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There’s a lot to love about owning a car. But if you’ve never owned one before, you might not realize all the expenses and maintenance that comes with car ownership. Let’s look at the basics you need to know before buying your first car and the true cost of car ownership.

It’s important to look beyond the purchase price to understand how much you’ll pay for ongoing car expenses. According to Experian, the average cost of owning a used car is $391 a month, or $4,692 per year.¹ When budgeting for a car, don’t forget these additional costs:

• Registration and license fees. Your vehicle must be licensed and registered before you can hit the road. These fees vary based on the state you live in, and it’s important build these costs into your budget.
• Insurance. Auto insurance premiums are expensive for young drivers. If you’re living under your parents’ roof, they may add you to their policy. Check out the cost together and be prepared to pay for your portion of the policy.
• Gas. Fuel prices go up and down, but it can cost $20, $40, even $60 just to fill the tank on some vehicles. Buying a car that gets good gas mileage can help you save money in the long run.
• Maintenance and repairs. Car maintenance includes regular oil changes and unexpected fixes that may cost hundreds of dollars at a time.
• Parking and tolls. Depending on where you live, you may need to pay to park and pay tolls for certain roadways.

Start saving now

As you can see, owning a car is a big financial responsibility. It pays to do your homework and make a budget before buying a car. Start saving now for your first set of wheels in your Dinero Teens savings account at Advancial.

¹Source: Experian.com.

As you gain your independence and prepare to enter the world of adulting, do you have the financial know-how you need? Will you be able to effectively manage your money? Do you understand financial topics such as loans, credit cards, savings or budgeting? Wherever you stand, you can improve your personal finance habits with these basic steps:

Create financial goals and a budget.

Planning for your college education or your first car? Or are you hoping to travel abroad or take a summer road trip? A budget can help you manage your spending and achieve your small and large savings goals.

Set up financial accounts.

As a Dinero Teens member, you already have a savings account, so it may be time to open a Dinero Teens checking account. As your money grows, you’ll gain more financial independence. It’s never too late to develop better saving habits. Save a little from each paycheck, allowance or money you receive as a gift, and you’ll reach your financial goals before you know it.

Secure and establish credit.

Your credit history is like a report card. Having a good credit history can affect your ability to buy a car, rent an apartment or get a loan. You may be able to establish credit if your parent adds you as an authorized user to their credit card. Opening a secured credit card is another option. A secured credit card is backed by a cash deposit you make when opening the account. Your deposit will always be equal to your credit limit. That way if you forget to pay your bill, the issuer can take the amount from your deposit. Building good credit doesn’t happen overnight, but you can improve your credit by paying bills on time. The best first credit card is Advancial’s Dinero Teens Visa^®  which will help teach you how to handle credit cards responsibly. Plus, you’ll earn reward points on all purchases!

The more money management skills you have, the better prepared you will be for financial independence and success in life. Plus, you’ll feel a great sense of comfort and pride in knowing you can take care of your own needs. Advancial has the resources and tools to help.

You want to spend time with your friends. Yet, social distancing has created an environment where there are fewer opportunities for you to do what you’re wired to do — just hang out. You can end up feeling bored, cut off and unhappy.

So, what can you do? Here are a few fun ways to beat virtual boredom and stay safely connected:

1. Host a virtual gathering

Use a video chat platform like Zoom to plan a dinner, costume or dance party with friends. You can even host your own book club, closet exchange or karaoke night.

2. Organize a game night

Enjoy some friendly (or maybe serious) competition playing virtual group games on your computer or phone, like Among Us^™, Quiplash^™ or Words with Friends^™. They are fun, interactive and most are free. You can find everyone’s favorite, classic and new.

3. Watch movies, videos, TV shows and listen to music virtually

Watch with your friends on platforms like Teleparty (formerly Netflix Party), and stream from Netflix^®, HBO Max^™, Hulu^™ and Disney+ ^™. You can watch in complete sync and live chat.

4. Become a virtual volunteer and connect with the community

With a quick search online, you can find many causes where you can offer your time and talent, including education, animal advocacy, homelessness, human rights and the environment. If you’re not sure how or where to contribute, sites like dosomething.org/us or volunteermatch.org/ can help you discover what matters to you most.

