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.

How can you start on the path to sound money management?

img_LsStudent
1. 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.

ACTIVE - is a non-interest bearing account that is eligible for BCT Rewards.

Individuals 18 and older may open an account on their own. Individuals under the age of 18 may open an account with a parent or guardian as a joint owner.

 

2. Become a "Star 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.

BCT offers several saving tools:

Individuals 18 and older may open an account on their own. Individuals under the age of 18 may open an account with a parent or guardian as a joint owner.

3. 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. Here are some sources to help you and your parents plan how you will finance a higher education:

  • College Savings Plans - One Financial Center at BCT offers several options to help you fund the cost of a higher education.
  • US Government EE Savings Bonds – EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These are available online at http://www.treasurydirect.gov/
  • 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.

FOR MORE INFORMATION

Request information online or contact one of our convenient locations:

Charles Town 304-725-8431
Harpers Ferry 304-535-6336
Kearneysville 304-876-2563
Martinsburg 304-262-0089
Hedgesville 304-754-0000
Hagerstown 301-739-4228