Transition to Adulthood: A Guidebook for Teens

By Melissa J. Francisco PhD

Do you ever feel unprepared for life in the "real world?" This book talks about things that are critical to survival (how to conduct CPR), things that are quite practical (how to operate a washing machine), and subjects that are uncomfortable (gang involvement). Adolescence is a sensitive time when young people make key decisions regarding their hobbies, friends, education, and future careers while still maintaining their dependence on adults. Having this book at your fingertips will help you get much of the foundational "adult stuff" under your belt so that you can work toward those more complicated life things that you are interested in pursuing… your dreams!

• Language: English
• Publisher: BookBaby
• Release date: Jul 12, 2022
• ISBN: 9781667850535

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Transition to Adulthood

© 2022 Melissa J. Francisco, PhD

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

ISBN 978-1-66785-052-8

eBook ISBN 978-1-66785-053-5

Dedication

I dedicate this book to you, the reader. I hope it answers some of your questions. I also dedicate this book to those who invest themselves in the lives of others to help them on their journey.

I have appreciated you and aspire to do the same.

Table of Contents

Disclaimer

Letter from the Author to Teenagers

A Message to Parents and Adults

Preface:

What Is Happening to Me?

Chapter 1:

Your Finances

Checking Account

Savings Account

Special Sources of Income

Creating a Monthly Budget

Achieving Good Credit

Filing Taxes

Saving for Retirement

Investing 101

Chapter 2:

Your Career

Your Skills, Abilities, Values,

and Preferences

What You Like to Do

Gaining Employment

Writing a Resume

Professional Skills

Early Career Advice

Success

Chapter 3:

Your Life Skills

Appliances

Cooking

Cleaning

Personal Hygiene

Clothes – The Basics

Identifying a Hobby

Recreation and Leisure

Etiquette

Decision-Making

Goal Setting

Personal Growth

Chapter 4:

Your Unique Identity

Your Rights as a Minor

Identity Theft

Birth Certificate

Driver’s License

Social Security Card

Keeping Important Documents Safe

Getting to Know Yourself

Confidence

Your Life Vision and Mission Statement

Your Personal Values

Your Character

Chapter 5:

Establishing Belonging

Family

Supportive Adults

Personal Relationships

Opportunities to Socialize

Chapter 6:

Your Education

Why Your Education Is Important

High School Diploma

GED

Students with Disabilities

Higher Education / Continuing Education

Going to School Online

Chapter 7:

Your Health

Caring for Yourself

How to Encourage Yourself

Emotions

Basic First Aid

Medicine

When You Should Go See a Doctor

Personal Health

Mental Healthcare

Healthy and Unhealthy Relationships

Health Insurance

Healthcare Providers and Primary Doctor

Therapy

Prescriptions

Vitamins

How to Eat Healthy

Calorie Needs

How to Lose Weight

How to Gain Weight

Acne

Eczema

Personal Space

Chapter 8:

Your Living Space

Preparing to Visit an Apartment

Monthly Costs for Housing

Renting an Apartment

What Furniture Will You Need?

Basic Home or Apartment Maintenance

Roommate Considerations

Buying a Home

Chapter 9:

Your Transportation

Modes of Transportation

Driver’s License

Getting Car Insurance

Buying a Car

Basic Driving Rules

Auto Maintenance

Navigating Public Transportation

Passports

Navigating Airports and Flying

Currency Exchange

Chapter 10:

Your Community

and Social Life

Community Connections

Spiritual Support / Church

People of Influence

How to Be a Great Boyfriend or Girlfriend

Conflict

Ending a Relationship

Ethnicity

Registering to Vote

Chapter 11:

