STUDENT: Youth, Teen, & College Age
Learn to manage money and prepare for the cost of higher educations
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.
How can you start on the path to sound money management?
1. Become a Lifelong Saver
Learning to save money in your teens and college years is an excellent habit that will train you 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.
Greenfield Banking Company offers accounts designed for students:
- Youth Savings – a savings account with no service fees through age 18.
- Regular Savings Account – use after the Youth Savings account to continue saving.
When you are 18 you may open a savings account on your own; until then you can have an account with your parent or guardian.
2. Start a Checking Account
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. With these good habits, you can start building a good credit reputation NOW.
Greenfield Banking Company offers checking accounts specifically designed for students:
On Campus Checking – electronic statement notification, online banking, debit card and other benefits help make this account the ideal account for the learning crowd.
When you are 18, you may open a checking account on your own, either online or 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.
3. Plan Now 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.
Greenfield Banking Company offers resources to help you and your parents plan how you will finance a higher education:
- Savings Accounts – Youth, Regular & Premium Savings accounts help you accumulate and grow your money.
- Money Market Accounts – as your savings grow, earn higher interest rates in our Money Market Accounts
- Check into the many options in the 529 College plan for the State of Indiana.
- US Government EE Savings Bonds – EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education.
- 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 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.
For help determining the best accounts and products for sound and productive money management during your Student Lifestage, please contact us.
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