This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
Login
Online Banking
Business Credit Card
Manage a Home Loan
Manage a Student or Consolidation Loan
Return to a Saved Application
Return to a Saved Mortgage Application
Money Management Strategies for Teens on 6/27/2014

Managing money wisely isn’t just a concern for adults – teenagers with jobs receive paychecks, and many high school graduates receive monetary gifts. These saving and budgeting tactics can help you lay the groundwork for financial stability and help you reach your goals.

MULTIPE SAVINGS ACCOUNTS

At SLFCU you can have multiple savings accounts at no cost. Set up savings accounts for different expenses, such as school, phone, clothes, concerts, and more. “Pay” those accounts each time you get a paycheck, and it will be easy to see if you’re budgeting wisely.

AUTOMATE YOUR SAVINGS

Have your paychecks automatically deposited into your savings account or automatically split between your checking and savings. To have your direct deposit split between multiple accounts, log in to online banking and click the Direct Deposits widget.

THE 50/30/20 RULE

Following this rule can help you budget your money. First, put 20% of your income toward savings and paying down debt, and, someday in the future, retirement. Then, look at your necessities – housing, transportation, utilities, and food. Aim for spending no more than 50% of your paycheck on necessities. The remaining 30% is for things you want but don’t need – this category includes your smartphone, internet bill, dining out, vacations, and charitable donations.

Try combining these savings and budgeting strategies – use direct deposit distributions to split your income into multiple accounts, then follow the 50/30/20 rule. Choose what works best for you. Find more budgeting resources.

Share: Share on Facebook Share on Twitter Share on Google+


« Return to "Budgeting & Money Management"