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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?

1. Begin Saving

Learning to save money in your teen 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.  First Heritage offers a savings account specifically designed for students:

2. Start a Checking Account

It’s also important to start a checking account, establish credit and bank online to learn to handle cash responsibly, make smart financial decisions and keep track of your spending. To help, First Heritage offers CU Succeed, a package of special products and services.

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 out how you will finance a higher education.

4. 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 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:

  • Know your account details such as overdraft charges, interest rates, withdrawal restrictions, minimum balance, etc.
  • 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.

For help determining the best accounts and products for sound and productive money management during your Student Life Stage, please contact us at 607-936-4667, (toll free) 800-833-3338 or email us at info@fhfcu.org.

Warning: Email is not a secured method of communication and personal information, such as account number, date of birth and social security number should not be included in any email communications.

Everyday Heroes Program

First Heritage recognizes local students through our Everyday Heroes program.  Students are chosen based on community involvement, kindness to others, and tutoring/mentoring fellow students.  Click here for more information.