Money Smarts Blog

What if I told you I’d been saving since I was three years old? And not just in one of those toy piggy banks with fake plastic coins. I’m talking the real deal with an official IHMVCU Balance Builder Junior Savers account.

OK, so my parents did most of the saving for me those first 13 years (thanks Mom and Dad). But the fact that they were able to give me such an early head start definitely set me up for future success — something I’m just beginning to realize now that I’ve started my first “big kid” job as a 16-year-old.

Turning 16 hit different for me. I got a little more freedom, but I also got more responsibility, which meant I had to start paying for more of my own things. I may not know what I want to do with my future, but I know how exciting it is to watch my bank account slowly grow with every paycheck I earn! As a cashier at my local Farm King, I work part-time and get paid every two weeks. It might not be much, but I make sure to put a little bit of every paycheck into short-term savings (for something I might want to buy soon), long-term savings (for emergencies, school or a house someday) and reserve a little “fun money” to get me through the next two weeks.

My mom works at IHMVCU, so I’ve been told most of my life how important it is to save money. Ten-year-old me didn’t quite get it, but 16-year-old me is beginning to understand. Check out a few of the money saving tips I’ve learned:

Start saving early — with a goal in mind

Saving up for a car someday? “Park” your money in a savings account as early as you can! If you don’t have an account set up yet, don’t worry — it’s easy. You (and an adult, if you’re around my age) can stop by an IHMVCU branch or fill out a quick online form. It only takes a few minutes, and your new account will be ready to use. It’s helpful to have a goal in mind, whether it’s saving up to buy a car, a future apartment, whatever — knowing what you’re saving for will help keep you on track.

Practice managing your money

I learned pretty quickly that if I wanted to be seen as an independent adult, I had to start acting like it. Don’t wait until you’re fully on your own to start making financial decisions. That hands-on money management while you’re still at home and can ask your parents questions will help you become more confident with your finances as you get older. Once you’ve opened your Balance Builder Junior Savers account, you’ll have access to the Online Banking app, which is a great way to keep track of all your transactions at a glance. This helps keep me from overspending on things I don’t actually need.

Look for student discounts

I remember as a younger kid, me and my brother and sister could eat free at places like Pizza Ranch and Village Inn. It. Was. Fire! Then there are those senior discounts your grandparents always seem to get. But what about everybody in between? A lot of places, like movie theaters, museums and more, offer student discounts — all you have to do is show a valid ID.

Being a teenager can be hard enough, so let’s not make it any harder. Now’s the time to get a handle on your savings goals to set yourself up for a solid future in the “real world.”