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.
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 help determining the best accounts and products for sound and productive money management during your Student Lifestage, please call us at (314) 428-1000 or contact us.
How can you start on the path to sound money management?
Become a star 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. If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.
St. Johns Bank offers savings accounts specifically designed for students:
- Members earn prizes as their money grows
- Members and their families are invited to a free, fun event each summer
- Interest is earned on the ledger balance
- Interest is paid and compounded quarterly
- Standard transaction fees and monthly service charges are waived
- Statements are mailed quarterly
- Account automatically transfers to a Statement Savings Account once the member turns 18 years of age
- Six free debit transactions per month. A $2 fee will be assessed for each additional debit.
- Interest is earned on the ledger balance
- Interest is paid and compounded quarterly
- Just a $200 minimum daily balance required to avoid a monthly fee of $3
- Statements are mailed quarterly, fees assessed monthly
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.
St. Johns Bank offers checking accounts specifically designed for students:
- Unlimited check writing
- FREE 24-hour TeleConnect telephone banking
- FREE NetConnect online banking
- FREE NetConnect online bill pay
- FREE Visa check card or ATM card
- Unlimited no-charge St. Johns Bank ATM transactions
- FREE initial supply of duplicate checks (20)
- FREE notary service
- Automatic transfer to savings available
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.
College Savings Plans - St. Johns Bank & Trust Company offers several options to help you fund the cost of a 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:
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 through St. Johns Bank and also may be purchased online.
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. Applications for federal student aid may also be available from your high school counselors, public library, or college financial aid office.