Make Your Summer Job Money Work for You

Summer is here and that means many high school and college-aged kids will soon have extra money in their pockets thanks to summer jobs. Having a steady flow of income can be exciting but without a plan to manage their newfound wealth, young people may find themselves wondering where it all went at summer’s end.

At Origin Bank, we believe building good financial habits should start early. We’re here to help, with the information young people need to understand the basics of how money works and the tools to help them achieve summer savings success.

1. “Budget” Isn’t a Bad Word

Having a budget and sticking to it is not about constantly saying “no” every time you want to buy something. Rather, it's putting yourself in control – tracking your spending, setting goals and reaching them.

Knowing how budgets work is an important part of developing good financial habits. Origin Bank makes creating and managing a budget fast and simple with our free Personal Financial Management Tool. Built into our online banking and mobile app, this valuable resource helps you create your budget, track your spending and monitor your progress so you can achieve your financial goals.


2. Account Basics - Checking and Savings 

Checking accounts can be used for buying items like food, gas or clothing and can also be used for paying monthly bills. Using a checking account is as simple as writing a check or swiping your debit card when you make a purchase or pay a bill.

Checking accounts require keeping track of your money carefully and recording every transaction. If you write checks or swipe your debit card for more money than you have in your account, you could be charged overdraft fees. These fees can add up fast and cause financial strain, so be sure to stay on top of your spending.

Having a savings account is a smart choice for stashing money over time. Savings accounts earn interest, which means the bank puts a small amount of extra money into your account each month based on how much you have. The more you have in your account, the more interest you earn over time.

You don’t have to be an adult to have either a checking or savings account. Origin Bank offers a variety of checking account options including a student checking account with no monthly service charges. It’s easy to set up - kids just need to show a valid high school or college ID and, if they’re under 18 years of age, have an adult sign for them. We also offer many types of savings accounts to fit long- and short-term savings goals.


3. Understanding ATM, debit, and credit cards

ATMs, debit cards and credit cards are convenient, but they also require careful oversight. Debit and credit cards often look identical, so it’s important you understand the difference between them and that you have a plan for how to best use them.

A debit card allows you to spend money you’ve already deposited into your checking account. Card reader machines at the register connect directly to your account when you swipe your debit card, so each purchase you make is subtracted from your account immediately. Origin offers debit cards at no charge for all student checking account holders and their free mobile banking app helps you to track your spending in real-time when you enable debit alerts.

When you use a credit card, you are essentially borrowing money to buy something. That means you could pay interest on top of the purchase price if you do not pay your monthly statement balance in full. Talk with one of Origin Bank’s trusted advisors to learn more about how credit cards work so you can establish good credit habits while avoiding the pitfalls of credit card debt.

Automated Teller Machines, or ATMs, are great for basic banking transactions like withdrawing cash or transferring money from one account to another. Some ATMs even accept deposits. There’s usually no fee to use your own bank’s ATM, but if you use an ATM from another institution, you may incur hefty fees. Origin offers many ATM locations and banking centers throughout Texas, Louisiana and Mississippi for your banking convenience.

At Origin Bank, we believe it’s never too early to teach kids and young adults the importance of developing good financial habits. Visit our trusted advisors to learn how establishing good money management skills today can help them achieve long-term financial success.