Mature Topics

Abortion

Abuse

ACEs – Adverse Childhood Experiences

Adoption and Foster Care

Alcohol

Anxiety

Birth Control

Cults

Crime

Depression

Drugs

Emergency Preparedness

Exploitation, Sex Crimes, and Human Trafficking

Failure

Fear

Gangs

Grief

Homelessness

The Hospital

Time Management

Overwhelm

Panic Attacks

People Who Have Overcome Hardship

Phobias

The Police

Politics

Pornography

Pregnancy

Sex

Rape

Resilience

Self-Esteem

Safety

Social Media

Suicide

Vaping and Smoking

Volunteer Work

Resources for Teens

AIDS and HIV

Alcohol and Drugs

Bullying and Cyberbullying

Depression

Eating Disorders

Grief and Loss

Homelessness and Runaways

Mental Health

Rape, Sexual Violence, and

Domestic Violence

School Violence

Sexuality and Sexual Health

Stress and Anxiety

Suicide

Teen Parenting

Teen Pregnancy

Bibliography

About this Book

About the Author

Disclaimer

My intent in creating this guidebook is to help many young people who are beginning to launch out in their careers and lives, and to assist them with their journey. While I have done my due diligence and research to find resources to help me be objective on the information contained herein, it should not substitute for medical, legal, financial, therapeutic, parental, or psychological advice. Please seek additional resources to assist you in your journey.

If you have suggestions or feedback for how I can improve this content then please reach out to me by visiting my website at www.transitiondesigns.com or by emailing me at [e-mail]. It is my hope that a book such as this lays the groundwork for additional people to contribute to help our young people as they launch out and transition into adulthood.

Letter from the Author to Teenagers

Do you ever feel unprepared for life in the real world? Or perhaps you can’t wait to get out there and be independent and on your own. Whatever your situation is, this guidebook is for you. The transition to adulthood is one of the most important periods in life’s journey. This book is intended for teenagers (or adults!) who are in the process of becoming established in society. This book provides an overview of many of the topics that take most adults years to learn, in a condensed and easy-to-digest chapter-by-chapter reference guide. How you choose to read this book is up to you. You can read it from cover to cover, or you can pick those topics which appeal the most to you.

Adolescence is a very important time in a person’s life. You don’t quite yet have complete independence and decision-making authority over your life, yet at this time you are responsible for making key decisions that will affect you for many years to come. During these years, you are setting a foundation for many aspects of your life:

how you view and handle money;

the type of work that interests you;

the skills that you develop;

how you view and take care of yourself;

how you apply yourself in your education;

where you will live, and how you will get around;

what communities and cultures you choose to be part of;

relationships and boundaries that you establish; and

How you handle difficult situations.

For many people, confronting, working through, and resolving issues happens as these situations arise. That is how many things in life are handled—as they occur. For some situations, however, it is important to prepare. This book is packaged in an easily referenced format to serve as a guide to prepare for the issues of life. It has been said that the structure of learning while you are in school starts with a lesson, and then ends with a test. Yet, in the adult world, life tests you, and then you learn from it and gain a life lesson. For many adults, topics in this book were absorbed over a length of time. That was the case for me, anyway!

As you read the topics covered in this book, I encourage you to have conversations with your friends and family about them. This will help to solidify the learning for you personally, it will help teach others, and you can gain new perspectives on the information covered here. If you have recommendations for other topics to cover in future editions of this book, please let me know!

The inspiration to write this book came to me while I was attending a conference. During that event, there was an expo hall with a vendor booth that was focused on helping youth who had been through the foster system. On the table was a pamphlet that offered guiding points for youth who were aging out of the system by turning eighteen. This pamphlet offered tips for young people. It was just one piece of paper with a few tasks listed. It saddened me to learn that for many young people, they must navigate the complexities of life without a support system or guide.

This experience caused me to reflect on my own journey to adulthood. Although I wasn’t a foster child, I seemed to continuously encounter many life situations for which I felt (and was) unprepared. So I began working on this book, and did so in my free time for a period of several years. It was a lot of research, and I learned so much in the process. This book is intended to be a broad overview and cover a lot of the basics, but it doesn’t address everything you will encounter.

