<prompt> Human: As a high school student who should go to college in the fall Im interested in learning engineering, I realize I know absolutely nothing about how to adult. In reading through the wiki, I dont understand the first thing about what banking really is--whats a credit union and what are the practical uses of banking? Also, what is tax and what is filing tax? These questions might sound a bit inane, but I guess they are--I know nothing and dont know where to start I dont really have people to ask either.tldr: Please point me to resourcesbooksetc to understand the basics adult life what is: taxbanksjobscollegeetc..EDIT: Im not sure if this should go into the weekly thread--if it should, please tell me and thanks!---edit2: Thank-you so very much for all the replies! Im reading all of them and its giving me a better picture about what Im getting into growing older--and if Im not responding its because Im not sure what to think about next. And to those wondering: In retrospect I do sound like a troll, but..I grew up without learning about moneylife and the only thing I know is school which is really bad, I know. As for college, well, my parents basically told me apply to schools and dont worry about the financial stuff yet.  <response>: How to Money 101Practical use of banking: to store money. At this point, you need it for no reason other than that. That means no borrowing money on credit cards; you need only a checking account a place to store money you already have, a debit card a card that will allow you to spend money in that checking account, and a savings account where you can put money to accrue a little bit of extra money called interest. You cannot spend more than you have in your checking account, or you will receive penalties, so its a nice safety net. Credit unions, btw, are essentially non-profit banks. Theyre smaller and usually have higher saving rateslower fees. Some people like them, some dont. Its personal preference.Do you know where youre going to college yet? If so, I strongly recommend you see if they have a financial class you can take your first semester ask your advisor when you enroll. If not, I would highly suggest you go to a community college first until you get your financial knowledge set. You need to apply for scholarships money that will not need to be paid back. Contact your colleges financial aid office to find out how to do this as an incoming freshman sometimes youll need to fill out an additional form, sometimes not. You can also apply for local scholarships ask your high school advisor where to find these and national scholarships, like those on places like scholarships.org. National scholarships are, generally speaking, much harder to get than local and university ones, so focus your attention on those first. Be aware of deadlines, and ALWAYS turn in your info on-time. EDIT: note that some scholarships will require certain things, like that you fulfill volunteer requirements or maintain a certain GPA. If you dont fulfill these requirements, you may need to pay the scholarships back in full at the end of the semester or year, possibly with a penalty. Stay on top of requirements to ensure that doesnt happen.You should get a loan money that will eventually need to be paid back if and only if you absolutely need it for school. This is a nice primer on the difference between subsidized and unsubsidized loans. To receive one of these, youll need to submit a FAFSA see below. You should try to pay for college with scholarships and savings first before you take out loans.You also need to submit a FAFSA This will allow colleges and the federal government to see how much financial aid youre eligible for. If you do not fill this out by February 31st, you will NOT get need-based help. This is very, very important. Do not neglect it. Even if you dont know where youre going yet, fill it out. Youll need your parents tax information, as well as yours if you worked at all this past year more on that below.Im assuming you dont have a job. This summer, get one. Open up your checking account first, and set up direct deposits to this bank account. This will put some money in the bank for you. Decide how much of your paycheck you want to go to savings Id suggest something like 10-25 for now, and DONT touch that money unless you are in a dire crisis. Thats your emergency fund. If you have any extra cash right now, do the same thing with that: put 75-90 in checking, and the rest in savings.If you are currently getting any income i.e. you have a job, or if you did at any point this year, youll need to file taxes. Basically, you tell the government how much you made, and they decide whether they should give you back money or take some from you, depending on a variety of factors. It should be pretty straightforward for you, since you wont have many if any deductions. There is free software out there for you if you search for it; otherwise, you can also ask your parents to help you my moms CPA does mine for free since its pretty straightforward. The filing deadline is April 17th; you will need to have it done by then. If you arent receiving any income, you wont need to file taxes, but remember the info for next year.Youll also need to create a budget, once you have money in the bank. This is literally just a list of everything you spend money on expenses and how much they are each month. Never spend more than you make remember, your checking account wont let you!. Some sample expenses once you move out are: rent, food, tuition and fees, books, insurance, phone bills, utilities, etc. Cut out unnecessary expenses for now that means Netflix, Spotify, video games, etc. until you know how much everything will cost you. Apps like Mint will help you keep track of all of this, but I also recommend that you sit down and do it with pen and paper.EDIT: broken link 