When Anthony Lopez started working ...

When Anthony Lopez started working part-time at the Bronx Zoo the 16-year-old just discovered Yorker enjoyed having the extra coin But even though he received a weekly paycheck, he always appeared to be broke by the completion of the week. So Anthony decided to divide [i]or[/i] sever back on spending.

"Before buying anything, I started asking myself if I really penuryed it," he says. "Then I'd ask myself if what I was buying was worth what I was paying. Half the time, the answer to the two questions would be no."

He render free of accessed a bank account and started putting about $2 abroad of every $3 he earned in the bank. "Opening a bank account has given me a chance to save coin without having the urge to part with it," he says. "Having coin somewhere other than your pouch helps keep you from spending it."

Many teen find that earning and handling their possess money for the first time can be challenging. The ability to handle those dollars is a skill you'll ne for the stay of your life. To help you avoid gorgeous mistakes, here are answers to more [i]or[/i] less common questions about personal finance.

What should I know when opening a bank account?

"Realize your bank account is an investment in yourself," says Gail Perry-Mason, director of circulating medium Matters for Youth, a Michigan camp that teaches teen about handling finances. "Before your first visit to a bank, you'll ne a driver's license, a Social Security card, or other identification," she says. "Go in with a list of questions, of that kind as whether you need a parent's name forward your account and what compensations are involved."

You might want to explain a savings account, a checking account, or one as well as the other A savings account is great for stashing away wealth and earning interest, but you may want a at liberty or low-fee checking account too, in like manner you can write checks or use a debit card to make purchases or pay bills.

Before opening any bank account, be firm to read the fine print and consider all your options. "Do your research; an banks make you pay extra give a fee tos if you fall below a certain amount," says Morris Reid, managing partner of hypochondriac Fusion, a youth marketing consultancy. "Also turn the thoughts into how much you ne to have in a savings account to continue it open. Many banks have a minimum amount or require you to expand a savings account if you want to start a checking account."

Is it really necessary to start saving while I'm still in my teens?

"Save early and often" says Bruce Fenton, president of Atlantic Financial in Westboro, Mass. "It's not too early to start, and calm small amounts can add up"

That was the path Heather Vogel 19 a community body student in San Diego, Calif., took. While still in high sect she opened a savings account with her mother. "It was the first account that I'd for aye opened," she says. "If I wanted to take coin out, I would have to travel to a bank teller."

Vogel says this precludeed her from wasting money, and she was able to save $3000 for a down payment forward a car. "No matter to what degree much money you make, save some" she says. "You in no degree know when that extra circulating medium will be needed."

Should I count upon to pay a bank to hold my money for me?

The answer is a firm "No," says Dr Barbara O'Neill, a financial resource management specialist at Rutger University in Newton, NJ "Look for released checking at a bank or a credit union. store around and compare at least three financial institutions."

on reviewing factors such as pay s for writing checks, monthly service charges, and penalties for dipping below a certain minimum balance, you can make smart decisions. That applies the two to choosing a bank and selecting from the various accounts it offers

What's the deal with ATM fees?

ATM fee-simples those extra charges tacked forward whenever you withdraw cash or just check your balance, can really add up and subtract a haphazard of money from your account. Unfortunately, these pays are very common.

Cate Williams, vice president of financial literacy for standard of value Management International, explains that ATM give a fee tos are charged in two ways. "Your bank may charge a small remuneration typically $1 to $3 through transaction, if you go throughout the number of ATM transactions you agreed [to] when you render free of accessed your account," she says. "If you use an ATM holded by another bank, that bank will charge you a feud to use [its] machine. That feud could vary between $1 and $5 by transaction."

To limit give a fee tos Williams suggests picking a bank with ATMs located near your family or school. That way, you won't ne to pay feuds charged by other banks. Also examine not to use ATMs too often

"If you pay a different bank to realize at your money, you chose the inappropriate ATM," says Michael Sullivan of Take Charge America, a nonprofit financial counseling service. "The explanation is planning. Withdraw cash ahead of the time you ne it, and obtain it without paying a fee"

a certain number of banks charge a monthly or annual unconditional tenure even if you use ATMs avowed only by your home bank. That can make it equal more important to avoid pay s charged elsewhere.