Banking For Teens
By: Ella Cutrona
What Does a Budget Consist of?
Fixed expenses (Ex: rent, car, cable bill, etc… considered standstill payments)
Variable expenses (Ex: electric bill, phone bill, gas, & is based on usage/the amount of times spent on that specific variable)
Discretionary expenses (Ex: shopping, movies, out to eat, etc…)
How Do I Get Started?
- Debit Cards - money taken out immediately
- When you have more than one account, such as a checking and savings account, you are able to make transfers between these accounts and usually at no cost.
- *Online banking allows you to securely access your account information through your bank’s website.
Why Should I Have a Checking Account?
Reduces the need to carry large amounts of cash
Spending plan tool
Why Should I Have a Debit Card?
Electronically connected to your bank account
Money is automatically withdrawn from your account when you make a purchase
- Requires a PIN (personal identification number)
Pros & Cons of a Debit Card:
Terms That I Should Know:
Finance- The management of large amounts of money, especially by governments or large companies
Checking- An account at a bank against which checks can be drawn by the account depositor.
Debit- An entry recording an amount owed, listed on the left-hand side or column of an account.
Credit- The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Transaction- An instance of buying or selling something; a business deal.
Fraud- Wrongful or criminal deception intended to result in financial or personal gain.