Starting your financial life comes with a lot of choices and a lot of responsibility. Where will you deposit your first pay check? How will you pay for monthly expenses? What is the advantage of having a secured credit card vs bank debit card vs. a credit card? That can be determined by setting your spending habits.

There are several options out there to help establish a banking relationship, build a credit score and maintain your monthly budget. Secured credit cards are one way to go. You can also decide to use a debit card or apply for a credit card. The best option for you all depends on how you want to spend and save money.

How does a debit card work?
A debit card gives you access to the money in your bank account without actually going to a bank branch. When you open a checking or savings account the bank officer will ask if you want a debit card, it’s usually available at no extra cost.

A debit card allows you to make purchases in stores and deposit or withdraw money from an ATM. Basically it gives you access to your bank accounts without actually having to go to the bank. This is definitely a convenient money management option for people who prefer self service banking and need access to their money outside of normal bank hours.

Should I apply for a credit card?
Being credit card free can be good for your monthly budget because it helps avoid getting into debt. However having a credit card is convenient because it gives you convenient payment options and also helps establish your credit history. A credit card is a temporary loan that must be paid off in full each month or you’ll have to pay interest charges. All you need to do is swipe your credit card when you want to pay for something and pay off the balance when the statement comes at the end of the month.

For the rest of this article and to find out what’s the deal with secured credit cards – jump over to Teen Vogue and find out!