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Young Adult

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?

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.  American National Bank of Mt. Pleasant offers the following savings option:

Regular Savings Account
Simple, interest-bearing savings with no regular service fees 

Money Market Accounts
Interest-bearing checking with limited check writing and monthly withdrawals, interest rates based on balance tiers    

TUTMA Savings Accounts
For minors under the age 18, interest-bearing savings with no regular service fees. When you are 18, you may open a savings account on your own. Younger students and children qualify for a TUTMA account, where your parents open the account on your behalf in their name. Your parents are the only ones authorized to make withdrawals from a TUTMA account.

   

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.  American National Bank of Mt. Pleasant offers the following checking account options for young adults:   

Consumer Regular Checking
Simple checking with unlimited check writing and no regular monthly service fees

NOW Account 
Interest-bearing checking with unlimited check writing and monthly withdrawals   

American Eagle Checking Account
C
hecking with accidental death insurance benefits, amounts vary   

When you are 18, you may open a checking account on your own. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank. This option is available for teens 16-18. 

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 - American National Bank of Mt. Pleasant offers several options to help you save for 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.

 

  • 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 help determining the best accounts and products for sound and productive money management during your Young Adult Life Stage, please contact us at (903) 572-1776 or email us at info@anbmp.com.

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