Adults in your life may have helped guide you while you were young, but as an adult, there is no guide. You get to decide how to proceed. You get to choose your path and adjust it along the way as you grow and learn. With this freedom comes responsibility. In adulthood, you are the master of your destiny, and although you can’t control all the situations that you encounter, your choices, actions, and attitude immensely shape your life experience. Life is about learning, and you will learn lessons along the way. It is my hope that this book can assist you in this part of your journey, to help you best handle the responsibility on your shoulders—the responsibility for you!

Above all, I hope that this book is an encouragement for you as you create the path forward in your life. Each person is different in terms of what inspires and motivates them. The vision for the type of life that you want for yourself could change and evolve over time, requiring continuous self-assessment and introspection. Having this book at your fingertips will help you get much of the foundational adult stuff under your belt so that you can work towards those more complicated life things that you are interested in pursuing . . . like dreams!

Melissa Francisco, PhD

[e-mail]

www.transitiondesigns.com

A Message to Parents and Adults

It is said that parenting doesn’t come with a manual. Parenting can be one of the most challenging tasks in life. Helping to guide a young person while also managing the many responsibilities associated with your own life can be daunting. When a child is young, it can be easier to influence their choices because you have a larger degree of control over them. As this child develops into a teenager, life choices and situations become increasingly complex. The parenting dynamic also changes during adolescence, as your teen gains a larger degree of input on their life choices. Adolescence is a sensitive time when young people pursue hobbies, friends, education, and career options while still maintaining their dependence on adults.

There were a lot of changes that happened during my own teenage years. The choices that I made during this time formed a foundation and shaped my launch into adulthood. I believe that if I had access to additional resources or information, it may have prevented some of the difficult situations that I encountered. It would have also provided me with a stronger self concept which may have prevented my being influenced into things that weren’t in my best interest. Many young people find themselves in similar circumstances as they form their own opinions, preferences, and decisions while also navigating the physical and emotional changes that result as their brains and bodies mature.

This has been a passion project for several years as I have researched, reflected, and organized the contents herein. I wrote this book in an effort to teach young people how to create stability for themselves in spite of their environment around them. Not every child has a parent around that can provide them with support and guidance. This book talks about things that are critical to survival (such as how to conduct CPR), things that are quite practical (such as how to operate a washing machine), and subjects that are uncomfortable (such as gangs). While some of these topics are mature, I have been thoughtful to write them in a gentle way that I believe is both truthful and age appropriate. You know your child best. I would encourage you to browse the information contained in this book prior to sharing it with them. Discuss the topics that you think are the most important and relevant for your child. This book can also be used as a reference to inspire conversation with your adolescents.

My hope is this book can be used to create a deeper bond and connection with your teen. Knowing when to assist them and when not to is a unique journey for parents as well—a process of learning when to step in and when to step aside. It can be an emotional time for everyone involved as a young person makes decisions, makes mistakes, and learns to navigate the uncertainties of life. Having supportive, loving, and involved adults sets teenagers up for success as they establish themselves and create a life on their own.

As these conversations take place, teens may become confused or overwhelmed by the physical, social, and emotional changes that are occurring, and with the gravity of the decisions that they need to make. If young people and their parents can confidently work together and collaborate on paths forward proactively, teens can develop a stronger foundation and identity with which they can launch out into the world. Proactive preparation beats reactive responsiveness any day of the week.

In researching information for this book, I learned that testing the opinions and ideas of others is part of the process that a young person uses to work out where and how they fit in the world. These situations provide great opportunities to talk about respect for differing opinions. Having family rules about what constitutes appropriate behavior, how to communicate, and what is socially acceptable will help young people understand where the limits are.

Adults often worry that if they give a young person too much responsibility too soon, they might fail, be unsafe, or make poor choices. To the degree reasonable, young people need to have new and different experiences, and they need to make mistakes. Similar to how a toddler falls quite frequently when he or she is learning how to walk, learning from mistakes helps solidify life’s lessons and shape brain development. Adults who decide everything for their teen are not doing them any favors—sooner or later in life they will need to figure things out on their own, so they might as well learn while they are living under your roof. Leaving their teen to handle life by themselves without any support is an equally unhelpful solution. Parents need to partner with their teenagers in the active process of individuation as they develop their own decision-making skills, values, beliefs, and preferences, some of which might be unique from your own or different from what you would prefer.

