High school graduation is an exciting time that marks a transition to a new stage of life. Students gain independence and take on many adult tasks, including managing their finances. Hawaiian Tel Federal Credit Union in Honolulu offers a variety of personal banking services as well as advice to ensure excellent money practices for years to come.

Here are financial tips for high school graduates from Hawaii’s leading credit union:

• Educate Yourself: To manage your finances, you need to make informed decisions. Research credit card rates, banking fees, and online banking services and apps that make handling your money easier. Take advantage of resources and information offered by your credit union, including financial plan services. Set up a meeting to discuss strategies that will work best for you.

• Monitor Spending: It’s easy to lose track of how much money you spend, especially if you are using a debit or credit card. Keep a log of your purchases so you know where your money is going. At the end of the month, review it to determine where you can cut back and save money.

• Create a Budget: The No. 1 rule of personal finance is to spend less money than you earn. A budget will help you delegate funds to different categories to ensure you meet all your obligations. Living within your budget will allow you to meet your financial responsibilities and put aside money in savings. Websites and apps can provide up-to-the-minute information about your spending to help you create a budget you can live with.

• Start Saving: The earlier you begin saving money, the more you will earn in interest. It’s OK to start small if you do it early. Any amount of money you set aside, whether it’s $5 or $50, will earn interest to increase your total savings. When you receive a paycheck, earmark a specific amount to go directly into your savings account and base your budget on the remaining funds. Enroll in a direct deposit program to have the money sent to your credit union or financial institution each payday rather than cashing a check.  

Making sound financial decisions now will help you throughout your life. For more information on personal banking or financial plan services, contact Hawaiian Tel Federal Credit Union. To learn more about their services and find your nearest location, visit their website or call them on Oahu at (808) 832-8700 or toll-free at (800) 272-5255. Follow them on Twitter for financial tips and news from the credit union.