Effective Strategies for College-Bound Teens to Make the Most of Their HYSA

Maximize Your High-Yield Savings Account Potential with These 3 Effective Tips

Finishing high school and knowing that college is in your future is so exciting. Your world is full of possibilities, and while you might not be financially independent from your family yet, your college years are a great time to start breaking away and becoming a full-fledged adult. Savvy grown-ups know that a high-yield savings account (also known as a HYSA) is one of the best financial assets you can have, because you've got a safe place to keep cash and it'll even earn interest.

1. Set goals for your money

Having separate parts of your savings account for different goals means it's easy to check your progress toward them. And creating those goals can be a powerful impetus to save more money -- there's really nothing like watching those balances grow.

2. Earmark some for emergencies

Living paycheck to paycheck stinks, and it's expensive. The sooner you get in the habit of maintaining an emergency fund, the better off you'll be in the future, when you're ideally standing on your own two feet from a financial perspective.

3. Make it automatic

A higher savings account balance (and more interest earnings) will be your reward for making this simple move.

If you're headed off to college in the fall, you've likely got a million things on your mind. But if you've got these moves on your radar and can put some into practice, you can ensure you start adult life on the right financial foot. And trust me when I say that's worth it.