Online Banking

  • Personal
  • Business

Student: Teen & College Age

Text Size:


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 itís 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. 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.

Clearfield Bank & Trust offers saving accounts specifically designed for students:

When you are 18, you may open a savings account on your own 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.


2. 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.

3. Plan in Advance for College

Itís never too early for pre-college students and their families to identify and earmark the financial resources they have available to fund a college educationówhether 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 Plan - Clearfield Bank & Trust recommends several options to help you fund the cost of a higher education. Itís OK to start small, but start now with a college savings plan that both you and your parents can contribute to:

  • Through Clearfield Bank & Trust you can access products designed to help you fund your child's higher education.   
    • 529 Plan - Tax advantaged savings and certificate of deposit options available through 529 College Savings Plan when funds are used for education.   
    • Federal Financial Aid for Higher Education (FAFSA) Ė  All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines which can be found at  Applications for federal student aid may also be available from your high school counselors, public library or college financial aid office.

Convenient Services Ė Conserve time, money and paper with Clearfield Bank & Trustís convenient online banking, online bill pay and e-statements.


Tips for Effective Financial Management
  • Set a savings goal and keep track of your progress.
  • If you have a job, donít 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 practices and products for sound and productive money management during your Student Life Stage, please contact us at 1-888-765-7551 or email us

When you are 18, you may open a savings account on your own.  Younger students may open checking accounts with a qualified co-applicant.