Planting

Planting - Age 16-23 / Students

1. Become a saver.
   
   Saving money during this season of life is an excellent habit that will train you to be a good money manager years into the future. Set goals for your money and start saving now. A good rule of thumb to follow is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate savings accounts hat you can easily access. Farmers Bank & Trust offers accounts to help you save:
   
   *If you are 18 or older, we can help you open your own savings account, either at the bank or online.
   
   Statement Savings
   
   Kasasa Saver
   
   
2. Start a checking account.
   
   Maintaining a checking account gives you the opportunity to learn how to handle cash responsibly, make smart financial decisions and keep track of your spending habits. Establishing smart money management practices now will help you be successful in the future.
   
   Farmers Checking– Our no-fee checking account ($4 with paper statements) helps you manage your cash flow with no service charge and no minimum balance.
   
   Kasasa Cash Back Checking - You deserve more than just free checking — you deserve a free checking account that pays you back in cash. Kasasa Cash is just that account!
   
   *At 18, you can open your own checking account either at the bank or online. For students younger than 18, we offer a checking account that you can open with the co-signature of a parent, which is available at any of our bank locations.
   
   
3. Plan for college.
   
   It’s never too early to start planning for college; your parents may have even established a savings account when you were little to help with college expenses. Identify your financial resources to help you determine how you will pay for college, whether it is through savings, scholarships, grants, loans or the income you’ll acquire as you work while in school.
   
   These tools will help you, along with your parents, create a plan of how to fund your college education:
   
   Student Loan Calculator
   College Savings Calculator
   
   Once you are ready to apply for college, it is important to become familiar with the most recent Federal Financial Aid for Higher Education (FAFSA) guidelines and deadlines. Also, applications for federal student aid may be available through your high school counselor, local public library or college financial aid office.
   
   
4. If you are no longer in school, identify your short, mid-and long-term goals and budget accordingly. 
   
   Short-term goals may include paying for a wedding, honeymoon, furniture or a new car. Mid-term goals may be purchasing a home or funding your future children’s college education, and long-term goals may include where you want to be financially when you retire. Setting goals now will help you determine how to spend and how to save your money. 
   
   
5. Understand your credit report.
   
   Credit reporting agencies keep track of your financial behavior including how much credit you have, how long you’ve had it and whether you pay your bills on time. The agencies that maintain the reports include Equifax, TransUnion and Experian. Lenders buy credit reports and use them as a tool in deciding whether to offer you a pre-qualification. Credit reports are ranked with a score between 300 and 850 that allows the lender to determine whether you are creditworthy and are likely to repay a loan. 
   
   With a manageable limit and low payment options, the Farmers Bank & Trust Foundation Credit Card can help you build or establish credit. Apply online here:
   
   Foundation Credit Card
   
   Credit Score powered by SavvyMoney - Access your credit score, full credit report, credit monitoring, financial tips, and education. All of this without impacting your credit score.