Last updated on December 5th, 2018 at 11:26 am

[vc_row text_align=”center”][vc_column][vc_column_text]For many young individuals, summer brings new jobs and financial responsibility. Having a job means having an income that YOU have to manage. Here at MTD we believe you are never too young to learn how to finance smart. So, we gathered 7 of our favorite financing tips to share with you.

Establish Accounts

To get started, it is important to establish a banking account. We suggest opening up both a savings account and a checking account at the same time. Before you open up accounts do your research on local banks. Many banks offer special deals for teens and college students. Also, check with your parents to see if they have already established accounts in your name.



Figuring out how to budget your money can be extremely difficult. With the 60:30:10 ratio, budgeting becomes easy. The rule with this ratio is that 60% of what you earn goes to your daily spending such as groceries, rent, gas, and all other spendings. 30% goes to paying off debts. The remaining 10% goes into your savings account.


Tip:  Don’t have debt? Put this money aside for college or make it your emergency fund.


Keep Track

It is important to keep track of your accounts and your budget. We suggest trying to balance your checkbook at least once every two weeks. Not only will this allow you to keep track of how much money you have, it will also allow you to know how much money you can spend.


Tip: Use google sheets to help you control your budget.


Invest (18+)

Looking to make money? The best way to make a few extra dollars without any work is to invest. Before you invest, it is important to read up on how investing works and what stocks perform well. This version of financing shouldn’t be taken lightly, and don’t invest until consulting an adult first!


Tip: The market goes up and down. Those who are patient are rewarded.


Avoid Impulse

While it is exciting to have your own money to spend and it is completely normal to want material things, avoiding impulse is an important part of financing smart. To avoid impulse, set aside a certain amount each month that is dedicated to fun things such as eating out or buying new clothes.



Learning how to finance smart can be difficult at first. It can also seem like your saving account is barely growing. Like investing, it is important to persevere and keep up the good habits. Making financial goals can be beneficial in your financial endeavours.

Educate Yourself

Learning how to finance smart is not done without doing a little bit of reading. We like The Financial Diet. They have a website and a youtube channel dedicated to finances, college, and careers.

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