In 2003, teens spent an average of $103 per week — a total of $175 billion, according to Teen Research Unlimited. That's $169 billion dollars more than the budget for the state of New Mexico, which is $6 billion, and $36 billion more than the 2006 budget for the state of Texas. And the numbers will keep rising, according to The Census Bureau, which estimated the U.S. teen population at 33 million individuals in 2003 and predicted the population to continue to grow until 2010.

However, for some teens, money is taken for granted because the cash is coming from parents and relatives — they spend money, but are not always aware of how to save money.

"I spend probably $200 a week," says Gary Rivera, a local teenager. "The money comes mostly from my parents," he added, proudly displaying a new pair of snowboarding gloves.

And even if teens are working to earn their money, Rivera thinks most teens tend to spend it as fast at they earn it, who admitted he hasn't really thought too much about saving his money.

But now, Del Norte Credit Union has a program, called Score, to help teens learn how to manage their money. Teens create a bank account and learn about saving money.

"Score will definitely raise awareness among teens," says Anette Hernandez, who is the member and community educator for Del Norte Credit Union.

"Our program will explain the responsibilities of bank accounts and credit cards in a visual and interactive way that teenagers will enjoy," she said, showing a prototype Score credit card with eye-catching designs.

The credit union offers a money-awareness program called Baxter's Bunch, aimed at elementary-school kids, but Score is its first program for teens.

"Score continues the money education where Baxter's Bunch leaves off," Hernandez said. "Teens already using a Del Norte Credit Union bank account will be able to switch account types to a Score one."

Hernandez added that Score accounts boast an extra 0.25 percent interest rate
and members don't have to change account numbers.

Score will allow teens to invest their money in a CD (a certificate of deposit, not the disc) at a higher interest rate for 12 moths on investments of $500 or more. And you can even withdraw money, without a penalty, from your CD as long as it is used for educational purposes, like a new computer equipment, a class trip or special classes and courses.

When items like iPods, cell phones and even cars are tops on a teen's wish list, it is important for teens to learn good money habits.

Besides Del Norte Credit Union, you can check www.moneyinstructor.com/saving.asp for financial advice. Who knows, maybe saving money will make you rich.



Vaughn Fortier-Shultz is in eighth grade at Academy for Technology and the Classics. You can reach him at moosemanxl@gmail.com