BANKING TIPS

∙ How to Open a Bank Account
∙ Bank on Your Future, Be a Smart Saver
∙ Create a Savings and Spending Plan
∙ Savy Saving "Begining to Budget

How to Open a Bank Account (back to top)

Here are some tips that might help you open a banking account. If you are under age 15 you may open a Minor savings account for $5.00. This will be a custodian account and at least one of your parents or guardian must be on the account. For age 15 and up the opening deposit is $50.00. You will need the following documents to open your account:

• A Social Security Card, and

• A School identification Card, or

• A Georgia Identification Card or Driver’s License

Bank On Your Future, Be a Smart Saver (back to top)

It is important to start saving early. Develop an attitude to pay yourself first by saving a small portion of the money that you receive from your job, gifts, allowances, spare change, or money from chores.

Create a Savings and Spending Plan (back to top)

Know what you have coming in (income) and what must go out for essentials (expense). Determine what you have left for savings. Remember that it is important to look at your needs versus your wants. Look for alternatives to spending. Saving some money in the bank will cause it to grow (interest). The key is to save some, spend some, and share some. Savings is an important, practical concept that students need to learn.

Savy Saving “Beginning to Budget” (back to top)

Split any money that you earn, receive, or even find. Find four (4) clear jars that you can label. On each jar write the following: Charity, Quick Cash, Medium – term Savings, and Long-term Savings. Use the Following percentages:

• 10% Charity – Take 10% off the top to share;

• 30% Quick Cash – Use this 30% for instant gratification;

• 30% Medium-term Savings – Save 30% for 1 – 6 months to
   purchase something special;

• 30% Long-term Savings – Use this 30% for important purchases
   in the future such as a car or pay for college expenses.

For example, if you plan to save $7.00 from the money you earn, or find you would put the following in your savings jars.

• Charity

• Quick Cash

• Medium-term Savings

• Long-term Savings

• Total

When your Medium-term Saving and your Long-term Savings Jars are full, or when you save at least $50.00, you may want to open a savings account so that your money will be safe and you can earn interest.