Summer Jobs and Teen Savings
Summer jobs are a rite of passage for a young person. However, they can also provide a valuable learning opportunity. This is a great time to teach teens about saving and banking. At Premier Source Credit Union, we believe you're never too young to start learning healthy saving and spending habits.
The following are some tips to help your teen turn his/her summer job into savings for the future:
- Get them a savings account: PSCU has a variety of savings accounts that fit anyone's needs, including your teen! This gives your teen a place to store his/her money and start saving up for future purchases and endeavors.
- Set up a system: You and your teen can come up with a percent of each paycheck that should be contributed to his/ her savings. This allows teens to get into a habit of putting money into their savings and makes the decision to do so easy. Another option is to put every other paycheck directly into the savings account.
- Get them a checking account: A summer job is a big responsibility and a lot of hard work. Your teen deserves to spend some of his/her hard earned cash on themselves. However, teens still have to be responsible with their finances. A checking account with PSCU allows teens to keep track of their money and make smart decisions. And not to mention, our Kasasa checking accounts offer great rewards, cash back, and refunds on ATM withdrawal fees nationwide!
- Use Kasasa Saver: Linking Kasasa Saver to your teen's Kasasa checking account makes saving effortless for your teen. When your teen earns cash rewards in their Kasasa checking account, those earnings automatically transfer into Kasasa Saver. Kasasa Saver also pays up a great dividend every month.
- Sign your teen up for online banking: Today's teens are all about technology and smart phones. PSCU's mobile banking app allows teens to learn about banking on a medium they are comfortable with. With mobile banking, their finances are only a click away. They can check the balance of their checking account before making purchases, transfer funds into their savings, or deposit money into their account using remote deposit capture. Learning to manage money is an important step in learning healthy saving and spending practices.
For more information about any of our services, call us, stop into one of our branches in East Longmeadow or Springfield, or check out our website!