Things are changing now. You may be finishing high school soon. Maybe you’re in college. Maybe you just got your first job.
Whatever your situation, becoming an adult puts you in a new position of managing money. Managing money isn’t easy – plenty of people who’ve been earning money for years still have trouble doing it well. So let’s get started.
Is budgeting my money really important? Can’t a person sort of wing it? Budgeting is the foundation to get control of your money and have financial freedom. Download our free guide, “Creating a cash flow plan,” for practical budgeting help. Get your free budgeting guide (PDF).
Sooner or later, you’re going to have to pay for some expensive things you want or need, such as a phone, cable or satellite TV service, electricity, car insurance, etc. Having a checking account helps because you can write checks or go online to have money withdrawn from your account to pay the expenses that come up every month. If you’re employed, ask if you can have all or part of your paycheck deposited directly into your account. Check into checking.
Another useful tool is a youth debit card, offered by our credit union once you have a checking account. This Visa debit card allows you to make purchases from your checking account without having to write a check. You can withdraw cash from an ATM too. A versatile card.
Saving and investing
A club account from our credit union can make it easier for you to set aside money for later. A club account helps you save for a specific goal – short or long term, such as a college, a new computer or a car. You can set up automatic deposits for help in reaching your savings goal. Helping you save.
Another way to save is our Youth Covenant Savings, available to anyone younger than 18. You get a higher interest rate on your deposits if they’re matched by a parent, grandparent or other adult. And once you turn 18, your money is automatically transferred to a regular savings account. Another way to save.
When it comes to investing, you need to understand the concept before you can get started. Grow your money over time.
Use of credit
A credit card can be handy in emergencies, like if you need new tires right now but won’t have enough money to cover the cost until you get paid next week. Everence credit cards have no annual fees and no interest charged on purchases if paid within 25 days of the statement date. And our Visa card gives back to the community through our Rebate for Missions™ program. (Regulations limit credit card use for teens.) See what the Everence Visa card can do.
Do you have questions about any of the issues we’ve addressed? Talk to an Everence advisor or a credit union representative.