Made extra money at a summer job? Do these three things right now.
Mel Barnes, SVP – Chief Operations Officer
If you’re a teenager there’s one thing you can always count on: Getting advice from older people like us. It’s inevitable, so we appreciate your patience (even if you are rolling your eyes or playing on your phone). All kidding aside though, we were in high school once too, and wish somebody gave us the financial advice we’re about to give you.
Did you make pretty good money at a summer job? Nice. Now, do not spend it all at once. For that matter, don’t bury it in the back of your sock drawer either. Instead, follow these simple tips to do more with your money.
Set a budget.
Always good advice. You’re going to be making budgets for the rest of your life. Might as well start now. Keep it simple, though. Follow the “Three G’s”: How much do you spend each month on gas, going out and grub? Now deduct that from how much you’ve made (and how much you will make if you’re still working). If you spend more than you make, you might have to cut back, or start cutting more lawns.
Open an Interest Plus checking account.
Money doesn’t always come easily. This is not one of those times. An Interest Plus checking account is basically free money. You make a low minimum deposit of $100 and earn up to 2.17% APY.* Plus, you get access to a bunch of other free stuff, like free online banking and mobile deposit, as well as a bunch of debit card options. There’s a few different options available, so check them out here.
Open a CD
No, not a CD as in compact disc, which honestly you’re probably not even using anymore, right? A CD as in a Certificate of Deposit. A CD is kinda’ like a savings account, but with set terms and usually a higher interest rate. So it’s a good way to keep you from being tempted to blow your cash, and earn a little extra too. We have options ranging from one month to five years, so think of it like this: If you’re a senior in high school and open a five-year CD, you’ll have a nice pile of money waiting for you once you graduate from college. It’s like a gift from your current self to your future self! Mind blown. Check out our awesome terms and yields here.
Looking for even more financial advice from your wise elders? Contact our financial experts today.
*APY = Annual Percentage Yield – Rates and promotional offers are subject to change or cancellation at any time. To earn maximum interest, you must complete 12 or more point-of-sale transactions with your OSB debit card each month, register for electronic statements, and have at least one ACH debit or credit each statement cycle. Those who do not qualify each month earn 0.05% APY. Balance cap of $25,000. Any excess earns 0.25% APY. Yield valid as of 6/1/19. Other restrictions may apply.