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Teen Accounts > Spokane Federal Credit Union

Teen Accounts 

Ages 12-16

Teenage years are the perfect time to actively practice the balance between saving, spending, and sharing! Often times, this is when youth really gain a concept of what their money can get them. It's crucial to teach healthy spending habits and touch on simple budgeting for wise money management. When your youth reach this age, they have access to all of the following options: 

  • Visa Prepaid Cards (see below)
  • $15 gift card with their first checking account 
  • Sweet Canopy swag
  • Free coin counting

Email member service to open an account!

Email us

Visa Prepaid Cards

Visa Prepaids can be used anywhere Visa is accepted

The Visa Prepaid card is a great alternative to having a traditional debit card or Travelers Checks.  It's great to use when you do a lot of online purchasing or if you want your teenager to have a debit card option. This card has some of the same great features of a traditional Visa card but isn't tied directly to your checking account. There are restrictions and fees associated with this card so make sure to read all of the fine print before you use it!

Visit us at 601 W. Mallon Ave. to get a Visa Prepaid Card!

Teen Spending Tips 

Making your money work for YOU

Create a spending plan

Calculate your monthly income (including if you get an allowance). Next, subtract your expenses. Do you pay for your own gas or buy your own school lunches? Make sure you subtract an entire months' worth of these from your total income.

If you want an easy way to keep track of your income and expenses, consider using our free budgeting tool, Track Every $, in our mobile banking app.

Set goals for yourself

Short-term: what do you want to spend money on most? Going to coffee or dinner with friends? Buying a cool new outfit or video game? Allow yourself 10% of your paycheck to have fun or put towards something you can afford in the next month or so.

Long-term: are you thinking about college? Maybe you want to study abroad? Start putting aside 10% of your paycheck into a different savings account or envelope (if cash) to start building your way towards your goal.

Check your balance every day

Whether you're using cash only or a debit card, make sure you get an idea of how much money you have in your account or wallet every day. This will help hold you accountable so you don't overspend.

Try using cash-only! A Psychology Today article summarizes that people spend less money when paying with cash than they do paying with a card.

Resist the urge to spontaneously spend

Remind yourself how many hours and how much work went into the money you're about to spend. Is all that hard work worth what you're about to spend your money on? If not, it might be a good idea to rethink the purchase.

If this is something you struggle with, budget for it! Set aside 10% of your paycheck for spontaneity!

Save for a rainy day

Rain happens - something comes up at school and you need to buy extra supplies or you want to help out your parents during a tight month.

Put 10% of your paycheck into a rainy day fund for these unexpected occasions.

Breaking down the budget

So now you have all these different items to consider, but how do you put it all together?

Let's say you make $400/month at your job and through allowances. Here's an example of what your monthly budget could look like:

  • Gas: $70/month
  • School lunches: $70/month
  • Short-term savings: $40 (10% of income)
  • Long-term savings: $40 (10% of income)
  • Rainy day: $40 (10% of income)
  • Spending money: $140

Now it's your turn to figure out what works for you! Download this free teen budgeting worksheet by Frugal Fanatic or log into our Online Banking to set up your budget in Track Every $. You've got this!

Spokane Federal Scholarships

We award two scholarships every spring

If you're attending college this year (whether new or returning), you're eligible for one of our two scholarships, including the Matthew Stiltz Scholarship. 

The only requirement is that you're a Spokane Federal Credit Union member in good standing. If you're not already a member, now's a great time to open an account!

*Spokane Federal Credit Union employees, board members, and their family members are not eligible to enter. 

Learn more

Stay Connected

Spokane Federal is more than just your credit union, we're part of your community. Let us help connect you with your community.

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Routing Number: 325182629