Figure Out…Finances
Learning how to manage finances can feel overwhelming, but you don't have to tackle them alone. Below are a few ways to save money, plan for your future, and focus on what matters most. Even small changes can go a long way.
You can save money – you just need to learn how and keep yourself accountable.
Maintain a budget – don’t let how others spend their money convince you to spend yours - learning to do this when you are younger will help you as you get older.
Learn and understand your credit score. It can be confusing – but simply put – only buy things you can afford, pay on time, and avoid opening too many credit cards.
Create a habit of regularly reviewing how much money you spent every week or two weeks. This will create a great routine for you and allow you to stay on track!
Things to keep in mind:
Consult with a Finance Professional
The information provided here is intended for educational and informational purposes only. Every individual's financial situation is unique, and we encourage users to consult with a certified financial advisor, accountant, or other qualified professional before making any financial decisions. Please see the disclaimer at the bottom of the page for more information.
Learn how to manage, save, and grow your money
Budget & Money Management
Learn about best practices on credit cards and building your credit score
Credit Cards & Credit Score
Learn about scholarships options and start applying today
College Scholarships
Learn about the different types of students loans and best practices for paying them back
College Student Loans
Budgets & Money Management
Learn how to manage, save, and grow your money
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Make sure you know how much you have coming in (income) vs. how much you are spending (food, rent, clothes, etc.).
Stay knowledgeable about how much money is in your checking and savings account
Don’t spend your whole income – always make sure you are putting money into savings
If you frequently need to use your savings to pay for rent, food, or other essentials, you are spending more than you earn—adjust your budget accordingly
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Tracking your spending helps you understand if you are sticking to your budget and shows where you spend the most money, so you can make adjustments.
Use apps like Mint, YNAB, Rocket Money, your bank, etc.
Use this Budget template
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Purchase things on sale (you don’t NEED those clothes right now)
Reduce how often you eat out or buy coffee
Use discounts (many organizations provide students, military, or other discounts)
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A good rule of thumb for an emergency fund is to build up a cash reserve in your savings account equal to 3 months’ worth of your living expenses (or 3 times your “Monthly Budgeted Amount” from the budget spreadsheet).
Think about what you want to save up for and determine the time for when you would want to achieve that goal:
Short Term Goals (a vacation/trip, new video game, or purse)
Intermediate Term Goals (a car, college, future rent)
Long-Term Goals (a house)
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Make sure that your hard earned savings are earning interest (or growing) when sitting in a savings account
A high-yield savings account will provide you with monthly interest on your savings
Good options: Wealthfront High Yield Savings Account, American Express High Yield Savings Account
Example: I have $1,000 in my high yield savings account that is earning 3.5% interest per year, and I do not make any additions to my account this year
Account balance at beginning of the year: $1,000
Interest earned over the year: $35
Account balance at end of the year: $1,035
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Consider contributing to a retirement account if you have earned income and additional savings
If you have a part-time job or earn money (like babysitting or mowing lawns), you can start saving for your future
A Roth IRA is a great option for teens/young adults because:
You pay taxes now, but your money grows tax-free for life
Even small contributions can grow a lot over time thanks to compound interest
You’ll need a parent or guardian to help open a custodial Roth IRA until you’re 18
This money cannot be touched until you are over 60 years old
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Take personal finance classes, such as Khan Academy: Personal Finance
Check your bank’s website; they usually offer verified resources that explain topics like credit scores and interest rates
Always check your source, make sure you get your information from a verified financial institution
Credit Cards & Credit Score
Learn about best practices on credit cards and building your credit score
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While credit cards can help with larger purchases, they can also be risky for your financial stability. Make sure you only use them responsibly.
Understand the components of a credit card to ensure you have a good understanding before signing up. Learn more here
For college students, learn more here about student credit cards
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Understand the terms of your credit card (interest rate, annual fees, etc.)
Get a credit card only if you are certain that you can pay the balance in full each month.
Avoid missing payments – This will only make it harder to keep paying your credit card and can damage your credit score (as well as potential fees).
Your credit card will come with a monthly limit. Keep your credit utilization low (use less than 30% of your limit). This will help you realistically manage your credit card and build a good credit score.
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Pay your bills on time.
Avoid overspending and keep your balance low.
Avoid opening too many credit cards or lines of credit.
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Cards that are advertised as “guaranteed approval” or require you to pay a fee to apply
High annual fees (check to understand how much you are expected to pay annually)
For college students, most companies provide cards without any annual fee
Hidden fees or interest rate increases after the promotional period
Don’t use your credit card for things you can’t afford. You will need to pay this money back, so at least in the beginning, only use your card for purchases you can cover.
College Student Scholarships
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Apply for scholarships each year; many are available for specific years, majors, GPAs, and interests.
Use scholarship databases – Sign up for multiple sites to maximum options (confirm the website is verified. You should not be asked to provide any financial or sensitive information).
Look for community and college options:
Major-specific or professional associations
Community or Religious Organizations
Local foundations
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Apply for small scholarships – they add up.
Start early—begin searching during your senior year of high school and each spring for the following year
Create standard essays and reuse them when possible, but always tailor each essay to the specific scholarship
Understand eligibility criteria – Only apply to scholarships that you meet all requirements
Keep track of your applications and deadlines. You can use the finance tracker template for this purpose.
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You should never pay for a scholarship application or service
Scholarships that are labeled as “guaranteed” or “instant”
Applications that request unnecessary information, such as your bank account details or Social Security Number.
Learn about scholarships options and start applying today!
College Student Loans
Learn about the different types of students loans and best practices for paying them back.
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Determine how much you need and only borrow what you need – Even if you are eligible for larger sums, only take what is essential, to avoid paying more in interest later on.
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Know the details so you can choose the student loan that is right for you: your repayment timeline, federal vs. private, subsidized vs. unsubsidized
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Ensure you keep track of what loans you have, when you need to start paying them back, etc. You can use your finance tracker
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Determine when you can start repayment and make early payments if possible. This will help reduce the total amount you owe.