Millennials are digital natives who understand the importance of staying connected socially. Staying connected to your bank can help improve your financial stability, especially when encountering life’s many milestones. From enhanced mobile resources to free budgeting tools, banks offer a variety of products and services to complement millennials’ unique lifestyles and ease their worries when preparing to make some of life’s biggest financial decisions.
Recent research shows that more than 4 in 10 U.S. millennials say they experience chronic stress about money. FSB and the American Bankers Association recommend these eight tips to help secure a strong financial footing:
- Go cyber shopping for a bank that fits your style. There are a variety of options out there with different advantages. Be selective and get the best prices, services, convenient locations and lowest fees for debit cards, bank accounts and loans.
- 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 apps 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, access a record of all your recent transactions, or turn your debit card on and off. Be sure to download the latest updates when they are available.
- Sign up for e-mail 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.
- Stay connected with social media. Interact with your bank via social media to get the latest news on products and services, ask bank-related questions, join in on conversations and find links to exclusive bank content.
- Use personal finance tools. Banks offer an array of budgeting tools and resources to help you keep your finances in check. Access these via your bank’s mobile app and website.
- Expect the unexpected; set up a rainy day fund. Avoid the stress 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 starting a retirement account with a 401(k) from a previous employer.
As millennials juggle a multitude of responsibilities – from school, to work, to planning for major life events – FSB is here to help you secure a financially sound future.