What you need to remember, is that the way the world operates, businesses (banks and credit card companies specifically) are interested in making money from you – by you spending money, or by slapping fees on you for using their checking/savings or credit cards. Your goal as a consumer is the opposite – not to pay any fees for simply having access to your money, or even when they give you credit.

IRAs and 401ks are retirement savings plans/accounts which are available to people who have earned income (make money from a job).

If available, it might be a good idea to take a basic personal finance course at your high school or local community college. It would be well worth it.

E*Trade Max-Rate Savings? No such thing. 3.3% APY? You can’t even find a 5 year CD these days that pays that.

Considering interest rates on any type of savings vehicle these days, the best bet is not to even worry about the 1% or less interest rate (even less after taxes) you’d get on a savings/checking/money market account. Rates will be rocketing higher eventually. Locking your money up in any type of CD at this time is plain stupidity.

I’m a senior in high school and am looking for the smartest ways to budget my money. I currently have a Citizens savings and checking account that is connected with that of my parents. I also have my own savings and checking accounts with Bank of America. Neither of them charge me any fees unless I overdrawn, which I don’t. Both of them give me “change” back on purchases.
I your opinion, what would be the best savings and checking accounts for me with the same banks or not.

I read through the blog and the comments, and I still don’t understand what an IRS or 401k is.
Also, due to my lack of education in finance, I have no idea what the “Invest” section of the blog entails. I’ve been very interested in investing, but still am unsure of how I should start out.

Are there any better deals in either savings, checkings, or credit cards for students?
(Just as a side note, I do understand that credit cards are not free money)
I do have a few questions regarding credit cards as well.
-Are there any credit cards that don’t require you to pay any fees if you pay on time.
-I don’t understand what merchant fees and finance fees are.
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so far the best step i have taken towards financial fitness is joining mint. great job!

A huge prioroty for anyone just getting their hou$e in order is BUILD YOUR CASH-ON-HAND. Your cash account is like the springs on your car: it keeps you from breaking an axle, and it keeps the rubber on the road.

Have to raid your little brokerage account? Not only have you had to make an untimely sale, but you also blew the fees and commissions out the window. No cash in the kitty? Then how are you going to buy that half-price Camry at the estate sale? That lost opportunity will cost you years to recoup. Money is more than math! Practical concerns can blow away technical gains. (When you are a zillionaire, you’ll have to worry less about this, but remember Warren Buffett keeps huge amounts of cash reserves for these same reasons.)

We are brutal on this point that our clients must have 3 months gross pay on hand before funding brokerage, and 6 months before IRA’s. Do we care that they earn no interest on that money (or that we earn no commissions?) NO!

A car without springs is headed for a breakdown, and a household without cash is in that same peril. I know we feel like we are in a hurry to make gains, but haste just means that more likely than not you’ll find yourself back at the starting line over and over, wondering what went wrong. And the answer is: cash flow!