Money is very important to adults and teens alike, so keeping it safe is a priority. Making sure that you keep it in a place where nobody can touch it but you is smart. Sometimes keeping cash in a box under your bed isn’t the best way to keep your money safe.

There are two places you can put your money: A bank or a credit union. The difference is that banks are for profit while credit unions are nonprofit. Banks are run by a committee that benefits from the money that is deposited by customers, while a credit union is run by members of the credit union.

At Guadalupe Credit Union, you can open up your own account as a teen. Since this account is for people ages 13 to 17, you get a Visa debit card, not a credit card. You don’t need a parent to go with you. There is also no monthly fee. You just need identification, such as a license or a school ID.

Diane Sandoval is a financial coaching manager at Guadalupe Credit Union. She wants to give advice to the teens who make money but don’t really have a place to keep it safely: “Just come on into the credit union and ask someone to help you open the account. I suggest to put a few dollars into your saving account every paycheck or every time you get paid.”

Taking money out of your account isn’t difficult. You just need your card and a PIN number. You could go to an ATM, or go to a teller inside one of their branches. But with the teen checking account, you can only take out $100 per 24 hours.

The difference between debit and credit is that when you have a debit card, you can only withdraw money from your own account. With a credit card, you spend money that you don’t have, which could lead you into debt. Credit cards are basically borrowed money, and they come with high interest rates and late-payment penalties.

Ms. Sandoval explained, “Spending less on what you want now and saving up for it later is smarter. You don’t want to run out of money on buying a pair of shoes when you know you’ll need the money for food.”

There are three branches of GCU in Santa Fe: 1101 Don Diego Ave., 3601 Mimbres Lane, and 3721 Academy Road. You can find out more at this link: https://www.guadalupecu.org/teen-checking