![]() Keeping accounts, passwords, and personal information private is an important piece of protecting your financial security. Whether you’re in high school or college, check online and flash your student ID in-store to get discounts, perks, and other benefits while you’re working on your education. Tons of businesses, restaurants, and services offer discounts for students. Many of The Summit Federal Credit Union debit and credit card options come with cashback or rewards points. ![]() This is a great way to make your money go further, and you can save up rewards to help pay off credit cards or make special points purchases for fun or needed items down the road. Many credit and debit cards come with cashback or points reward systems that help you earn more while spending. Regular account check-ins can help you prevent overdrawing your checking account and can remind you what amounts need to be available for upcoming payments. It’s good to get in the habit of looking at your checking, savings, and credit card accounts online regularly to see what you have available in your accounts, what interest you’re earning, and what bills are due. Many financial institutions offer credit cards and first time lending to young people who do not have established credit so check out your options. You can also build credit by paying monthly car or student loan payments in full and on time. The more you pay off of the entire credit card bill, the stronger your credit score will become. For example, you can start by charging $25-50 a month on various purchases, and pay off the entire payment rather than the minimum amount due (so you don’t have to pay interest later). ![]() The best way to start building credit is to open your own credit card and use it for relatively small purchases that you can pay off quickly. Establishing a credit historyīig purchases like cars and homes often require a decent credit score to help nail down a reasonable lending rate. Each of these have significant benefits in your financial future. You could think of it in terms of helping yourself (save), treating yourself (spend), planning for future ( invest), and helping others (donate). If you would rather make a long-term strategy, you can plan for a certain percentage of your monthly or yearly earning to go to each category. Using the Spend, Save, Invest, Donate strategy, you can set aside a specific amount from each paycheck to go to a savings account, to use for your own spending, to invest in financial growth like stocks or money market, and to share with causes that matter to you. Anyone can use this, whether you’re making a bit of money babysitting or have your first job with a regular paycheck. It’s great to map out a plan for your money, and one easy strategy is to split up what you’re earning at your job or home allowance into categories that can help various aspects of your own financial situation. The earlier you start positive money habits, the better off you will be down the road when you’re getting ready to pay for things like school, a car, travel, a home, and anything else that you see in your future.Ĭheck out these seven tips for healthy money management and building a strong financial foundation for yourself: 1. It’s never too early to start building your financial stability and independence-even as a teenager.
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