3. Open an Account

Opening a savings or checking account with the credit union will give you a place to deposit your money securely. In addition, it provides you with access to many financial services, such as online banking, mobile banking, special savings accounts, and much more! 

4. Make Saving a Habit

When teenagers receive their paycheck, the first thing many do is go out and spend it. It’s understandable – it’s exciting having your own money. But it would be best if you made it a habit to start saving some of the money you earn. You’ll achieve greater financial security, and you’ll have an emergency fund you can fall back on if necessary.  

One of the easiest methods to save more is to automate your savings. If you open a checking account at the credit union, you can have your paychecks directly deposited into your account on payday. With payroll deduction, you can automatically have a portion of each paycheck go into your savings account. Before you know it, you won’t even notice the funds coming out of your paycheck, and your savings will continue to grow.  

We’re Here to Help! 

While teenage years are an exciting time, they’re also the best time to start making smart money moves. The sooner you begin, the more secure your financial future will be.   

For questions on creating a savings plan or opening an account with the credit union, please stop by any of our convenient branch locations or call 800-226-6673. Our team is here to help you create the foundation of a strong financial future. 

 

Each individual’s financial situation is unique and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.