5. Connect with new ideas and culture

It’s an ideal time to learn a new skill or improve a current one. There are endless options to explore on social media platforms like YouTube^™ and Instagram^™, such as music, dance, photography, crafts, memory skills, exercise or mindfulness and meditation.

The list of ideas to beat stuck-at-home boredom is endless. So, when it comes to staying positively connected, just add your own inspiration and ingenuity and see what amazing and fun things can happen.

A summer job is a great way to make money and save for a car, college tuition or a special summer vacation. Finding a job when you are young and may have less experience can be challenging. Use this playbook to help guide your search and give you the greatest chance of scoring that sweet summer job.

Job search checklist

Before you start searching, prepare by gathering references, creating a resume and identifying skills that are valuable to potential employers.

Resume: A resume is a document that you create to highlight your achievements, education, work experience and skills. If this is your first job, look for other experiences, such as volunteering, babysitting or participating in school activities to beef up your resume. While many jobs might only require a job application, a well-crafted resume can set you apart from other job applicants in a tight job market.

References: References are people you identify to vouch for you. Think of people outside your family, such as teachers, ministers, coaches or neighbors who would recommend you to a potential employer. Make sure you ask them for permission before you add them to a resume or job application.

Skills: Employers look for transferable skills — so-called “soft skills” — that apply to many jobs. For instance, if you played a team sport, your ability to think fast and work with a team can translate to working in a fast-paced environment like a restaurant or a fast food kitchen. Identify your skills so when you go after a particular job you can list the ones that apply.

Finding a job

When the job market is tight, you may have to get creative about finding a job. Here are some tips to help you search:

Check out seasonal work. Local parks and pools are great places for students because their work ramps up during the summer. You may be able to find work on golf courses, doing landscaping, being a lifeguard or as a summer camp counselor.

Work where you shop. Look for jobs where you shop or at stores that cater to your interests, like a skate shop or cosmetic store. A retail job can provide great experience and a discount on things you like to buy — just don’t forget to save some of that paycheck!

It’s who you know. Having a connection to a current employee is one of the best ways to find a job. Ask your family and friends if they know of any jobs where they work. If they do, give them a copy of your resume to share with the appropriate person.

Work from home. Virtual jobs expand your job search to anywhere on the internet. Opportunities include becoming a virtual tutor, getting an online internship or setting up an online store to sell handmade goods or used items.

Finding a job is one of the toughest jobs there is, so don’t get discouraged. Once you do score that summer gig, set up a Dinero Teens checking account at Advancial to make the most of your hard-earned cash.

In the United States, April is recognized as National Financial Literacy Month. Every year, this is an opportunity for businesses, consumers, and educators to come together to shed light on many aspects of financial health and wellness.

As an employer, it is important to advocate where you can for your employees. According to Financial Health Network:

• 78% of employees with high financial stress say it distracts them at work sometimes, often, or very often
• 85% of employers plan to spend the same or more on employee financial health benefits over the next two years in the wake of COVID-19
• 6 in 10 workers would be more likely to stay at a job that offered financial wellness benefits

 
This year’s observance is especially important because so many Americans are struggling to understand their financial options under recent legislations like the CARE Act, SECURE Act, Families First Coronavirus Relief Act and more. When combined with job transition or loss, rising costs of household goods, healthcare expenses, negative economic outlook and sentiment, this has been an exceptionally challenging environment for American workers and their personal finances. What can you do to help relieve these financial pain points?
 

Here are simple ideas for incorporating financial wellness into your workplace:

 

1. Partner with a company that provides high quality financial education. Look for a company that offers a multi-platform model with benefits like live webinars, on-demand learning or in-person events.
2. Partner with a Credit Union that offers small loan products, loan relief options, and personalized consultations for a more empathetic approach.
3. Be fun and attach an activity to your financial wellness benefit. Offer a contest or reward for participating in a financial education event or host a themed challenge. Provide bite-sized content to explain personal financial concepts.
4. Offer family-friendly experiences. By including financial wellness benefits for the whole family, you open up dialogue about financial behaviors, goals and perception. Engaging the family helps create a more cohesive team and lends to more long-term positive financial impacts. Consider hosting your open enrollment event and financial wellness events during evening times and provide web-based access so family members can participate with your employees.

With more employers investing in workplace financial wellness, this is a perfect time to offer this important benefit to your employees. For participation ideas, contact an Advancial representative.