Unfortunately, not every teen has the opportunity to be parented by a pair of fully engaged parents. Some teens don’t have any parents at all. To all the parents, foster parents, adoptive parents, coaches, mentors, teachers, administrators, church members, youth group leaders, community leaders, neighbors, and other people who are willing to take a young person under their wing, this book is for you too. Hopefully this content can save time and increase your impact as you work with the young people that you influence.

With this book, I’ve been able to create a key missing piece of what I really needed as a young person—more information and guidance. It would have filled a significant gap and helped me make choices and create stability for myself in ways that were congruent with my desires and dreams. It would have helped me gain knowledge and proactively develop a healthy path forward for my launch into adulthood. It is from these experiences that the building blocks for this guidebook were built. My hope is that it will assist your whole family in your teen’s own building process and bring your family closer together as a result.

Melissa Francisco, PhD

[e-mail]

www.transitiondesigns.com

Preface:

What Is Happening to Me?

Young adulthood, or adolescence, is a really important time of life that involves a transition into adulthood. Adolescence is essentially a time in life when you are an adult-in-training; you need to gain experience in handling things independently while under the supervision of caring adults who will ideally be there to support and guide you through the process of becoming a healthy and successful adult. Before adulthood begins, your life is full of important decisions and changes—some of them are too small to recognize, and many of them are so big that they are life changing. Some changes are very noticeable, such as physical changes. Other changes are less noticeable but are still occurring nonetheless—changes cognitively, emotionally, socially, and perhaps even spiritually.

While the changes that are occurring with your physical body are very obvious, many of the most important changes during adolescence happen within. During this stage of your life, you are forming very important values, opinions, thoughts, and preferences that will set the foundation for how you live your life and make decisions going forward. Does that mean that you will always choose the same things as your parents or other important adults want for your life? No. But it does mean that the way that you interact with yourself, and with others, as well as how you express and meet your desires, will become more important, because over time you will gain more control over these aspects of your life.

It may take some time to become fully independent as you begin to form close bonds with people outside of your family, attend college or vocational training, and find a job. Different minors make different decisions regarding when they choose to move away from home, how they maintain ties with their parents, and how to earn money. In certain circumstances, some of these decisions are forced upon you versus your choice. While there are certain legal rights and responsibilities that apply to you differently as you age, there is no specific age when adulthood has completely taken place. Some people mature very quickly while others take more time.

Physical Changes

Puberty is a highly developmental period physically. Hormonal changes cause rapid physical alterations in the body. Although the timing varies to some degree across cultures, the average age range for reaching puberty is between nine and fourteen years for girls and between ten and seventeen years for boys.

The pituitary gland is responsible for initiating puberty; it is about the size of a pea and located at the base of your brain. The pituitary gland is an important part of your endocrine system. The endocrine system is responsible for making sure that each cell in your body talks to other cells, and it helps to regulate your hormones, metabolism, growth, organs, and reproduction. When puberty begins, the pituitary gland stimulates the production of testosterone (the male sex hormone) in boys and estrogen and progesterone (the female sex hormones) in girls.

The release of these hormones helps to trigger both primary and secondary sex characteristics in boys and girls. Primary sex characteristics include the development of your reproductive organs—the enlargement of the penis and testicles in boys and the further development of the ovaries, uterus, and vagina in girls. Secondary sex characteristics include the following changes:

For boys: rapid growth, an enlarged Adam’s apple, a deeper voice, pubic and underarm hair, facial hair, and body hair, which may be present all over the body and is likely to get coarser

For girls: rapid growth, enlargement of the breasts (this is usually the first sign of puberty in girls), enlargement of the hips, pubic and underarm hair, and body hair, which may get coarser in select places on the body (such as legs).

