Student: Teen & College Age
Learn to manage money and prepare for the cost of higher education
You may still rely on financial help from your parents or other family members, but it’s not too early to start cultivating sound money-management habits. Many financially sound adults accomplished their goals through careful financial planning that began when they were students.
Anderson Brothers Bank provides a tool, "Checking Navigator", to help you understand the basics of checking accounts and how to avoid costly overdraft charges.
Learning to save money in your teens and college years is an excellent habit that will train you to be a good money manager for the rest of your life. Set goals for your money and start saving NOW. If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.
Anderson Brothers Bank offers saving accounts designed for students:
- Regular Savings Account - deposit regularly, limited withdrawals, Initial $100 deposit required
- Certificates of Deposit - Certificates of deposit (CDs) pay a guaranteed interest rate, making them an excellent short and long-term investment.
When you are 18, you may open a savings account on your own at the bank. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank.
A checking account provides a means to learn how to responsibly handle cash, make smart financial decisions and keep track of your spending records. Whether you use a debit card or paper checks, your checking account can help you manage your budget, including paying your bills on time and balancing your checkbook. Great tools for managing your account are eBanking and Mobile Banking. With these good habits, you can start building a good credit reputation NOW.
Checking Navigator is provided as a tool to learn basics of maintaining a positive checking balance and avoid costly overdraft charges.
- Super Checking Initial $100 deposit required, No minimum balance required, ATM/debit card available, Free Internet Banking and Mobile Banking
- Rewards Checking - a checking account like Super Checking that has cash rewards and ATM refunds for using your account debit card for everyday purchases.
When you are 18, you may open a checking account on your own, at the bank. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank.
Plan in Advance for College – It’s never too early for pre-college students and their families to identify and earmark the financial resources they have available to fund a college education—whether from savings, loans, grants, scholarships or work income.
- Home equity loan or line of credit - Even with careful planning, sometimes savings simply aren't enough to cover the high cost of college.
- Federal Financial Aid for Higher Education (FAFSA) – All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines which can be found at http://www.fafsa.ed.gov/. Applications for federal student aid may also be available from your high school counselors, public library or college financial aid office.
Tips for Effective Financial Management:
- Set a savings goal and keep track of your progress.
- If you have a job, don’t spend everything you make.
- Record ALL your transactions daily for your checking and savings accounts, whether they are made with debit or credit cards or paper checks and deposit slips.
- Know your account details such as overdraft charges, interest rates, withdrawal restrictions, minimum balances, etc.
- Try Checking Navigator for tools to help you manage your accounts.