New job means new income, and it's important to know what to do with your paycheck.
Read more: Local, Economy, Business, Education, M TEC, Michigan Works, Paycheck
ESCANABA -- For young teens, starting your first job can mean more money in your piggy bank and financial independence, but what's the best way to save and spend your money? How can you make sure you keep good credit?
Sixteen-year-old Emily Buchmiller started her first job this summer at M-TEC in Escanaba. She's excited to finally be in the work force.
"I want to learn how to work better with other people, like teamwork and I want to learn more," explained Buchmiller.
The new job means new income, and it's important to know what to do with your paycheck. Officials from the Delta County Credit Union say there are a few important tips to remember, from saving to knowing your limits.
"Understanding budgets, understanding what you make and what you can spend," said Credit Union Vice President, Erik Bessonen. "It's easy for most of us to spend more than what we make, so I think people have a better understanding that they need to save first, and not go out and try to buy everything when you don't have enough."
And Bessonen says maintaining good credit early, will also help the new workers in the long run.
"Payment history is so important," Bessonen explained. "Make your payments on time. Another thing is understanding how much credit you accumulate in relationship with your income. If you can keep your total credit card debt at 10% or less of your annual income, you're in good shape."
Local teens, like Buchmiller, are learning all about financial responsibility through the Summer Youth Employment Initiative put on by Michigan Works.
Across the U.P, there are close to 240 kids signed up for the program. They meet with the teens just about every Friday to help them build their skills in the job force, from financial help, to entrepreneurship to customer service.
And officials from say the more they can help teens new to the work force, the better.
"This initiative is so important as it develops the skills that are most desired by area employers and that of course is one of the main goals of Michigan Works, the Job Force Board," Vickie Micheau of Michigan Works and the Job Force Board.
