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Workbook
Chapter 4 — Teen Money Mastery

Banking, Credit
& Debt

Know the rules before the game starts — or the game plays you.

The financial system is designed for people who understand it. This page makes sure that's you. Fill it out, do the math, and walk away ready.

Bank Comparison Worksheet Research It

Compare two banks or credit unions before you open an account. Look up their websites or apps and fill in what you find.

Option 1
Option 2
I'm going with:
Decode Your Paycheck Real Numbers

Got a paycheck or pay stub? Fill in your real numbers below. No job yet? Use this example: $10/hr × 20 hrs/week × 4 weeks = $800 gross.

Gross Pay (what you earned) $
Federal Income Tax − $
Social Security (6.2%) − $
Medicare (1.45%) − $
State Tax (varies) − $
NET PAY (what hits your account) $
Always budget from your NET pay — never your gross. The difference between those two numbers is money you never actually see.
How Credit Scores Work Know Your Number
Payment History
35%
Amounts Owed
30%
Length of History
15%
Credit Mix
10%
New Credit
10%

✓ Do This

  • Pay every bill on time
  • Stay under 30% of your credit limit
  • Become an authorized user on a parent's card
  • At 18, start with a secured or student card
  • Keep older accounts open

✗ Avoid This

  • Missing even one payment
  • Maxing out your card
  • Opening multiple cards at once
  • Closing your oldest account
  • Ignoring your credit report
The Debt Danger Calculator Eye Opener

See how much a purchase really costs when you carry a credit card balance. Type in any amount and watch what interest does to it.

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Parent + Teen — Do This Together

Conversation Corner

  • Walk me through how credit cards actually work in our house — do you pay in full every month?
  • What's your credit score range, and what's one thing that helped you build it?
  • Have you ever been in debt that felt hard to get out of? What did that feel like?
  • Can you add me as an authorized user on one of your cards to help me start building credit?
  • What would you do differently with banking and credit if you were starting over at 17?
Wealthy Roots · Teen Money Mastery
Chapter 4 · Banking, Credit & Debt
© 2026 Wealthy Roots · For education only, not financial or tax advice.