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Flanagan State Bank’s Life Stage Strategies

Student: Teen & College Age

Learn to manage 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. Start Saving NowLearning 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.

Flanagan State Bank offers saving accounts specifically designed for students:

Regular Savings– Minimum to open is $50. For balances under $50, there is a $3 service charge per month. Accounts for minors will not incur a low balance service charge.

When you are 18, you may open a savings account on your own at any bank location. Younger students may open savings accounts with the co-signature of a parent.

2. Start a checking accountA 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.

Student Checking– Entirely free checking account, minimum $100 to open. No minimum balance or service fees. Monthly statement with check images.

Statement Checking– Entirely free checking account, minimum $100 to open. No minimum balance or service fees. Monthly statement with no checks or check images.

Personal Checking– Our standard checking account with minimum $100 to open. Service charges apply for balances under $300. Monthly statement with check images.

When you are 18, you may open a checking account on your own at any bank location. Younger students may open checking accounts with the co-signature of a parent.

3. Plan in Advance for CollegeIt’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 – Flanagan State Bank 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:

529 Plans – 529 Plans offer the investor tax-free savings if the money is used for qualified education expenses. Flanagan State Bank, with its partnership with CAPS Financial Group, can explain how 529 Plans can help you save tax efficiently for college. Contact Matthew Schwerin at 309-661-6333 for details.

U.S. 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 at Flanagan State Bank. 

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.

When you are 18, you may open a savings 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.