Essential Money Management for Youth in Transition

Aging Out

A smooth transition into adult life is within your reach. Find essential tips written just for those aging out of the foster care system, including guides written by former transitional youth.

Foster Care Transition Toolkit: A toolkit for how to transition well into adulthood, plus info on post-secondary education and career options.
A Handbook for Youth in Foster Care: A handbook that explains the process of transitioning from foster care into the real world as an adult.
Moving on from the Foster Care System: Info for those seeking a home, finishing high school or college, and starting various training programs.
21 Things: It's "T" Time: A checklist of 21 things youth in foster care should do to prepare for transitioning out of foster care.
Financial Empowerment Toolkit: A toolkit for transitional youth and young adults in foster care.
Aging Out: A pamphlet on transitioning from foster care into adulthood, including necessary documents and emergency tips.
Social Media: Tips for Youth in Foster Care: A factsheet on the benefits and drawbacks of social media, plus tips on how to avoid conflicts caused by social media.
Things People Never Told Me: A toolkit written for youth transitioning out of foster care; includes tips from former transitional youth.
State Resource Finder: A state-by-state database on employment, housing, food, legal advice, and essential documentation.
What You Need to Know About SSI: Information on the Supplemental Security Income youth would receive as they turn 18.
SNAP State Directory of Resources: A state-by-state database of information on the Supplemental Nutrition Assistance Program (SNAP).
Housing Assistance for Youth Who Have Aged Out: Information about the Chafee Foster Care Independence Program for transitional youth housing assistance.
Casey Life Skills (CLS): A free online assessment tool to help aging-out youth determine their strengths and weaknesses.
Works Wonders: Career development and employment engagement program that provides skill training to transitional youths.

While you map out your long-term career development, consider a flexible online job to earn money. Our round-up of the best online jobs for teens offers options for everyone.

Financial Literacy Basics

For transitional youth entering adulthood, learning about financial literacy is one of the best things you can do.

Discover the essential info on banking, taxes, credit, and more in this list.

Foster Youth in Transition: Finances: Information on money management, banking, credit tips, bills, bankruptcy, and taxes written for young adults who are in or who have been in foster care.
Money Calculator Tools: A collection of practical finance calculators: a budget calculator, an income-based repayment calculator, a savings calculator, and a student loan debt/salary wizard.
Consumer Tools: Guides on common financial terms and what steps to take when making major financial decisions like getting an auto loan or buying a house.
Consumer Protection Basics: An easy-to-understand compilation on consumer protection concepts and how to apply these into one's daily life.

Banking

How to Open a Bank Account: Step-by-step guide on how to open a bank account, what documents to prepare and account features to look out for.
How Do Banks Work?: Learn how banks work, how they make money, and where they keep your money stored.
7 Common Bank Fees Explained: List of common fees that banks charge for their services and how to avoid unnecessary charges.
Credit vs. Debit: What's the Difference?: Direct comparison of a credit card and debit card and when to use them.
Checking vs. Savings Account: What's the Difference?: Detailed comparison of checking accounts and savings accounts, plus why you should have both.

Credit Scores and Reports

Your Credit History: How credit history works, what info is available on the report, and how to check your score.
How to Use Credit: What to remember before getting a credit card, how to get one, and factors to compare in choosing a provider.
Managing Debt & Credit: How debt affects your credit score, plus tips on how to deal with debt through budgeting and with the help of a credit counselor.
Credit Scores: How the credit scoring system works, plus tips on improving your score and how to be eligible for loans or insurance.
Understanding Your Credit: Details about credit: how it works, the importance of credit history, and credit score.
Credit and Your Consumer Rights: Importance of having a good credit rating for employment, loans, and insurance, plus important details of consumer laws.
What Is a Good Credit Score?: Details about two types of credit scores: FICO and VantageScore, plus which factors affect your credit score and how to improve it.
What Americans' FICO Scores Look Like: Typical FICO scores among Americans and how to make your credit score better.
What's in My FICO Scores?: How FICO scores are calculated.
Creating a Credit Profile: How to Build Your Credit: Steps to start building credit and how to maintain good credit history.
How to Rebuild Your Credit: Steps on how to rebuild a good credit score after financial crises or challenges.
Getting Your Credit Reports: How to request a credit report from Equifax, Experian, and TransUnion every 12 months.

