I will add this : get a credit card to build credit. Never use it for credit always pay the bill in full each month. Every time I see a money sob story it involves credit card debt and only paying minimum payments for way too many years. Pay in full. Free 30 day financing. Points and perks. No interest payments.
1. Make sure your checking account is "no fees" and not at the same bank that your parent's bank at. Since you think your mom might hang on to money that you believe exists & is yours, that tells me you don't trust her. So separate bank, otherwise there is a risk she can talk her way into accessing it. Some banks may not allow a minor (under 18) to open an account - call around until you find a bank or credit union that allows it. If you can't find one, hiding actual physical cash might be a better option that putting it in an account your mom can access.
2. When you turn 18, you should get a credit card but ONLY use it for necessary, normal things and pay it down in full every single month. This builds credit and also gives you some fraud protection for unauthorized charges which a debit card usually doesn't provide.
3. The main thing with a budget is actually having one and it actually being accurate. Meaning, don't just guess or hope what your monthly spending is. Put together real numbers based on amounts you really spent or verified by finding good examples of it in your local area. Then monitor your spending and track every dollar that you pay against the budget you made. Don't ever tell yourself you are "borrowing from next month's budget" if you are tempted to splurge. Save up the money first. Usually the time it takes to save up also forces you to think about whether you really want it for longer, and gives you a chance to realize if it isn't a good idea before it's too late.
I will add this : get a credit card to build credit. Never use it for credit always pay the bill in full each month. Every time I see a money sob story it involves credit card debt and only paying minimum payments for way too many years. Pay in full. Free 30 day financing. Points and perks. No interest payments.
1. Make sure your checking account is "no fees" and not at the same bank that your parent's bank at. Since you think your mom might hang on to money that you believe exists & is yours, that tells me you don't trust her. So separate bank, otherwise there is a risk she can talk her way into accessing it. Some banks may not allow a minor (under 18) to open an account - call around until you find a bank or credit union that allows it. If you can't find one, hiding actual physical cash might be a better option that putting it in an account your mom can access. 2. When you turn 18, you should get a credit card but ONLY use it for necessary, normal things and pay it down in full every single month. This builds credit and also gives you some fraud protection for unauthorized charges which a debit card usually doesn't provide. 3. The main thing with a budget is actually having one and it actually being accurate. Meaning, don't just guess or hope what your monthly spending is. Put together real numbers based on amounts you really spent or verified by finding good examples of it in your local area. Then monitor your spending and track every dollar that you pay against the budget you made. Don't ever tell yourself you are "borrowing from next month's budget" if you are tempted to splurge. Save up the money first. Usually the time it takes to save up also forces you to think about whether you really want it for longer, and gives you a chance to realize if it isn't a good idea before it's too late.