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 member, 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.
Take a look at the following steps that can help as you travel down this path.
Learn to manage money and prepare for the cost of higher education.
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. Our Consumer Bankers suggest you 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.
Peoples Bank & Trust offers saving accounts specifically designed for students:
- Building Block Savings – This is a great account for students under the age of 21. It can be opened with as little as $10 and is service charge FREE. It offers an attractive interest rate which is paid on a quarterly basis.
- Target Savings – This account is similar to the old Christmas Club only you get to choose the special event (like household emergency fund) that you are saving for and you choose when you withdraw the money.
When you are 18, you may open a savings account on your own, Younger students may open savings accounts with the co-signature of a parent, and you need to do this together inside the bank.
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.
Please contact one of the Consumer Bankers at Peoples Bank & Trust today to get started on planning for your future. You have many financial goals to attain and we’re ready and willing to help you ensure they’re achieved.