Taxes

Get Tax Savvy: What You Need to Know About Taxes: Why paying taxes is important and how it benefits taxpayers.
Understanding Taxes: An online toolkit from the IRS about taxes.
How to File Federal Taxes for Free: A free, user-friendly software that helps users file their individual federal tax return, plus a lookup tool that helps users find free federal and state return options.
Understanding Taxes & Tax Law: An instructional site on taxes and the tax law.

Fraud and Identity Theft

Fraud Prevention 101: Basics of fraud prevention; what to do if you're a victim of fraud.
Avoiding Identity Theft: How identity theft works; tips on protecting personal information.
Protect Your Identity: Warning signs to help you identify potential identity theft.
When Information Is Lost or Exposed: How to protect yourself from identity theft.

Investing

How to Invest Money: Explains the basics of investing and how to get started, plus the best types of investments for beginners.
The Stock Market Game: A simulation game that teaches students to invest in the stock market.
Tips for Teens: Investment: Basics of investing, including the stock market, liquidity, risk, returns, and diversification.

Money Management Tips

Now that you know the basics of finance, find out which actionable steps you can take right now to achieve better financial health.

Money Management: 10 Basic Steps: Steps to manage money wisely and the importance of maintaining a good credit score, saving, and finding long-term investments.
Taking Care of Your Money: Information to be aware of when opening a bank account and using credit cards.
Tips for Teens: Safeguarding: Tips on planning for unexpected financial loss/incidents and how to lessen their negative impact.

Saving and Spending

Saving Money When You Shop: Ways of saving money when shopping for goods and necessities.
How Much Should I Save?: The go-to rule of thumb for saving money, plus how to save for goals or emergencies.
It's Never Too Early - Or Too Late - To Save: How to save money for a financial goal (even in small amounts).
How to Ace Your First Test Managing Real Money: Tips on saving money for all ages, including how to protect your money and spend wisely.
5 Ways to Cut Spending (and Still Buy Cool Things): How to make frugal choices when buying stuff.
What to Do When You Can't Pay Your Bills: Strategy for bill payment and how to manage debt properly.
Saving for a Rainy Day: Tips on how to start preparing the emergency fund and list of resources for safeguarding assets.

How to Budget

Money Management Strategies - 7 Steps to Build a Household Budget: How learning money management can help you avoid a financial crisis.
Making a Budget: How to make and manage a personal budget (includes a budget worksheet).
Online Budgeting Tools: A list of the 10 best online budgeting tools to help you manage your money, including some options that are 100% free.
Budgeting for College Students: How to budget through post-secondary school and the importance of setting short-, medium-, and long-term goals.
Budgeting Video: An informative video that teaches viewers how to spend their money wisely by balancing earnings and spending.
Budgeting Tips: Practical tips on how to follow through for better money management, including tips on separating "needs" from "wants."
Budgeting: How to Create a Budget and Stick With It: An informative guide on how to track income and expenses, creating and working with a budget, and managing bills to maintain a good credit score.

Healthcare Resources

The subject of healthcare may seem daunting, but you don't have to go it alone.

We've compiled a list of resources to help you keep your mental and physical health in check, plus info on substance abuse assistance and sexual health.

FindTreatment.gov: Directory of facilities that provide healthcare services for those suffering from substance abuse, addiction, and mental illness.
HRSA-Funded Health Centers: Search tool to find health centers funded by HRSA that provide mental health, substance use, pharmacy and oral health services.
National Association of Free & Charitable Clinics (NAFC): Organization that provides free and low-cost health care services to medically underserved people.
Paying for Treatment: How to pay for treatment, plus info on free or low-cost facilities.
Health Center Finder: Search tool to find health centers in the US , plus tips on what to say when reaching out to health centers.
Find a Dentist: Search tool to find a Dentist that accepts Medicaid and CHIP.

