Teen & College Age

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?

Become a TCSB Saver   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. Goals like purchasing your first car or saving for college. If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.  Savings - Our regular savings account offers competitive quarterly interest and access to your funds with the The Community State Bank ATM Card. You can get started on the savings road with as little as $100 as your initial deposit.  You will receive a statement every quarter to keep up with your saving progress.

EZ Checking - A great no frills account that has a low maintenance charge of only $3 per month, offering check writing privileges plus the added convenience of a MasterCard Check Card to qualified customers. Add online banking, Bill Pay and access to statements online to create a convenient account for your fast past life.

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 – The Community State Bank offers several options to help you fund the cost of higher education. It’s OK to start small, but start now with a college savings plan that both you and your parents can contribute to:

Certificates of Deposit (CDs) - CDs can be purchased for as little as $1,000! We offer CDs to individuals or organizations who wish to safely invest their money for a given period of time. Our interest rates are very competitive and are determined by the dollar amount you're investing and the length of time you plan to invest your money. CDs are available for different periods of time ranging from 90 days to 18 months. Penalties apply for early withdrawal of funds. Contact a member of our staff for additional information.

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 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 savings goals 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 help determining the best accounts and products for sound and productive money management during your Student Lifestage, please contact us at 918-647-8101 or visit your local banker at your local branch.