High School Seniors And Personal Finances

bank of american fork
graduation and finance, personal finance, high school graduation
As the school year begins unwinding for the year, graduating high school seniors will face a myriad of opportunities, challenges and obstacles. One of the greatest obstacles will be an increased responsibility of personal finances.
Acquiring a job will be front and center for many high school seniors. Jobs they can work during the summer (or longer) to help pay for college, provide income for activities and entertainment, and provide for themselves and others. Regardless, the first step to personal finance responsibility will be the acquisition of a job.
“Many young people don’t yet have the experience needed to make good personal financial decisions,” said Marcia Clements, Central Region Operations Manager, Bank of American Fork. “They graduate and find they need to quickly understand how to manage their money, prepare to make life-event choices and purchases such as cars, college and rent, and learn the basic habits that will provide them with a lifetime of good financial decisions.”
A few basic financial practices that will be important for high school seniors to consider and learn include:
Saving and Planning – One of the best practices of personal financial management is to learn to pay yourself, or in other words, save. One suggestion is to save 10 percent of your income in a savings account. As the fund increases, it opens opportunities for high school seniors to consider other longer-term investments or make plans to pay for needed purchases. Consider setting up an automatic payment to your savings account each month when your paycheck comes in, so you only have to make the decision to save once.
Interest – Learning how interest works is important. It can work against high school seniors if they rack up credit card and other debt causing expensive and lengthy pay back schedules, and it can work for those who save and invest and let compound interest increase over time.
BudgetingBudgeting is one of the hardest management tools to learn, but even the simplest budget – a plan of how your money is spent over a period of time – can be one of the strongest personal finance techniques high school seniors can learn. It creates financial discipline and strong financial management. Find a budgeting tool that works for you, whether it’s paper, an Excel spreadsheet or trying the top budgeting apps available on your smartphone.
Credit – Graduating seniors often want to begin establishing credit, but they should be very careful. Any form of credit will require strict discipline to make payments on time and to avoid racking up too much debt. Gas cards, checking overdraft and other simpler forms of credit are good places for high school seniors to begin. Establishing credit will be important when high school seniors are ready to purchase homes and other high-cost items.
Courses and Training – Any class, course or resource focusing on personal finance can be invaluable for high school seniors to take in preparation for good personal finance.
These are just some of the many areas of personal finance high school seniors should consider as they graduate this spring. Additional resources are available at https://blog.bankaf.com.


  1. Very helpful blog for high school seniors! Thank you for the post.


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