What types of personal financial services do hs and college students need?
Answers:
The most important "service" wold be a financial education. If your parents haven't discussed healthy financial practices with you, there are some great books out there. Suze Orman has a book targetted towards the young, fabulous, and broke that's a good crash course of the basics. As for services:
1.) A checking account. You don't necessarily need one in high school, but I think it could be good practice in responsible money management. Insist on free checking- there are so many banks willing to offer that today, there's no reason to pay for it.
2.) ONE credit card. (For college students.) I know that lots of college-aged kids get into trouble with credit card debt, but college can also be a great opportunity to start building a credit history, which you will need later when you want to buy a care or home. The best practice would be to buy one item per month on the card, and pay the balance in full each month. This way, you will have a longer credit history, which will help your FICO score.
3.) A savings account. This is for emergencies. You may have very little to save each month, but I think it's great to get into the habit as soon as possible. Go for an online account with a high interest rate (I use ING Direct.) Even if you only put $10 in a month, if you started your freshman year in high school, you would have $480 as an emergency cushion by the time you graduated!
4.) This is for advanced financial achivers, but now is the best time to open a retirement account, because your money has so many years to grow! If you have a part-time job that offers a 401(k) program with employer match, go ahead and enroll up to the full match level. It's like getting paid extra money! If not, consider starting a Roth IRA once you turn 18. A Roth IRA is a retirement account where you put in after-tax dollars, but when you withdraw it many, many years later, you won't have to pay any taxes on it. It's a little complex, but trust me, it's a great deal!
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