Mental Health Resources

The Lifeline: Free and confidential 1-on-1 support with a trained crisis worker, plus resources for those with depression.
Crisis Text Line: Free text support from trained crisis counselors for people suffering from any type of crisis.
SAMHSA Behavioral Health Treatment Services Locator: Resource directory of certified service providers for mental health problems.
SAMHSA Early Serious Mental Illness Treatment Locator: Resource directory of certified service providers for those seeking treatment of serious mental illnesses, such as psychosis, schizophrenia, bipolar disorder and more.
Health Insurance and Mental Health Services: Details about health coverage for mental health services, plus tips on how to handle paying for treatment when denied coverage.
Youth Test: Free online self-assessment tool to determine if you have emotional or behavioral difficulties.
NAMI Connection Recovery Support Group: Free support group that helps participants with mental health disorders.
OK2TALK: Program that provides a safe space for young teens to share their stories and struggles with a mental health disorder.
Report Cyberbullying: Step-by-step procedure on how to handle cyberbullying.
What Teens Can Do: Tips for teens on how to handle bullying.

Substance Abuse Resources

Tools to Quit Now: Tools to help someone quit smoking; includes the SmokeFree App that provides help to keep you motivated to stay on track.
Start Your Recovery - Teens: Info on the challenges of substance abuse; includes tips from former addicts and a search tool to find rehab centers near you.
Just Think Twice - Get Help: Tips on how to get help for substance abuse; includes hotlines and intervention resources to help you manage addiction.

Sexual Health & Family Planning

Sex+Health: Podcast about the importance of taking care of your sexual health; includes interviews with experts.
"The Point" Teen Clinics: Search tool to find free or low-cost clinics for sexual healthcare services.
Title X Family Planning Clinic Locator : Search tool to find providers for family planning and preventive health services.
Pregnancy Assistance Fund (PAF) Program: Program that helps expecting teens continue their studies or aim for higher education; includes info on child and parent health services and employment support.
Teen Pregnancy Prevention Program (TPP): Program funded by the Office of Population Affairs to reduce teen pregnancy rates in the US.
Birth Control Methods: List of contraceptive methods and their effectiveness.
TeleHealth: Free chat/text tool that provides access to experts for any sexual or reproductive health concerns.
Planned Parenthood Health Centers: A search tool for finding health centers and abortion clinics in the US.
AMAZE: Videos that explain various sexual health topics.

Housing

The importance of having a safe place to rest your head at night can't be overstated. If you're looking for affordable transitional housing, start your search here.

Transitional Living Program for Homeless Youth: Provides stable living accommodation for homeless youth; plus a toll-free phone number to call for finding the nearest centers that offer the program.
Family Unification Program (FUP): Program that provides housing assistance to transitional youth; includes eligibility criteria and how to apply.
Runaway and Homeless Youth Program Fact Sheet: Information about the services provided by the Basic Center Program (BCP), Transitional Living Program (TLP)/Maternity Group Home (MGH) Program, and Street Outreach Program (SOP).
Grantees of the Family and Youth Services Bureau: Search tool to find programs funded by the Runaway and Homeless Youth Program of Family and Youth Services Bureau.
Salvation Army Transitional Housing Program: Transitional housing program for homeless or aged-out youths with temporary shelter, food, and activities to help them regain independence.
Hillcrest Transitional Housing: Program that provides housing assistance and support services to transitioning adults with the goal of finishing their education.
Transitional Housing: Directory of transitional and sober housing which support system to help transitional youths to become independent.
HUD Resource Locator: Find nearby affordable housing opportunities, homeless facilities and elderly and special needs housing, plus info from the Housing and Urban Development offices and Public Housing Agencies.
Practical Advice on How to Find and Keep Housing: Tips from former transitional youth, volunteers, and community members to help young adults about housing.