There really is no perfect timing for puberty because it is different for every person. Some of these changes can occur very rapidly for some people (over a matter of months), and for others it can take ten years to reach full maturity once puberty has begun. The timing of puberty can have psychological effects on both boys and girls because whether someone is maturing earlier or faster than their peers can cause just as much distress as someone who is maturing later and slower. Each person is different.

A major milestone that girls achieve during puberty is called menarche, which refers to the first menstrual period. The age of menarche varies substantially and there is no right or perfect time for this to occur. It depends on genetics, diet, lifestyle, and having enough body fat. By age fifteen, 98% of teen girls have started their periods. Girls who are very slim, have physical problems, have a lot of stress, engage in strenuous athletic activities, or are malnourished or on medication may begin to menstruate later or not at all. A doctor can help figure out whether any of these causes may be the reason why menarche has not yet occurred.

Cognitive Changes

The cerebral cortex continues to develop during adolescence and early adulthood. This part of the brain enables improved reasoning, judgment, impulse control, and long-term planning. Adolescents and minors are perceived to frequently act impulsively, rather than thoughtfully. Part of this may be due to the slower development of the prefrontal cortex of the brain, which is responsible for a variety of complex behaviors, including planning and risk management, and greatly contributes to personality development. Another contributor to impulsive or emotional reactions is the hormonal surge that is associated with puberty. This can influence emotional reactions and can create strong emotions which may result in impulsive behavior. Newly developed cognitive abilities during adolescence can result in an egocentric perspective, in which minors believe that they can do anything and that they know better than anyone else.

Social Changes

A primary aspect of young adulthood is the important change that involves the development of an individuated self-concept, which leads to new attachments in addition to the primary family. Although young children are strongly attached to their parents, the attachments of an adolescent move increasingly away from parents and towards peers. As a result, parental influence evolves at this stage.

The chosen peer group of teenagers can be a great source of valuable information regarding their overall self-concept. Teenagers may try out a variety of identities in different social situations to help them figure out and process their identity. This is the root cause behind why many teens have a certain type of accepted and familiar persona when they are at home versus how they act and behave when they are around their various peer groups. Eventually, most teenagers are successful in integrating who they are in a variety of situations to develop an integrated self-concept and sense of identity.

Adolescents define their social identities according to their similarities and differences from others. They may therefore derive significant meaning in the sports, religious, school, gender, ethnic, or other groups that they choose to belong to.

Independence and Identity

During adolescence, one of the most important things that occurs is the development of a sense of independence and identity. The importance of independence and identity cannot be underestimated and sets the foundation for building an effective life in adulthood. Many young people, however, don’t have the knowledge, skills, tools, or permission from the adults in their lives to develop the independence and sense of identity that they need in order to confidently step out into the world. This can happen if a child has overprotective or overbearing parents, has developmental issues, or does not have the right guides to be able to establish a sense of independence and identity.

A sense of independence refers to being able to depend on and to take responsibility for yourself, to be able to make decisions and solve problems, and to work out your life values or those things that you prioritize and consider to be important.

A sense of identity represents a sense of who you are as a person—what you believe, what you prefer, the type of people that you want to be around, and developing flexibility. A healthy sense of identity also includes listening to feedback from others, taking a position on issues, and more.

Here is a list developed by Joanna Lee Williams, PhD, that outlines how the identity evolves and changes over time:

Early Adolescence (ages 11–14):

Desire to identify themselves in multiple ways outside of their role in the family;

Increase awareness of themselves as part of a peer group (this may take time and involve multiple changes);

Develop flexibility in how they present themselves in different situations;

Prioritize personal values and decisions to reflect how they see themselves; and

Experience greater sensitivity to feedback from others, particularly peers.

Middle Adolescence (ages 14–18):

Begin to imagine their own adolescent identity and role in the larger world;

Actively explore adolescent identity alternatives—trying on different hats to see which one fits best;

Consider themselves and their beliefs in relation to broader social-cultural groups like gender, race, and religion;

Take stronger stances on social, ethical, or moral issues; and

Increase stability in how they see themselves across different places and social groups.

