Smart financial tips for teens starting summer jobs

Is your teen starting their first summer job or returning for another season? No matter the circumstances, teaching them smart financial habits now can set them up for long-term success.

Here’s how to get started:

1. Establish a bank account and set up direct deposit – Help your teen open a bank account where they can manage their money directly. At Abound, you can open an account for your kid with them as the primary account holder as long as you’re also on the account. With an Abound Free Checking Account¹, there are no monthly fees, and setting up direct deposit means they can access their paycheck up to two days early².
2. Use automation – Encourage your teen to pay themselves first by setting up automatic transfers from their paycheck to a Savings Account. Even $20 every pay period can add up over time. For even better returns, they can automate transfers to our High-Yield Savings Account—no minimum balance required, and they’ll earn our best rates when they save up $5,000³. It’s an easy way to build savings faster and introduce them to the power of compound interest.
3. Save toward a goal – Help your teen pick a specific savings goal, whether it’s back-to-school clothes, a future trip or even a new gadget. This teaches them to prioritize saving over impulse spending while building a habit of consist saving. Try our Save Toward a Goal calculator to estimate how much they’ll need to save and how long it’ll take.
4. Discuss credit – A strong credit history can help your teen secure better loan terms, rent an apartment or finance major purchases later. Discuss the importance of on-time payments and how credit scores work to help them avoid costly mistakes in the future.

By introducing these habits early, your teen can build a strong financial foundation and make smart money decisions—both now and in the future.

¹Not all Members will qualify for a free Checking Account.
²Get Paid Early - Must have an active Abound Credit Union account with active Direct Deposit. Get Paid Early is subject to when we receive pay information from the Federal Reserve.
³Annual Percentage Yield. Dividend rates are current as of 01.02.2026. Dividend rates are variable and may be changed or discontinued at any time. A blended APY is calculated based on balances in each earning tier, and the exact APY will depend on the balance in the account. Dividends paid and compounded monthly. Limit of one High Yield Savings Account per primary member’s Social Security Number. Available to both business and consumer Members. Subject to $10 Membership fee if not already a Member.