A Financial Guide for Teens and Young Adults

Whether getting your first job, moving out on your own, or dreaming of homeownership, financial success doesn’t happen overnight—it’s built over time, one wise decision at a time.

At First South Financial, we believe in empowering our members early with the tools and knowledge they need to feel confident about money. That’s why we’ve created this “Money Milestones” guide—tailored to teens and young adults who are ready to take control of their financial future.

Ages 13–17: Your First Financial Footsteps

Milestone: Opening Your First Checking and Savings Account

This is the perfect age to start learning the basics of money management. Whether you’re earning an allowance, babysitting, or working a part-time job, getting familiar with banking tools early lays the groundwork for healthy financial habits.

What You Can Do:

• Open a student checking account to learn how to manage income and spending.
• Set a savings goal—like buying a new phone or saving for a car—and track your progress.
• Learn to read bank statements and monitor your balance online.

How We Help:

Our Student Advantage Checking Account is designed with teens in mind—featuring no monthly fees, parental guidance options, and free access to online and mobile banking. Pair it with a Youth Savings Account that earns competitive dividends, and watch your money grow while you learn how to manage it.

Pro Tip: Start small. Even saving $5–$10 a week adds up. Use your savings account as a way to build discipline, not just store money.

Ages 18–22: Managing Money in College or Early Career

Milestone: Creating a Budget and Building Credit

This life stage brings a lot of change—moving out, starting college or work, paying bills, and making independent financial decisions. It’s a crucial time to establish good money habits that will follow you for years.

What You Can Do:

• Use a simple budgeting system (like the 50/30/20 rule) to manage spending.
• Open your first credit card to begin building your credit history.
• Start an emergency fund to cover unexpected expenses.
• Use digital tools to track your spending and set savings goals.

How We Help:

We offer a First-Time Credit Card with low rates, no annual fee, and manageable limits—ideal for building credit responsibly. Our mobile banking app includes a built-in budgeting tool that lets you categorize your expenses and visualize your progress.

Pro Tip: To build credit, use it responsibly by making partial payments over several months to show consistent use without full reliance. Only use credit for durable goods with lasting value, not everyday expenses, and be cautious with co-signing or becoming an authorized user—both can affect your credit, but carry different responsibilities and risks.

Ages 22–25: Planning for the Future

Milestone: Growing Your Credit and Saving for Big Goals

At this stage, you’re likely working full time, managing more responsibilities—like rent, insurance, and loan payments—and beginning to think long-term.

What You Can Do:

Build your credit profile with on-time payments and a mix of credit types.

• Expand your emergency savings to 3–6 months of expenses.
• Start exploring investment options like CDs or IRAs.
• Set financial goals for the next 3–5 years.

How We Help:

Our High-Yield Savings Account helps your savings grow faster. For long-term savers, our Build-It CD offers a low minimum deposit and flexible terms. Ready for a big purchase? Our auto loans and first-time homebuyer programs make it easy to take the next step.

Pro Tip: Automate everything—savings contributions, bill payments, and credit card payments. The more you automate, the easier it is to stay on track without stress.

Ages 26–29: Leveling Up and Investing in Your Future

Milestone: Growing Wealth and Planning Long-Term

Now that you’ve got a solid foundation, your late 20s are all about expansion—career growth, long-term planning, and smarter financial strategies.

What You Can Do:

• Increase contributions to retirement or investment accounts.
• Check your credit score and improve it for larger purchases.
• Pay off high-interest debt like credit cards or personal loans.
• Start planning for major life milestones (buying a home, starting a family, etc.).
• Consider working with a financial advisor.

How We Help:

We offer low-rate mortgage options, free homebuyer seminars, and money market accounts with higher returns. Our team is here to guide you—whether you’re ready to buy a home or just want help optimizing your finances.

Pro Tip: Don’t wait to start saving for retirement. Even small monthly contributions to a Traditional or Roth IRA can grow substantially over time thanks to compound interest.

We're With You Every Step of the Way

First South is more than just a place to bank—we’re your financial partner for life. From your first account to your first mortgage and beyond, we’re here to support your goals, your growth, and your peace of mind.

Ready to start your journey?

Open an account online or stop by your local branch today. Let’s reach your next milestone—together.

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