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Checking Accounts Can Help Teens Keep Track Of MoneyAs a teenager, it’s probably time to open a checking account once you have more than a few dollars to keep track of.Putting money into an account can help you monitor your spending and teach you some valuable financial lessons, including:
Having banking experience will come in handy as you start making more money and even when it comes to the time you might need to get a loan. Monitoring your spending and budgeting are important first steps. To avoid falling into debt you’ll want to make sure you always have more money in your account than you are spending. You’ll be able to monitor your account balance 24/7 with your smartphone or computer by using online banking. You can also keep track of your spending and income by using a spreadsheet or a budgeting app, if you prefer. And once a month you’ll get an updated account statement you can view online. You can also deposit checks by using your smartphone. It’s as simple as taking a couple of photos and following simple instructions in your mobile banking app. If you find that you regularly have more money than you spend, you might want to open a savings account that will earn you a bit of interest. Depending on your age, you might need to open your account with the help of a parent or guardian, and that will be a good time to ask about any fees or if there is a minimum balance you need to keep in your account. Everything you do at this age is likely to be a new experience, but learning how to manage your money today will pay off in the long run. |
What Should You Do After Being Turned Down For A Loan?You’ve just been denied for a loan. Now what?First, you’re going to want to know why. Second, you’ll want to do something so it won’t happen again.
In any case, there are things you can do to improve your situation for future loan applications. When a loan request is rejected, the lender should explain why. Take that information and start working on making positive changes.
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