Banking For Teens


Why should I get a checking account/debit card?

They offer easy access to your money for your daily transactional needs and helps your cash secure.

What should I look for in a bank/account?

When you choose a bank, you should keep three main points in mind:

  • Convenience

  • Service

  • Cost

What are the potential dangers?

  • Identity theft

Nearly 1 million Americans a yea

  • Use your SSN and start credit in your name

  • Technology

  • Even dumpster diving, you should always your documents

  • It could ruin your credit

How do I best keep track of my spending?

You can keep track by budgeting your money

Budgeting your money:

  • Builds savings

  • Helps prevent overspending

  • The better you identify your goals, the better you can incorporate them into your spending plan.

How to record transactions?

Register a checking account And record all expenses from:
  • Income

  • Fixed Expenses

  • Variable Expenses

  • Discretionary Expenses

What if I lose my debit card?

  1. Contact all banks and credit card companies where you have an open account and tell them what happened.

  2. File a police report so that they can begin the process to find the criminal

  3. Contact the fraud departments at all three major credit reporting agencies

The difference between fixed, variable, and discretionary expenses.

  • Fixed expenses cost the same amount each month, they cant be easily changed and are usually paid on regular basis
  • Variable expenses represent those daily spending decisions like eating at a restaurant, buying clothes, drinking Starbucks, and playing a round of golf with your buddies.
  • A discretionary expense can be recurring or non-recurring costs for non-essential items or services.