Disability Resources

If you're living with a disability, there are plenty of resources to take advantage of. Discover your options for housing, insurance, and financial independence below.

Centers for Independent Living (CIL): State-funded program for persons with disabilities.
Independent Living Services (ILS) Program: Information on agencies and organizations that provide independent living services to persons with disabilities.
List of CILs and SPILs: A state-by-state directory of all Centers for Independent Living and State Plans for Independent Living.
Benefits for Children with Disabilities: Info on Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) benefits for adults disabled since childhood.
Supplemental Security Income (SSI) Benefits: Complete details about SSI; provides eligibility criteria and how to apply.
Social Security and Supplemental Security Income: Complete details about SSDI; provides eligibility criteria and how to apply.
What is the Ticket to Work Program?: Details about the Ticket Program that helps persons with disabilities toward financial independence.
Transition Quick Guide: A guide for transitioning youth with disabilities; includes checklist for health insurance, self-care, decision making, and career development plan.
Free Tax Return Preparation for Qualifying Taxpayers: IRS's Volunteer Income Tax Assistance (VITA) can help persons with disabilities file their taxes.
Achieving a Better Life Experience (ABLE) Act: ABLE is a special account that persons with disabilities use to save money without losing eligibility for Social Security and other government programs.
Medicaid & CHIP: Persons with disabilities can apply for Medicaid and CHIP to avail the free or low-cost health coverage.

Continuing Education

Education is an essential part of having a rewarding career. But where to start? Discover handy checklists, guides, and tips for college preparation, expenses, and potential career paths.

College Preparation Checklist: Checklist for students of any age on how to prepare for college both academically and financially, plus an overview of the different types of aid offered by the government.
Resource Compilation for Preparing for College: Resources provided by the Federal Student Aid to help students determine their career path to school selection all the way to budgeting their way through college.
Guide to Understanding College Costs: List of typical college expenses to help future students estimate how much money they will need to cover the whole semester.
College Navigator: An advanced search engine designed to help future college students find post-secondary schools based on their preferences, including short- and long-term programs offered by public and private institutions.
Get My Future: A navigator for users who would like to explore the different possibilities available as a next step for their career.
College Scorecard: A search engine of colleges, the programs they offer, and the corresponding costs and admissions, plus info on apprenticeships and career options.

Loans and Financial Aid

A loan can help you take big steps in life, like going to college or buying a car.

Below are some resources to help you know what to expect when applying for different types of loans and financial aid.

FAFSA Form: The Free Application for Federal Student Aid (FAFSA) form necessary for federal financial aid for college or graduate school.
Complete the Financial Aid Process: A guide on what needs to be done after completing the Free Application for Federal Student Aid (FAFSA) form, including how to compare offers.
Loan Simulator: The Loan Simulator is designed to assist future students in making decisions regarding student loans.
Types of Financial Aid: General information on financial aid, particularly the different types of financial aid sources.
Scholarship Finder: A comprehensive list of different financial aid sources categorized by the level of study, award type, location, and eligibility requirements.
FAFSA 4Caster: An estimator that will aid users in weighing payment options for college.
ETV Site: A website run by Foster Care to Success that finds scholarships for those who have come from foster care.
How to Get an Auto Loan: Tips on how to budget to make owning a car affordable, and things to remember to include in the budget after obtaining the loan.
Take Control of Your Auto Loan: A Step-by-Step Guide: A guide about budgeting for an auto loan and factors to consider so you can afford it.

Insurance Resources

Insurance provides essential protection for various parts of your life: your car, your home, and your health (just to name a few).

Get the protection you need with these resources below.

