Teens + Young Adults
For most people, the teen years are when a lot of money decisions are made for the first time. Teens start spending more independently, potentially earning money through a job, saving for upcoming expenses and learning about things like interest and credit.
If that seems overwhelming, don’t worry – we’ll help you break it all down.
Spending, Earning and Saving
If your teen doesn’t already have one, they’ll need to set up a savings account. This provides them with a secure place to store their money in an interest-bearing account. Next, setting up a checking account provides convenient account access, a free debit card, free OnLine and Mobile Banking, as well as our excellent money-management tool, FinanceWorks. FinanceWorks can help your teen view spending by category, set and achieve goals, and create custom alerts.
To open an account, give us a call to make an appointment at a branch and time that works best for you. Accounts for those under 18 require a parent’s signature.
If you’re not the primary guardian but want to give a gift that lasts a lifetime, consider giving the Gift of Membership. This certificate is available at any Industrial CU branch and can be made for any amount (minimum $5). It’s a great way to give a monetary gift that has the added benefits of credit union membership, as well as peace of mind for you that your gift is safe and secure. Much like the savings bonds that were popular gifts for many years, but more fun for the recipient since they gain an interactive account experience.
Our Smart Start program is a custom financial counseling program tailored specifically to your unique needs. For many teens this is a great place to start, as it can help identify the best options to reach your financial goals and help build a plan for how to get there. Covering topics such as budgeting, saving, credit cards, auto loans, account access and more, Smart Start is totally free – just another way Industrial CU is In Your Corner. To arrange your Smart Start appointment, give us a call.
Kids.gov provides helpful resources for teens to learn about topics such as credit cards, saving for college and real-life expenses. Check out their website here.