A Simple Guide to Building Smart Money Habits from Day One
Opening your first bank account is an exciting step toward handling your own money. Maybe you just got your first job, started college, or want to save for something big.
Knowing how checking and savings accounts work can help you keep track of your money, avoid mistakes, and start building good financial habits early. This guide breaks it all down so you can feel confident managing your money.
What’s the Difference Between Checking and Savings Accounts?
Checking accounts are for your day-to-day spending—such as buying lunch, paying for subscriptions, or filling up on gas.
Savings accounts are for setting money aside and helping it grow over time. For example, you might be saving for college or a pair of running shoes.
Think of them as a team: your checking account handles what you need now, and your savings account helps you reach your future goals.
Learn more about M&T Bank Checking and Personal Savings.
Using a Debit Card Responsibly
When you open a checking account, you’ll usually get a debit card that’s connected to it. You can use your debit card to buy things in stores, shop online, or withdraw cash from an ATM. The money comes straight from your checking account—so it’s important to spend only what you have. Otherwise, your account will get overdrawn.
Here’s how to use your debit card wisely:
- Keep track of your balance. Each time you swipe, tap, or withdraw cash, the money is taken out right away
- Use your bank’s app. Keep an eye on your account activity to see your recent purchases and avoid overspending
- Know your PIN. This is your personal security code. Never share it with anyone, not even friends
- Watch for fees. Some ATMs charge a fee if they’re not part of your bank’s network. Use your bank’s ATM locator in the app to find free ones
- Protect your card. If it’s ever lost or stolen, tell your bank immediately so they can lock your account and send you a new card
Learn more about M&T Debit Cards.
Quick Tips when you’re starting out
Check your account often. It takes less than a minute, and it helps you stay on top of your balance and spot mistakes early.
Download your bank’s mobile app. This makes it easy to check your balance, move money between accounts, and spot any unusual activity—right from your phone.
Track your spending. Know where your money is going. Checking your balance before you spend helps you stay on budget and avoid overdrafts.
Give every dollar a job. Even small amounts can go toward goals—like saving for a trip, new tech, or college costs.
Name your savings goals. When you label your savings (“Car Fund” or “Concert Money”), it’s easier to stay motivated.
Set reminders. Use your phone or banking app to remind you when bills or transfers are due, and use M&T Alerts for things like low account balance notifications and fraud protection.
Protect your info. Never share your PIN, password, or account number. Keeping your information private keeps your money safe.
Celebrate small wins. Saving $20 might not sound huge, but it’s proof that you’re building good money habits.
Money Moves to Master This Month
Ready to put your new skills to work? Try these easy steps to start using your accounts with confidence.
- Download M&T Bank’s app
- Check your balance twice a week
- Transfer $10 to savings
- Set a goal for what you want to save this month
Frequently Asked Questions
If you’re just getting started with banking, these quick answers can help clear up common questions.
M&T Bank Alerts are available for your M&T Card through M&T Online Banking. Suspicious activity alerts regarding certain potentially fraudulent activity on an M&T Card are sent via email to customers with no mobile phone number on file via email. Customers with an updated mobile number on file can receive two-way alerts that enable them to respond and verify validity of suspicious transaction. Alerts are designed to be a helpful account management tool, but they do not identify all potential fraudulent activity and are not a substitute for security and fraud precautions including, but not limited to, verifying statements and being aware of your outstanding payments and available balance. For your protection, “suspicious activity” and “card PIN change” email alerts cannot be disabled. M&T Bank is not liable for any losses customers may incur due to an alert not being delivered. Your mobile carrier’s text messaging and data charges may apply.
Do I need both checking and savings accounts?
Yes—each one does something different. Your checking account is for everyday spending, and your savings account helps your money grow.
Can I open an account if I’m under 18?
Usually, yes! You’ll just need a parent or guardian to open a joint account with you, such as M&T Starter Savings.
How can I build good money habits early?
Start by checking your account often, setting small savings goals, and being proud of every dollar you save.
See more FAQs about opening an M&T Checking Account.
Use our Savings Calculator to see how much you need to deposit upfront to meet a savings goal.
Next Steps
Want to learn more about managing your money? Explore M&T Bank’s Student Banking resources and interactive guides to build your skills and start saving smarter today. Learn more >
This article is for informational purposes only. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. Please consult with the professionals of your choice to discuss your situation
Use of M&T Digital Banking requires an internet connection and compatible device. Availability and performance may vary based on your device, network, or other factors outside of M&T’s control. The service or any of its features may be changed, suspended, or discontinued at M&T’s discretion. While M&T Digital Banking is free for customers with an eligible account, fees may apply to certain optional services. Carrier messaging and data rates may also apply. See the Digital Services Agreement for more details.