Let’s face it – teenagers have a lot on their plates these days. If you or someone you know is a teenager, you know that teens are busy with their schoolwork, after-school jobs, socializing with friends, extracurricular activities, and preparing for college. Whew!
At New Dimensions, we know how hectic a day is in the life of a teenager. We’re here to help teens develop a good understanding of their personal finances so that they won’t have to worry about learning lessons the hard way later in life.
Here are just a few tips for teens:
- Save! The best thing you can do is get into a routine of saving. You never know when you might have an unexpected emergency. The teen years are a perfect time to save for your first vehicle, your college education, or your first apartment. Saving is a very important skill for adults of all ages. Saving half of your allowance or income from a job is an excellent start. You’ll thank yourself later.
- It’s not too early to have a credit union account. Don’t wait until you “need” an account to get one – we are happy to start teaching you how to handle your finances at any stage of your life. The sooner the better! New Dimensions is on the Shared Branch network, which means that even if you go to college out of state, you can still access your account at other credit unions.
- Plan your college expenses carefully. Student loan debt has surpassed credit card debt in the United States. Be sure to take advantage of all financial aid and scholarship opportunities that you are eligible for. Compare your schools carefully. You can save a lot of money by going to a public university or community college over an expensive private college. If you live at home while you attend classes, you will save a lot of money on room and board. Graduating with as little debt as possible is a great goal.
We are here to get your teen off to a solid start with their financial futures. Teenagers are eligible to open Take Charge accounts which have special incentives just for teens. Once a teen has turned 18, they can be upgraded to a Young and Free account, which is designed especially for young adults.
Remember, if you have any questions about your finances, you can always go to your credit union for assistance. We’re here to help!