Ideally, a college student’s savings account is one that has been growing since youth. Perhaps it was started by mom or dad or, even, grandparents. As time went on and the pennies added up, and, if it wasn’t used for that first car, it’s grown into a nice little nest egg in time for college.

Suddenly, with books, supplies and food to buy that nice stash of money looks tempting to tap into. However, with a down economy and a suffering job market, there’s a chance that savings account will benefit a student more after college than during.

With that in mind, here are a few tips to continue to bolster that savings account while attending college.

• Pay on that credit card every month – Unlike a debit card, it’s nice to be able to swipe a credit card and not have the transaction directly affect your checking account. However, paying nothing more than the minimum every month on the card’s balance will hurt you in the long run.  
• Save your change – Don’t leave that piggy bank at home! Take it to college and put your pocket change in it every night. Glue the plug shut so you won’t be tempted to reach into it. Change adds up to real dollars in a hurry.
• Avoid late night meals – Late night runs with friends to fast food joints are a timeless college tradition. Go ahead and tag along, but don’t eat. Not only will you save the money, you’ll avoid those extra pounds.
• Cut coupons – Your grandparents probably do this, and you probably laugh at them. But coupons are easy to find – check out the free newspapers on campus – they save real money at the grocery store/
• Eat cheap food – It’s not mom’s home cooking, but Ramen noodles, Easy Mac and oatmeal will fill you up and save you cash.
• Brew your own coffee – We all know those all-nighters are easier with a cup of java, but instead of the $4 cup from the campus coffee shop, how about snagging mom and dad’s old coffee maker and a $0.99 can of coffee from the store?
• If you eat out, look for the deals – When you do decide to join friends for a meal out, check the newspaper and restaurant marquees for deals. College bars and restaurants have great specials almost every day and night. Take advantage!

Centennial also offers customized college savings accounts that are designed with the college student in mind! Check out some of our savings account options or get in a touch with a Centennial banking officer today to find out more!
 

Penny was able to visit with Mrs. Forbus's Kindergarten class as well as Mrs. Ellis's Fifth grade class.  Centennial donated some First Account saving kits along with pens and pads and taught lessons about banking and the banking system. 

Thanks to all the teachers and kids for such a fun event!

We all know it won’t be any easier for future generations, especially if they don’t learn to value of saving money at an early age.

The kids at the Boys & Girls Club of Lake and Sumter Counties (Fla.) received some valuable training in that area the week of July 11-15 when Kathy Scherer, manager of the Centennial Bank in Clermont, conduced financial training class, “Money Matters.”

Scherer covered everything from earning and spending to budgeting and saving toward college. Classes, highlighted by interactive games and role playing, were held daily for kids ages 5-14. There was even a field trip to Centennial Bank, where the children got a tour of the vaults and were entertained by “Penny,” the Centennial mascot.

Here are a few tips to help your children better prepare for their financial future:
 

• Let them watch you balance your checkbook. Explain to them how and why you do it. Not only is this good for money management skills, but it’s also a great way to strengthen math skills.
• Don’t hide your finances from them! Have family meetings talk about family finances, like the cost of the monthly mortgage payment, car payment and bills.
• Take one of your paycheck stubs and help them understand how taxes, insurances and your 401k contributions are deducted and how you will use the rest of the paycheck to pay for household expenses and contribute to your own savings account.
• While your own costs and earnings are private from your family and friends, your children will one day have the same pressures to pay bills and increase their earnings. Don’t be bashful!
• When eating out, help them compare menu items and prices to help them save (like ordering water instead of a soda). At the end of the meal, show them the bill and explain tips and taxes.
• Around age 12, help them set some financial goals. If they have a big-ticket item in mind, like a car at age 16, help them line out a budget and savings method to help them reach that goal down the road.
• Finally, take them to your local Centennial Bank branch and open a kids savings account in their name. It’s never too early to start saving!