5 Banking Tips For Millennials
If you’re a millennial seeking for banking advice, take a look at these top five suggestions. Keep reading to know more.
We have ushered into the world of technology-driven new-age banking. Passed are the days when we needed to visit the brick-and-mortar branch for your banking needs. You are living in an age where banks walk up to your doorstep. Even better, it is at your fingertips. However, most of us have not gotten to terms with banking technology.
Still, some prefer to bank in archaic ways. Using technology may appear cumbersome to them. Hence, we have embarked upon the mission of bringing banking to those who fear technology-laden banking methods, which will be beneficial to them, eventually.
Let us begin!
1. Use smart application
In this digital age, banking is not complete without having a mobile app. We see so many mobile applications cropping up, use of smartphone applications saves your time and money. Some apps offer inbuilt features to store your preferences for future use. They will analyze your choices and preferences based on which they will recommend ways to save more.
For example, the app’s features help keep up with your budget by tracking your spending history. Specific applications like Mint or a built-in spending tracker help save more money!
2. Transfer savings digitally
Your next smart move is to set up automatic fund transfers from one account to another without even stepping out of your home. You can set up an auto-transfer from your bank account directly to your savings bank account at a specific frequency. It is a hassle-free and seamless way to save more at a regular interval or each month.
Setting up such a system where some amount gets digitally transferred each month can help save you from unwanted expenses. The amount can be nominal to a sizeable sum, depending on how much you want to save.
3. Pay off your debts the automated way
Another smart move would be to repay your debts before you save. Prioritize paying your debts off as early as possible because interest rates on your debts will keep rising with time. The more you delay, the more will be the interest amount you need to pay. You can use the technology to pay off your debts automatically on the due date. All you need to do is pass a standing instruction to your bank, and they will transfer the amount from your account to the loan/debtor’s account.
4. Plan a right budget
Next, the most common move for any millennial is to make your money work according to a budget. A watertight and robust budget plan will help you curb your unwanted expenses. The crucial steps to planning a budget:
- Know your income limits.
- Plan your needs according to your savings.
- Prioritize your savings above your needs!
5. Change the way you live!
If you are a spendthrift, change your lifestyle and daily needs before it becomes the reason for not saving enough. Some top hacks where you can save money daily:
- Cook your food at home rather than ordering online from an expensive restaurant!
- Save your fuel costs by taking up public transportations.
- Always look out for sales and discounts before you go on shopping!
You can shape your future in the right way with the right ingredients. If you are struggling to save money, apply the tips, and you can surely save and earn more with the new-age banking technology!
