Banking For Teens
PRINCETON CRAWFORD
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?
Contact all banks and credit card companies where you have an open account and tell them what happened.
File a police report so that they can begin the process to find the criminal
- 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.