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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.

DIRECT DEPOSIT DISTRIBUTIONS

If you receive your paycheck through direct deposit, you can choose to automatically split it into different accounts. In CU@home Online visit the Self Service tab, then Direct Deposit Distributions. Choose how you split the money between your savings and checking accounts. Instructions for setting up direct deposit.

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.

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