Late Adolescence (ages 18–24):

Give deeper consideration of self in terms of adult roles or career goals;

Think about who they are in the context of intimate relationships;

Begin to balance idealistic views of who they may become with a more accurate understanding of reality; and

Can make strong commitments to personal and social group identities (gender, race, religion), but new experiences can result in further exploration and change.

These descriptions of independence and identity should give young people some comfort that this is a process that occurs over time, so it’s okay if you feel that your sense of self is evolving and growing over time. For parents, it’s very important to realize that young people try out different versions of themselves over time. Similar to trying on a certain outfit or clothing style, it will help them see how they feel, what they connect to and what they resonate with. Teens are working to understand themselves in relation to various aspects of their personal identity—how gender, religion, race, sexuality, and other important aspects of life relate to them personally. Ultimately, young people are working to create a sense of self that is harmonious and congruent. That is a tall order. Getting support, encouragement, and guidance from adults that they respect and can trust is a key part of this process.

For some young people, the process of defining aspects of their identity can result in them deepening the family values and traditions with which they were raised—their religious and cultural affiliations can strengthen. For others, it can mean exploring vastly different experiences than what they were raised with. For some teens, this process of identity exploration is exceptionally challenging because they aren’t quite sure who they are or where they fit in. All of these experiences are normal in terms of growing through the adolescent phase of life.

The process of figuring out who you are, with all of the fun and torture that it can be, is a normal and healthy process of growing up. Having adults in your life who are supportive and encouraging is of great help, but not everyone has that privilege. Please be as safe as possible. If you are concerned or worried, then there is nothing wrong with getting more information or waiting to make a decision. Choices that involve risky behavior or compromise morals are usually not a good idea, even if they are part of the identity exploration process.

Chapter 1:

Your Finances

Checking Account

Opening a checking account is a rite of passage for most young people as they work to establish themselves in society. Access to a bank account can make it much easier to manage your money. Although having a checking account is not mandatory, nor is it the only way to keep your money, there are several reasons why it may be a good idea for you to open a bank account:

It can be easier to manage your finances. When you get a job, your employer can use this account to deposit your paycheck into, making it a very easy way to get paid.

Carrying cash is not always easy, nor is it always safe. This is especially the case when paying large bills, such as your rent or your car payment. Having a checking account gives you the freedom to travel without cash.

You can pay your bills with checks. This can be more convenient than physically delivering payment in person, and many banks will provide you with an opportunity to arrange for automatic bill pay online.

Your bank statements can provide insight into where your money is going. You can compare this with your budget and use this to help you manage your money wisely.

A checking account provides you (or someone else) with proof of payment. It provides a paper trail that you have paid someone and is important for tax purposes or in case someone claims that you did not make your payment.

Most checking accounts also come with the option of having a debit card. This card can be used like a credit card, except the money is taken out of your checking account instead of being charged with interest. In addition, banks will offer you protection in case your card is lost or stolen.

Money in a bank account is safe from loss. This will ensure your money is protected against fire, flooding, or theft.

It will be easier and less expensive to cash a check (when someone pays you or gives you money) with a bank account. If you don’t have a bank account, some check cashing stores will charge you a large fee to cash your check.

Most banks are insured by the Federal Government, meaning that your money is secure.

For the majority of young people, a free checking account is the way to go. Although each bank is different, here are a few key things to look for when opening a new account:

no low balance fees (that is, you won’t be charged if your account is under $100, for example);

free ATM and/or debit card;

no charge for deposits and transactions;

free online access to your account;

unlimited monthly check writing;

no minimum check writing amount;

and free (or low-cost) initial paper check supply.

Although there are advantages to holding a checking account, you will have to be disciplined in managing your account. If you exceed your balance, you can be charged a steep fee per transaction for going over your limit, and this can add up quickly if you make several purchases that exceed your balance.

