Banking Tips Millennials Need to Know
As millennials juggle a multitude of responsibilities -- from school, to work, to planning for major life events -- the American Bankers Association is highlighting some banking tips to help them secure a financially sound future.
- Use bank tech to save without thinking about it. Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period.
- Download your bank's mobile app and make some smooth moves. Manage your finances from the palm of your hand. With the click of a button, you can easily make a deposit or access a record of all your recent transactions. Be sure to download the latest updates when they are available.
- Sign up for email or text alerts. Get up-to-date info, on the go, the way you want it. Ask for an automatic alert when your balance falls below a certain level, or to confirm when certain types of transactions occur, such as online purchases or transactions of more than $500.
- Expect the unexpected – set up a rainy day fund. The last thing you want to be is stressed when life’s unexpected expenditures come knocking on your door. Set up a secondary checking or savings account for emergencies or link an existing account to your main account as an added layer of protection.
- Get a head start. Banks play a major role in helping customers prepare for major life events such as buying a house and planning for retirement. Ask your banker how you can get a head start on your first major purchase by establishing credit or about starting a retirement account.
- Stay connected with social media. Interact with your bank via social media to get the latest news on products and services, join in on conversations and find links to exclusive bank content.