Juggling finances, work, and the overall rhythm of life can be challenging, especially in today’s landscape. Student loans, rent payments, and the rising cost of living are financial burdens that overwhelm many adults. However, good and reliable banking shouldn’t have to be a stressful experience.
In fact, managing your finances can be quite easy if you know where to look and what to do. If banking is taking a toll on you, we’ve put together a list of tips and tricks to help you improve your banking experience!
6 Top Banking Tips for Millennials
Everyone knows that having a mobile banking app is very important in today’s digital world. It makes everything easier and faster, from transferring money to checking your bank account movements and loan payments.
Besides being convenient, these apps are also secure and easy to use, and they can be personalized to your preferences. So, if you haven’t downloaded a banking app yet, we encourage you to take that first step into a better banking experience.
Now let’s begin with the best banking tips to level up your finances:
1. Master Your Finances with a Budgeting App
In the age of digital commerce that we live in, budgeting apps are indispensable if you want to master your finances. GoodBudget, You Need a Budget, or Mvelopes are some of the most popular options because of their features. Thanks to their user-friendly interfaces and real-time insights, these apps will change how you approach budgeting.
For instance, GoodBudget has a digital version of the cash-in envelopes method. Basically, you allocate a portion of your income to a digital envelope and give that envelope a goal like rent, bill payments, or loan payments.
An app like Mvelopes even allows you to set goals and reminders to keep track of student loans and mortgages. It’s the perfect ally for busy and forgetful people. Not to mention, these apps are an excellent way to grow healthy saving habits.
2. Automate Your Savings for a Brighter Financial Future
Did you know that 69% of Americans have less than $1,000 in savings? As a millennial, chances are you haven’t had much money to set aside. Having a savings account will protect you during periods of unstable income and financial emergencies.
This is especially important when you consider that social security payments will be less by the time many millennials can retire.
One of the best features of banking apps is that they allow you to automate your savings through automatic transfers between your checking account and savings. With this new feature, you can get past the intention of saving and actually do it in the most user-friendly and efficient way.
You can determine the recurring payments that will move monthly into your savings account, allowing you to stick to your budget. Is your goal to buy your own home or perhaps travel the world? With automatic transfer to savings, you can save for these goals without even noticing it.
You should also consider making automatic payments into a long-term savings account or retirement account like a Roth IRA. That way, you’ll have plenty of money available when it’s time to retire.
3. Strengthen Your Financial Security with an Emergency Fund
After a while, you’ll have a savings account with a considerable sum in it. Then it will be time to think about creating an emergency fund.
No one wants to think that they might experience an emergency, whether financial or medical, but if one comes and you are prepared, then you can make it through.
You already allocate a portion of your income to your savings accounts. Just choose a percentage of what’s left to create your emergency fund.
Even fifty dollars a month can make a difference in your financial stability. This calculated investment will bring peace of mind to you and your family.
4. Use Social Media as Your Ally and Follow Your Bank
Even if you already downloaded the banking app, there are a lot of perks of staying connected with your financial institution through social media. Following your bank keeps you in the loop about any new features, promotions, or policy updates.
With the world changing as fast as it does, staying updated is really important. The more information you have at your disposal, the easier it will be to make an informed decision about your financial future.
5. Turn On Notifications and Sign Up for Alerts
Signing up for alerts from your bank is another smart move you can make to level up your financial game. It lets you stay on top of account balances, transactions, and other critical account activities. This feature empowers you to act quickly in case of problems with your accounts, debit card, or credit card, and that can make all the difference in case of financial fraud.
Turning on notifications brings other benefits for most users. For instance, you could seize a one-of-a-kind opportunity that could change your life like a mortgage promotion or an accessible loan.
In this day and age, being proactive with your finances pays off. Informed financial decisions are necessary, so keep yourself on the lookout for the best offers.
6. Choose a Credit Union for the Best Banking Experience
Choosing the right financial institution for your needs is the first step to a brighter future. A bank with good customer service, a user-friendly app, and promotions is hard to find, especially if you’re looking for a reliable online bank.
However, with a credit union, you get all of those benefits and dozens of unique features that will transform your banking experience.
Credit unions are community-centric and member-owned, offering a special financial experience no other institution can provide. They are focused on creating a personalized experience through reliable customer service, competitive interest rates, and online and mobile apps.
Members of credit unions often enjoy benefits that align with their financial goals, making it a reciprocal experience for everyone involved. Choosing a credit union is more than just a financial decision. It’s an investment for your future.
Let TPFCU Help with Your Banking Needs!
At The People’s Federal Credit Union, we provide all sorts of financial and banking services, including home loans, auto loans, savings accounts, and more. If you are looking for long-term savings options, then our Roth IRA can help you meet your goals. We also offer a highly rated banking app to help you manage your finances! Stop by your nearest branch or call TPFCU’s office at 806-359-8571.