What will you need to set up a checking account? A checking account can be opened individually or jointly, and you’ll need your basic information, such as your Social Security number, driver’s license, and some money to open it up. Banks usually have a minimum amount that they require to open up a checking account. If you’re not yet eighteen, it is likely that you will need an adult who can act as a co-owner to sign legal documents on your behalf with the bank until you are of age.

Savings Account

Savings accounts are an excellent way to begin to ensure that you have money to fall back on in case of emergency. Savings accounts are a key ingredient for overall financial health. Having savings in young adulthood is vital, because it establishes healthy savings habits from an early age. Without a savings account, it is easy to delay starting to save, and it can become even more difficult to do so over time.

Saving money can be difficult, especially when you’re young. Part of the reason for this is that you will need to grasp the potential future value of savings, and it is very tempting to spend your money on things that you want right now versus save it for your future. It is very easy (and fun) to spend money on a variety of things, but it is much more difficult to save. Only a percentage of Americans have a healthy savings account and the means to retire comfortably. Saving early helps ensure a secure future for yourself as you age and also serves as a protective shield in case you encounter any unexpected expenses.

Here are some tips for saving money, according to Modest Money:

Save first: When you obtain money from your job, a family member, or any other source, try to set 15% of it aside for your future.

Think about the future value of money: Prior to making a purchase, will its value be greater to you than it would be later if it was invested with interest?

Deposit money in the bank: You will be less tempted to spend money that is available electronically than carrying around cash.

Create a budget: If you plan what you will spend, then you can allocate a certain amount per week to fun spending money, which will help keep you accountable so that you don’t overspend.

Work: As soon as it is possible for you to obtain a job, it is generally a good idea to get one. Not only do you obtain professional experience, but you also earn an income. The sooner you have an income, the sooner you can enhance your independence.

Save your change: If you put your spare change in a jar, you can roll it up and deposit it in the bank.

Plan to be a millionaire! Starting to save and invest early is a great way to ensure financial security for your future.

Get a savings account with an interest rate: It is important to choose a bank that provides you with interest. Interest is money that the bank pays you for letting them keep your money.

Putting your money in a savings account is considered to be very safe, and your money is protected by the FDIC (Federal Deposit Insurance Corporation). They insure up to $250,000 in your bank savings account. If the bank fails, the FDIC will cover your deposits.

Here are some great books which help prepare you for a successful financial future:

Why Didn’t They Teach Me This in School? 99 Personal Money Management Principles to Live By, by Cary Siegel: This book was originally written by the author to provide advice to his five children. This book features eight important lessons focusing on ninety-nine principles that will quickly help you learn more about money management. Hint: one of his suggestions is to rent your books at the library!

The Millionaire Next Door,by Thomas J. Stanley and William D. Danko: This book will give you an overview of the habits that help build wealth. The main point of this book is that wealthy people didn’t become wealthy by acting that way. The author reviews seven simple rules to follow to become wealthy.

Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah Newcomb: This book will dive into your beliefs about money. The first part of this book will help you identify your relationship to money, and the second will help you build a money management plan.

What All Kids (and Adults Too) Should Know about . . . Saving and Investing, by Rob Pivnick: This book covers a range of financial topics, from the importance of saving to advanced topics such as portfolio diversification. The writing is interspersed with graphics, so the book is a pleasure to read.

Complete Guide to Money,by Dave Ramsey. This book includes information regarding how to budget, how to save, how to get rid of debt, and how to invest your money.

Special Sources of Income

A different chapter in this book will have a special section on finding a job and earning an income through employment, but this section provides an overview of where you may be able to obtain additional sources of income. If any of these sources of income apply to you, be sure and include it in your budget and savings plan.

Social Security: If one or both of your parents are disabled, retired, or deceased, then you are likely eligible for Social Security benefits. You may be able to receive up to half of your parent’s full retirement or disability benefits. If you receive survivors benefits, you can get up to 75% of the deceased parent’s basic Social Security benefit. More information about this program can be obtained by visiting www.socialsecurity.gov or at [phone]. Qualifications of this program include young people who are:

unmarried;

under the age of eighteen;

eighteen to nineteen years old and a full-time student in grade 12 or under; or

eighteen or older with a disability that began before age twenty-two.

