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.