For the whole family

Money basics

Seven short lessons for teens and grown-ups. Read them together, one a week, and check each one off when you finish.

0 / 7 done

1. 1. Where your money goes

   Write down everything you spend for one week, even small things. Most people are surprised. A simple rule to start with: of every dollar you earn, save some first, spend on needs next, and keep the rest for wants.

   Try it: Track one week of spending in your phone's notes app.

2. 2. Pay yourself first

   Saving works best when it happens before you spend. Move a set amount into savings the day you get paid, even if it is only $5. Small amounts grow into a habit, and the habit matters more than the amount.

   Try it: Pick an amount to save from your next paycheck or allowance.

3. 3. Checking and savings accounts

   A checking account is for everyday spending. A savings account is for money you are not touching. Look for accounts with no monthly fee. Many banks and credit unions offer accounts for teens with a parent as joint owner.

   Try it: Ask a parent to compare two no-fee accounts with you.

4. 4. What a credit score is

   A credit score is a number lenders use to guess how likely you are to pay back money. It is built mostly from paying on time and from how much of your available credit you use. You can check your credit reports for free at AnnualCreditReport.com.

   Try it: Learn the two biggest parts of a score: on-time payments and low balances.

5. 5. Building credit the safe way

   Some families add a teen as an authorized user on a parent's card that is always paid on time and kept at a low balance. When you are old enough for your own card, use it for one small bill and pay the full balance every month. Never borrow for things you cannot pay off.

   Try it: Talk with a parent about whether being an authorized user makes sense for your family.

6. 6. Watch out for traps

   Buy now, pay later plans, payday loans, and minimum payments on credit cards can cost far more than the price tag. If an offer feels urgent or too good to be true, slow down and ask someone you trust. Never share passwords, PINs or your Social Security number with anyone who contacts you first.

   Try it: Look at a credit card offer and find the interest rate (APR).

7. 7. Your first big goal

   Pick one goal, like a car, school, or your own place someday. Write down how much it costs, how much you can save each month, and how many months that takes. That is exactly how a home plan works too.

   Try it: Write your goal, the cost, and your monthly savings amount.

General education, not financial advice.