Having your own money means more independence and less reliance on parents. And starting early means you can grow more money over time! Here are some tips for saving money early.

• Start by opening a savings and checking account. You’ll need somewhere to put that hard earned money—and give it a place to earn interest and grow over time. And, at Citizens, savings accounts can be opened jointly at ANY age—or you can be a sole account owner at 17!
• Get a part-time job or side hustle so you can earn some money to put away.
• Make sure you set up direct deposit with your employer. Consider auto deducting a set amount of your paycheck each month to go directly into your savings account.
• Set savings goals. Having a goal can help you stay more focused and get you in a “saving” mindset rather than a “spending” mindset.
• Find little ways to save, like staying in and playing games with friends rather than going out, using student discounts, and avoiding impulse purchases.

These are just a few easy steps you can take to start laying the groundwork for making solid financial decisions in the future.

Most banks require you to be 18 years or older to open a bank account independently. But many banks offer joint account solutions so students can get the benefits of banking, with the safeguard of having a more experienced account holder for guidance and oversight.

At Citizens, teens as young as 14 can open a student checking account with a joint account holder.

Ready to open that account?

1. If you’re 14-17, grab a parent or guardian who is willing to be on the account with you. If you're 18 or older, grab your government issued ID and get ready to apply. In all cases, whether you’re opening a joint account or ready to venture on your own, make sure to do some research and decide on a type of account that works best for you.
2. Complete the application in person or online. Note, if you’re younger than 18, you will need to go in person to a branch to open your account.
3. Make sure you have funds for initial deposits if required.
4. Enroll in mobile banking to make it easier to access and manage your account.

Check out the features and benefits of a Citizens checking and savings account.

To open a credit card, you must be at least 18 years old.

Before you apply for a credit card, you’ll want to consider a few things:

1. Are you ready to spend responsibly and do you have some sort of income coming in to support the spending? Credit card debt can add up fast, so you want to be sure you’ll be able to pay off what you spend every month.
2. Know your credit score. While you will become eligible to get a credit card at age 18, you likely haven’t had a chance to build any credit yet. If that’s the case, you may need to provide proof of income or a co-signer to be approved (a co-signer is someone willing to put their credit on the line to help the applicant get a card).
3. Find a card that will be the most beneficial to your specific needs—and start with just one.
4. Once you’ve found the right card, go ahead and apply.

Credit cards are easy to use, often come with compelling rewards, and can be a great way to build credit—if you are making monthly payments on time. Learn more about how to get your first credit card and explore how you can start building credit today.

The 50/30/20 budget is a type of budgeting strategy where you break down your monthly income into three different buckets:

50% bucket: necessities

In this bucket, you would use half of your monthly paycheck for necessities like gas and car insurance, rent, and anything else you are required to pay for. As a student, let’s say you earn $600 per month in income. You’d set aside $300 for necessary expenses.

30% bucket: wants

This is your fun bucket. Want a new pair of jeans or to go out with friends? Your budget (based on that $600/month income) is $180.

20% bucket: savings

This last, and smallest bucket leaves you with $120 (or at least 20% of your monthly income) to go straight to savings.

Let’s see what this looks like over the course of a year. Assuming your busy schedule, your monthly income is $600 a month, which earned you $7,200 over the course of the year.

For the year, if you followed the 50/30/20 rule you would have:

• Spent: $3,600 on “needs”
• Spent: $2,160 on “wants”
• SAVED!: $1,440

So, would this budget work for you? If you live at home and you’re lucky enough that your parents cover most of your expenses, you could consider a more savings-heavy budget to help you reach your savings goals or fund your future!

Get saving!

Congrats on landing your first job! Now it’s time to go through the onboarding process.

Before you start, you’ll generally need to complete tax forms, I-9 verifications, background checks and more.

Once you start, you’ll get to enroll in benefits. Work with your manager to see what you qualify for. Many companies have perks like:

• Retirement plans—like a 401K (see why you should take advantage of that plan right away!)
• Wellness perks
• Paid time off
• Health insurance plans
• Career growth support...and so much more.

Find out what else you need to know about onboarding with your new employer. And check out all the ways you can start saving for retirement, starting now!

Building credit means establishing a track record of responsible borrowing and on-time payments that lenders use when deciding whether to extend you credit in the future.

For younger people, generally starting around 18, you can start building your credit by:

1. Opening a credit card: This could be a student credit card, a secured credit card, or being added as an authorized user to a trusted adult’s card account.
2. Having a student loan: If you are able to, consider making loan payments in college to start building that credit sooner.
3. Making on-time payments: Your payment history is the biggest factor affecting your credit score. Always pay at least the minimum due of all your bills by the due date.
4. Keeping balances low: Only borrow what you can pay back each month—aim to use less than around 30% of your credit limit.
5. Check your credit report regularly: You are entitled to one free credit report from each of the three bureaus every 12 months. Utilize that report to track your progress, ensure accuracy, identify any errors, and spot identity theft.

Building your credit score and managing credit responsibly could help you qualify for better rates and terms and make borrowing in the future—like for your dream home—much easier.

Get all your credit questions answered and see how you can start building your credit now.