There are easy ways to help you use your money wisely. You can use special apps and tools to plan how to spend your money. They can even help you learn about counting coins and making change! You can also share a bank account with someone else. This means you both can use the money. Or, you can let someone else help you with your money without giving them your money. There are also tools to help you pay your bills on time
Joint Bank Account
A joint bank account is like a piggy bank that two people share. Both people can put money in and take money out. It’s a good idea for people who trust each other, like parents and kids, or grown-ups and their parents.
A joint bank account is a great way to get help managing your money. But there are some things to think about:
- Both people can put money into the account, and take money out of the account: This helps if one person needs extra help with money. But, this also means one person could use all the money without telling the other.
- Both people can see what’s happening: This is good because it’s easier to find problems with the money. It also means both people know how much money is there.
- One person could spend too much: This might mean there’s not enough money for other things.
It’s important to talk to someone at the bank before you open a joint account. They can help you understand all the details and help you decide if it’s right for you.
Setting Up a Joint Bank Account
Think about if sharing a bank account would work for you. If you think it might, talk to the person you want to share it with. You both need to trust each other to make it work.
Opening a joint bank account is like getting your own bank account, but with someone you trust. You will need to go to the bank together and tell them you want to share an account. You will both need to give the bank your information.
Other Simple Financial Tools
There are lots of ways to help you use your money wisely. Here are some other tools:
Someone to Help You
- Authorized Signer: This is like having a helper for your money. They can help you put money in or take it out, but they don’t own the money.
- Bill Payer: This person can help you pay your bills and keep track of your money.
Places to Keep Your Money
- Banks and Credit Unions: These are special places where you can keep your money safe. They can also help you learn how to use your money.
Easy Ways to Get Money
- Direct Deposit: This means your money goes right into your bank account.
Ways to Control Your Spending
- Spending Limit: This is like a rule for your money. You can only spend up to a certain amount.
- Credit and Debit Cards: These are special cards you can use to buy things. You can set a limit on how much you can spend.
More Resources
Understanding Money
- The FDIC, which is part of the US government, has many tools and resources to learn about money for learners at all levels. Look on the Money Smart Toolkits website.
Choosing a Bank Account
- Download the FDIC’s “How to Pick a Bank Account Checklist.”
Financial Planning
- Download Autism Speak’s Financial Planning Toolkit.
- You can find many articles, tools and resources about managing your finances at the AARP website.
