Blog

Money Tips for Teens

Financial responsibility is a crucial skill that teens should start developing early on to set themselves up for a stable future. Here are some essential tips for teens to manage their finances wisely:

  1. Budgeting: Create a budget outlining your income (allowance, part-time job, etc.) and expenses (such as school supplies, entertainment, and savings). Stick to your budget to avoid overspending.
  2. Saving: Make it a habit to save a portion of your income regularly. Aim to save at least 10-20% of your earnings. Set specific goals for your savings, whether it’s for college, a car, or emergencies.
  3. Differentiate Wants from Needs: Learn to distinguish between wants and needs. Prioritize spending on necessities like food, clothing, and education before splurging on luxuries.
  4. Avoid Impulse Purchases: Think twice before making impulsive purchases. Consider whether the item is essential or if you can live without it. Delaying gratification can help prevent unnecessary spending.
  5. Track Your Spending: Keep track of your expenses to identify areas where you may be overspending. Use apps or journals to record every purchase and review your spending regularly.
  6. Understand Interest and Debt: Learn about interest rates and the concept of debt. Avoid accumulating high-interest debt, such as credit card debt, unless absolutely necessary. Always strive to pay off debts promptly to avoid accruing interest.
  7. Invest in Financial Literacy: Take the time to educate yourself about personal finance. Read books, attend workshops, or take online courses to improve your financial literacy and make informed decisions about money management.
  8. Explore Part-Time Employment: Consider taking on part-time jobs or freelancing gigs to earn extra income. However, ensure your work commitments don’t interfere with your studies.
  9. Plan for the Future: Start thinking about your long-term financial goals, such as attending college, buying a home, or starting a business. Begin saving and investing early to take advantage of compounding interest.
  10. Seek Guidance: Don’t hesitate to seek advice from parents, teachers, or financial professionals. They can offer valuable insights and guidance to help you navigate the complexities of personal finance.

By following these tips and adopting responsible financial habits early on, teens can lay the foundation for a secure financial future and achieve their goals with confidence.

Stark Federal Credit Union
NCUA

Dressler Branch
4100 Dressler Rd. NW
Canton, OH 44718
Office: 330.493.8325
Fax: 330.493.8328

Loan Dept.: 330.493.7602
Loan Dept. Fax: 330.493.1619

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon
(Drive-up only)

Cleveland Ave. Branch
3426 Cleveland Ave. NW
Canton, OH 44709
Office: 330.493.8326
Fax: 330.493.8941

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Alliance Branch
1281 S. Sawburg Ave.
Alliance, OH 44601
Office: 330.821.7225
Fax: 330.821.2004

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Minerva Area Federal CU Shared Branch
(Cash and deposits only)
3570 Union Ave. SE
Minerva, OH 44657

Mon., Tues, Thurs.
9:00 a.m. - 5:00 p.m.
Wed. 9:00 a.m. - 1:00 p.m.
Fri. 9:00 a.m. - 5:00 p.m.

Routing Number
241274598

Copyright © 2023
Stark Federal Credit Union
All rights reserved.

Home Banking Login ID

Enter your banking login ID into the field below to access your account.
New to online banking? Click here to enroll now.

You Are Now Leaving Stark Federal Credit Union

The link you clicked will take you to one of our partner websites. We don't control the content of our partner sites. Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Stark Federal Credit Union.

You Are Now Leaving Stark Federal Credit Union

The link you clicked will take you to one of our partner websites. We don't control the content of our partner sites. Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Stark Federal Credit Union.

You Are Now Leaving Stark Federal Credit Union

The link you clicked will take you to one of our partner websites. We don't control the content of our partner sites. Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Stark Federal Credit Union.

You Are Now Leaving Stark Federal Credit Union

The link you clicked will take you to one of our partner websites. We don't control the content of our partner sites. Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Stark Federal Credit Union.

You Are Now Leaving Stark Federal Credit Union

The link you clicked will take you to one of our partner websites. We don't control the content of our partner sites. Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Stark Federal Credit Union.