Setting Teens up for Savings Success Learning to manage the flow of money depends on there being money coming in as well as going out.
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t’s not just adults looking at their savings accounts these days. Kids and teens are looking to kick off their own accounts, too. Achieva Credit Union shares four key tips for success that any teen (and parent) should know when setting up a savings account.
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Establish whether there will be a steady income. Many teens may want a debit card, but only set up a checking account if the account holder is bringing in regular money with some kind of job.
Know the fees involved.
Once you start moving your money around – taking money out at ATMs, spending with a debit card or setting up online payments – fees can add up fast. ATM use is a common pitfall. But with a credit union like Achieva, you can easily avoid the fees just by being sure you’re using a partner ATM like the ones at Publix’s Presto locations or in a nationwide shared branch network.
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Get used to checking on your account, regularly. Checking your account regularly to see your balance is at the heart of managing your finances. Technology has made spending money easier, but not necessarily managing your money. Seeing their money and how quickly it can go slows their spending. It teaches kids individual responsibility.
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Treat this as the foundation for your financial future. Establishing credit is not as easy to start these days as it once was, so consider something like a credit card to build your credit. Your credit score is one of the most important numbers in your personal finances as you get older. Achieva’s “credit builder”credit card (available to those 18 years and older) allows a responsible teen to become accustomed to what having a credit card means and allows them to learn good habits. To learn more, contact Jerri Paul, Achieva Universal Advisor, Certified Financial Counselor in St. Petersburg by calling 800-593-2274, or visit Achievacu.com to make an appointment with one of our St. Petersburg branch locations.
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