Money Basics Every High Schooler Should Know

High school isn’t just about grades, sports, and graduation photos. It’s also the perfect time to learn real-world money skills. Between part-time jobs, online shopping, and the growing independence that comes with driving or planning for college, the way teens manage money now will shape their financial habits for years to come. 

At Deerwood Bank, we believe financial education should start early — and that high schoolers deserve practical tools to make smart choices with their money. 

Step 1: Know Where Your Money Comes From (and Where It Goes) 

Whether it’s a paycheck from a summer job, babysitting income, or holiday cash from grandparents, every dollar matters. 

Encourage your teen to track both income and expenses: 

• Write it down, use an app, or check spending through online banking. 

• Group purchases into categories like food, gas, entertainment, and savings. 

• Review monthly — it’s eye-opening to see how small habits (like fast-food runs or subscriptions) add up. 

Tracking is the foundation of money management. Once you see the flow, you can make informed decisions about spending and saving. 

Step 2: Build a Simple Budget 

Budgeting doesn’t have to be complicated. Start with the basics: 

• List your income (job pay, allowance, gifts, etc.). 

• Subtract regular expenses (gas, phone bill, school activities). 

• Decide what’s left for savings and fun. 

Even a small budget teaches responsibility and independence — key traits as teens prepare for life beyond high school. 

Step 3: Start Saving (Yes, Now!) 

It’s easy to think saving can wait until “real adulthood,” but starting early makes a big difference. Encourage your teen to set short-term and long-term goals: 

• Short-term: concert tickets, new shoes, or a school trip. 

• Long-term: a car, laptop, or future college expenses. 

A separate savings account keeps goals visible and out of daily spending temptation. Watching that balance grow builds confidence and motivation to keep saving. 

Step 4: Understand the Basics of Credit 

Credit may not seem relevant yet, but high school is the right time to learn what it means. Teach your teen that: 

• A credit score affects loans, apartments, and even job opportunities. 

• Paying bills on time builds good credit history. 

• Borrowing money isn’t “free” — interest adds up quickly. 

When the time comes for student loans or a credit card, they’ll already understand the importance of borrowing responsibly. 

Step 5: Learn How Banking Works 

Banking is the foundation of financial management — and it’s simpler than most teens think. 

• A checking account helps manage everyday spending with debit cards and mobile banking. 

• A savings account grows money safely while earning interest. 

• Online and mobile tools make it easy to check balances, transfer funds, and track spending in real time. 

These tools empower teens to take control of their finances with confidence and accountability. 

Step 6: Practice Before Real-World Expenses Begin 

After high school, financial responsibilities stack up quickly — textbooks, rent, groceries, gas, and more. Learning to handle those expenses before they arrive gives teens a major advantage.

Encourage your high schooler to take ownership now: manage a checking account, budget for essentials, and set money aside for upcoming costs. These early habits make the transition to adulthood smoother. 

At Deerwood Bank, we’re here to help every step of the way. Learn more about the Next Youth Checking Account at https://deerwoodbank.com/next.