Tags:

Life topics

Dr G is here to help

Life articles

Banking guide for teens

Winning the money warBudgeting

Along with banking, managing your money is an essential life skill. Check out these sites for advice and start planning your financial success!

Books at your library

Personal budgets and home economics:

Your parents or family may have set up your first bank account for you, but as you get older it's time to start being in charge of your own money.

It will also be a time when you start spending - accommodation, gas for your car or motorbike, a new bike, bus fares, clothes and entertainment - all these things will make demands on your bank account and budgeting skills.

Some banks offer specific youth packages - aimed at those at high school who may have started a first job or earn some regular income. Others offer more general accounts, perhaps with discounted fees and charges.

Most banks offer specialist tertiary student banking packages, which often involve overdrafts and credit cards - things which can be useful, but can also mean you pay interest and other charges.

Get the best deal you can

Always check that the deal is the best you can get, and don't be afraid to switch banks. Bank charges and fees can mount up quickly, so it pays to get the best option.

It's also a good idea to try to stay out of debt from the start, or have as little debt as you possibly can.

If you are not sure about any aspect of what's being offered by your bank, get independent financial advice from someone you trust before you sign on the dotted line.

Banks

Related websites

November 2008