You're getting closer to some big firsts: your first job, paycheck, checking account, car, or maybe your first loan. Smart money choices now can help you long into the future.
MAKE A PLAN FOR YOUR MONEY
When money comes in, it's easy for it to disappear quickly. Get in the habit of deciding what you want your money to do before you spend it.
Every time you get paid, think about three things:
SPEND
What do I need and what can I afford to spend?
SAVE
What am I saving for?
PLAN AHEAD
What expenses are coming up that I need to be ready for?
You don't have to start with a lot. Building the habit of saving is what matters.
GET TO KNOW YOUR BANK ACCOUNT
A checking account can help you safely manage the money you earn and spend.
Learn how to:
- Check your available balance
- Use a debit card responsibly
- Monitor your transactions
- Set up account alerts
- Understand any fees that may apply
- Keep your account and login information secure
Don't just check your balance. Check your transactions. Reviewing your account regularly can help you catch an unfamiliar charge or mistake quickly.
CREDIT: BORROWING ISN'T FREE
At some point, you may want to borrow money for a car, use a credit card, or take out another type of loan. That's where credit becomes important.
When you borrow money, you generally have to pay that money back plus interest, and how you handle debt can affect your ability to borrow in the future.
Before borrowing, make sure you understand:
- How much you're borrowing
- The interest rate
- Your payment
- How long you'll be making payments
- The total amount you'll repay
A payment being affordable doesn't always mean the purchase is affordable. Look at the whole cost, not just the monthly payment.
PROTECT YOUR MONEY
Scammers don't just target older adults. Anyone with a phone, bank account, payment app or social media account can be a target.
Slow down when someone:
- Pressures you to send money immediately
- Asks for your password, PIN or verification code
- Sends an unexpected link and tells you to sign in
- Says you've won something but need to pay first
- Asks you to send money to someone you don't know
- Makes an offer that seems too good to be true
Stop. Think. Verify. If something doesn't feel right, don't let urgency make the decision for you.
YOUR FIRST PAYCHECK MAY LOOK DIFFERENT THAN YOU EXPECT
You worked 20 hours at $12 an hour.
20 × $12 = $240. But the amount deposited into your account may be less than $240 because taxes and other applicable deductions can come out of your pay.
That's the difference between your gross pay and your net pay.
Gross pay: What you earned before deductions
Net pay: What you actually take home after deductions
When you're making a spending plan, plan around what you actually take home.
START WITH ONE MONEY GOAL
You don't have to change everything at once.
Pick one goal:
☐ Save $100 for emergencies
☐ Save part of every paycheck
☐ Track my spending for a month
☐ Learn how credit works
☐ Avoid unnecessary fees
☐ Learn how to recognize financial scams
☐ Save toward a car, school, training or another goal
Small choices add up. The money habits you start now can follow you long after high school.
READY FOR WHAT'S NEXT?
Whether you're heading to college, technical training, the military, or straight into the workforce, learning to manage your money gives you a skill you'll use no matter which path you choose. Learn. Save. Protect. Grow.