Disability income: You may also qualify for financial support from the Social Security Administration if you are considered to be disabled. To be eligible for supplementary income, you:

must not be working or earning more than a certain amount (this earnings amount usually changes every year);

must have a physical or mental condition, or a combination of conditions, that results in marked and severe functional limitations. This means that the condition(s) must very seriously limit your activities; and

must have been disabled, or are expected to be disabled, for at least twelve months, or the condition(s) must be expected to result in death.

Chafee housing support: Each year the Chafee Foster Care Independence Program provides $140 million for independent living services to assist youth as they age out of foster care and enter adulthood. Under this formula grant program, states are provided allocations and allowed to use up to 30% of program funds for room and board for youth of eighteen to twenty-one who have left care. Common uses of Chafee funds include start-up assistance when moving into a new apartment, monthly rental assistance, and housing-related services.

FAFSA: Students who are in foster care, aged out of foster care, or were adopted out of foster care after reaching age thirteen are considered automatically independent on the Free Application for Federal Student Aid (FAFSA). This means that such children have a zero expected family contribution (EFC), which qualifies them for a full Pell Grant. These monies can help significantly when applying for college.

National scholarships for former foster children and adopted children: The Fostering a Future Scholarship is restricted to children adopted out of foster care after reaching age thirteen. Foster Care to Success administers the Casey Family Scholars Program, which provides scholarships to former foster youth. The National Foster Parent Association sponsors the National Foster Parent Association Youth Scholarship. The Orphan Society of America provides college scholarships for individuals who were orphaned by violence.

Resources:

Social Security Benefits for Children: https://www.ssa.gov/pubs/EN-05-10085.pdf

John H. Chafee Foster Care Independence Program: https://www.acf.hhs.gov/cb/resource/chafee-foster-care-program

Foster Care to Success Program: http://www.fc2success.org/programs/scholarships-and-grants/

Casey Family Scholars Program: http://www.fc2success.org/programs/casey-family-scholars/

The Orphan Society of America: http://www.theorphansociety.org/programs/scholarship-program/

Creating a Monthly Budget

What Is a Budget?

A budget is an estimate of how much you will earn and how much you will spend over a certain period of time. Most people who develop their budgets create a monthly budget, whereas other budgets are weekly. Budgets help you plan ahead for where your money will need to go and help you evaluate where your money would go after you spend it. Budgets can be made for a person, a family, a group of people, a business, a government, a country, a multinational organization, or just about anything else that makes and spends money. Even in large companies and organizations, a budget is an internal tool that is used by management.

Creating a budget for yourself helps to ensure that you don’t spend more than what you earn. In order to create a budget, you should document all of the income that you bring in, or earn, as well as document all of the expenses that you have—both planned and unplanned. Doing this will help you see how much you have left over, or how much you need to earn in order to bridge the gap.

An Example Budget

Here is an example budget to give you a sense for what budgets typically look like. The categories used will be different for each person, but the ones listed here are typical. You can easily download budget templates from the internet.

Example Budget

The 50/30/20 rule of thumb for budgeting states that ideally 50% of what you earn would be used for needs (expenses, bills, etc.), 30% of your income should be used for your wants (desired material things or experiences), and 20% of what you earn should be saved. The 50/30/20 principle was developed by Harvard bankruptcy expert Elizabeth Warren (whom TIME magazine named as one of the 100 Most Influential People in the World in 2015) and her daughter, Amelia Warren Tyagi. They co-authored a book called All Your Worth: The Ultimate Lifetime Money Plan.

Several things that you can do in order to reduce the amount of money that you spend is to plan ahead of time the activities that you will engage in, ideally ones that don’t cost a significant amount of money. Some low-cost activities to consider include:

going to a park / going hiking (go with a friend and be safe!);

bike riding