12 things our financial experts wish they knew in high school

When you’re a teenager, money is usually earned through part-time jobs, allowance, or the occasional birthday check. Even though the cashflow may be limited, it’s important to remember that the financial habits you start now can shape your entire future.  

That’s why we asked our team of experts to share the financial advice for teens they wish they’d had in high school. From earning money to opening a bank account, to planning for long-term goals, their insights can help young people build strong financial foundations. 

Below, you’ll find 12 pieces of personal finance wisdom — straight from the professionals who live it every day.

1. Learn to budget early

Dawn Helmrichs, senior financial wellness manager 

Most young adults enter the workforce without a real plan for managing their paychecks. Helmrichs says she wishes her teachers had taught her how to build a proper budget in high school. 

“Set aside at least 20 percent of what you earn, and if you have access to a retirement plan, contribute as much as you can, not just the match,” she says. 

Creating a budget early helps teens understand money management, avoid overspending, and prioritize saving money for both short-term needs and long-term goals.

2. Follow the 50/30/20 rule

Andy Platt, financial success manager 

Platt emphasizes the importance of a spending plan. “Fifty percent of your money should go to needs, 30 percent to wants, and 20 percent to savings,” he explains. 

This method teaches teens to balance enjoying their earnings while still saving money and investing. He also warns about “lifestyle creep” — the tendency to spend more as you earn more. Avoiding it is key to building wealth.

3. Build an emergency fund early

Rebecca Muhammed, financial wellness manager 

“Emergencies don’t wait until you’re ready,” Muhammed warms. “You should start building a safety net right away.” 

“Have three to six months of living expenses saved,” she says. “The earlier you start, the easier it is to grow as your income rises.” 

Even a few dollars a week deposited into a savings account can make a big difference when unexpected costs – like a flat tire – arise.  

4. Invest in your 401(k) right away

Devon Havlik, financial wellness manager 

Many young people view retirement as something too far off to worry about, but Havlik says the sooner you start saving, the better. 

Havlik says, “The best advice I ever received encouraged me to contribute to a retirement plan as soon as they offer it. If you start right away, you won’t even feel like the money is missing from your paycheck.” 

Even small contributions in your early years can grow significantly over time.

5. Time is your best friend in the market

Tom Tobin, financial success manager 

Tobin puts it simply, “Start investing yesterday.” 

He points out that $250 a month invested in a basic index fund at age 18 could grow into more than $1 million by retirement. “Forget memorizing the table of elements — learn financial literacy like it’s a life skill,” Tobin says. 

Understanding how taxes, credit cards, insurance, and investing work gives teens real-world tools to manage their personal finances successfully.

6. Avoid student loan shock

Kaela Matt, AVP, consumer sales 

For teens headed to college, student loans can feel unavoidable. Matt warns that they add up faster than most students realize. 

“Apply for as many scholarships and grants as possible, and save to pay as much as you can as you go,” she says. 

Minimizing student debt sets young adults up for greater flexibility in their 20s and 30s, when expenses like rent, transportation, and starting families often rise. 

7. Avoid lifestyle inflation

Matt Bruns, financial success manager 

Bruns agrees with his colleagues to start investing early. But he adds a warning — don’t let rising income lead to careless spending. 

“Just because you make more doesn’t mean you need to spend more,” he says. “Practice mindful spending and work your plan.” 

This discipline allows young adults to save for family, home ownership, and other future goals without financial stress.

8. Live within your means

Kristy Woodard, AVP, consumer sales 

High school and college students often feel pressure to keep up with friends, but Woodard stresses the importance of intentional choices. 

“Don’t try to impress others,” she says. “Focus on making financial decisions that support your goals.” 

She also credits a mentor for teaching her the value of investing in a 401(k). “That single decision has helped me for nearly 15 years,” she says.

9. Understand credit scores

Adam Carrier, regional business development manager 

Credit cards can be useful tools for building credit, but they can also be dangerous if misused. Carrier says the earlier teens understand credit scores, the better. 

“A high credit score means you’ll get better interest rates on loans, mortgages, and even insurance,” he explains. 

Teens who learn about responsible credit card use — paying on time and keeping balances low — will benefit for years.

10. Stay committed to your wealth plan

Ryan Cannady, chief retail officer 

Consistency is key in personal finance, Cannady says. 

“Pick your path to building wealth and stick to it,” he advises. “Diversify, but don’t deviate. Flip-flopping fails.” 

Whether it’s investing, saving, or a mix of both, sticking to a strategy helps young people achieve long-term financial success.

11. Focus on needs, not wants

Matt Cose, market manager 

Cose says one of the most common mistakes young people make is spending to impress. 

“Don’t be a product of your environment — the nicest car, shoes, or chain but no savings,” he explains. “Determine your actual needs versus wants.” 

When young adults learn to delay gratification and save before splurging, they gain financial freedom later in life.

12. Think long term, even when you’re young

All experts 

Every contributor agreed on one theme: Financial education and preparation isn’t just about today — it’s about tomorrow. 

Whether it’s a retirement account, a savings plan, or simply opening an account and practicing smart money management, the choices teens make now create momentum for adulthood. 

Start saving early, live within your means, and invest in your future. The habits you build as a teenager will shape your financial story for decades to come. 

Financial advice for teens doesn’t have to be complicated. It’s about building small habits now — saving money, tracking expenses, and using credit cards wisely — that will grow over time. Young people who start early gain the freedom to make choices that align with their goals, not their debts. 

Whether you’re a high school student earning money from your first job or a parent teaching teens about personal finance, remember: A little planning today makes a huge difference tomorrow. 

Interested in learning more? Discover our free, online financial courses for teens on the Empeople Financial Success Center.