High School savings plan

Parents always tell their kids to save from a young age because they know how powerful interest is but what they don't tell you is which account to open. When you're 16 or 17 you don't really have any expenses, so you should be able to keep about 90% of your net pay and that should be placed into a money market and not a savings account. All banks have a higher interest rate for money market and over 2 years that's a couple hundred dollars extra that can go to other needs that you'll have after high school such as housing or a car or books for college. The best way to do this so that you can enjoy your money, when you're still in high school, is to open the money market as soon as you have a job then keep $10 or $15 of each paycheck for yourself, and it can go to whatever you want, then with 85% of what you have left goes into the money market account and the other 15% goes into a savings/checking account. Once your saving/checking account has $1,000 - $1,500 you can stop putting money it it that account should be used for emergency situations like your car breaking down or damage to your apartment. Although it may seem like a lot of maintenance after 3 months it should be fairly routine and it'll make a huge difference in the long run.