What You Need to Know About Insurance: Basics of renters insurance, health insurance, and car insurance, plus how to evaluate which insurance a transitional youth needs.
Best Car Insurance for Young Adults: Discover which companies offer the best deals for young adult drivers, plus how to choose the best coverage for you.
Health Insurance for Young Adults Out of Foster Care: Medicaid coverage for transitional youths between 18 and 26, including eligibility criteria and how to apply.
How to Get (or Stay) on a Parent's Plan: Health coverage for young adults below 26 under a parent's insurance plan.
Arizona Only: Young Adult Transitional Insurance (YATI): No-cost (or low-cost) health coverage for transitional youths in Arizona, covered by the Arizona Health Care Cost Containment System.
Michigan Only: Foster Care Transitional Medicaid (FCTMA): A form of Medicaid for transitional youths in the Michigan Department of Human Services. Eligible for young adults, transitional youths between 18 and 26.
California Only: The Affordable Care Act for Former Foster Youth: Free Medi-Cal coverage for former transitional youth in California, including vision exams, substance abuse treatment, mental health services, counseling, and dental care.

State-Specific Resources

It's smart to seek out resources provided by your own state too. Start your search for state-specific aid here.

Iowa: Transition Information Packet for Teens: An important guide for transitioning youths to help them prepare for the adult world.
Iowa: Iowa Aftercare Services Network (IASN): Support program in Iowa for youths aged out of foster care, including guidance for a successful transition.
Texas: Transitional Living Services: Experiential life skills training, Preparation for Adult Living (PAL) programs, college tuition, medical coverage, and more.
Michigan: Youth In Transition: Provides services for transitional youth to achieve self-sufficiency, plus eligibility criteria, how to apply, and coverage of the program.
Alaska: Independent Living Funds: Independent Living Funds to cover expenses for daily life; provides details about the eligibility criteria and how to request funds.
Michigan: Youth Opportunities Initiative: List of available programs for transitioning youths in Michigan, including a financial literacy program that provides financial training and helps participants open a bank account.
Kentucky: Independent Living Programs: Provides services to help transitional youth to achieve self-sufficiency; includes eligibility criteria and how to apply to different funded programs.
South Carolina: Chafee Independent Living Program and Educational and Training Voucher Program: A state-funded program that provides services to help transitional youth to achieve self-sufficiency.
Oregon: Independent Living Programs: A state-funded program that provides services to help transitional youth achieve self-sufficiency; includes details about eligibility criteria and how to apply to different funded programs.
Arizona: Young Adult Program: A state-funded program that provides services to help transitional youth achieve self-sufficiency; includes details about eligibility criteria and how to apply to different funded programs.
Los Angeles: Independent Living Program: Financial assistance and services for current or former transitional youths in Los Angeles county.
Los Angeles: YES's Transitional Living Program (TLP): A support program that provides temporary housing and helps transitional youth learn how to become self-sufficient.
Missouri: Older Youth Program: A program under the Missouri Department of Social Services with the goal of helping transitional youths achieve self-sufficiency.
St. Louis County: Chafee Foster Care Program: Helps transitional youths achieve independence by providing education, financial, and employment assistance.
California: San Francisco Independent Living Skills Program: A support program that provides guidance and services for transitional youths to help them achieve self-sufficiency.
California Only: Larkin Street Youth Services: A nonprofit organization that provides programs to help young adults avoid homelessness and to become successful adults.
South Dakota Only: Independent Living Program: A program that supports and aids youth in South Dakota for a successful transition.

State Opportunity Passport Programs
This program provides financial education for transitioning youths and provides access to the matched savings program.

State Resources for Higher Education
Hoping to get your degree? A good place to start is your state's Department of Education website. Find yours on this list.

Bottom Line

Whether you're on the hunt for affordable housing or learning the ropes of financial literacy, there is plenty of info out there to help you get ahead and thrive.

And, yes, it's a lot to process. But don't worry about nailing it all right away. Adulthood is a journey, not a destination (I read that on a fortune cookie once).

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.