Learning Dollars & Sense: Juliana Takes the Fear Out of Finances

Many teens dream of learning to drive. But my transportation dreams are a little loftier: I also want to learn how to fly. I was tired of relying on my family for rides, and driving to the airport daily for flight training just wasn’t possible. Until, suddenly, it was!

Last fall, I finally was able to purchase my own car, allowing me to travel freely — including to flight school. This is just the start of what I’ve been able to accomplish. It’s taken a lot of planning and discipline, but with my Boys & Girls Club’s support, my journey is only beginning.

Investing in My Future

I started going to my Boys & Girls Club in fifth grade, the same year Hurricane Irma struck my community. I quickly observed how united the Club staff was in rebuilding our community. When our house lost power for days, the Club gave us hot meals and resources.

I also began to understand money more through my Club’s “Money Matters: Make It Count” program, offered by the Charles Schwab Foundation. In the hours after school, Club staff guided me step-by-step in budgeting, saving and managing debt through real-world scenarios. Not everything clicked right away, but as I got older, I got savvier.

In 10th grade, I used my Money Matters skills to successfully run my own business selling baked goods. Towards the end of my junior year, my focus shifted to saving for college. Computer and data science have always fascinated me, and I was set on studying financial engineering. I knew I needed to be proactive, not reactive; in budgeting for college, my own car and getting my private pilot’s license.

In other words, I needed to find a way to control my money instead of allowing it to control me. That’s when I learned the 50/30/20 rule.

Using the 50/30/20 Rule to Support My Family

The 50/30/20 rule is a straightforward budget: setting aside 50% of income for essentials, 30% for wants, and 20% for savings. Sticking to this rule, I created a spreadsheet to manage my needs, desires and savings each week. I made adjustments for special occasions, like buying holiday gifts or allocating extra funds from my competition wins.

My financial knowledge also helped support our household of thirteen, especially when money was tight. After sharing my Money Matters worksheets with my parents, we created our first-ever family budget.

I began balancing saving my weekly paychecks while helping to cover household expenses. For example, if last month’s phone bill was $100, I set aside $25 weekly to cover it this month. Being able to ease some of my family’s financial stress means the world to me.

My Financial Advice for Teens

I’m proud to have crossed off some big milestones. I bought my own car, started flight lessons, and will receive my pilot’s license soon. This fall, I’ll start at Columbia University. There, I’ll study financial engineering, applying cost reduction and efficiency optimization strategies for companies like Virtufinance and Boeing.

I have no doubt that my Money Matters lessons will continue to pay off in college. As this year’s Money Matters program ambassador, I also aim to inspire other Club Kids to plan financially for their futures and share their learnings with family.

Spoiler alert: getting into smart financial habits can be tough. Setbacks happen, but it’s important not to be too hard on yourself. I believe in the saying, “A closed door is just one knock away from opening.” This holds true for financial challenges, too. Remember, there’s always a chance to move forward.

For more than 20 years, the Charles Schwab Foundation has supported the Money Matters: Make it Count program to equip youth and teens with financial literacy skills and teach habits of financial responsibility and independence.