Wednesday, August 24, 2016

What Every Millennial Should Know About Banking

Millennials can be described as the generation born between the mid-1980’s and the early 2000’s. Millennials are currently the largest generational segment in the United States, reaching nearly 80 million people. While the millennial generation is thought to value experiences over monetary gain, it is extremely important to start planning for a financially sound future sooner rather than later.  

Just because technology is constantly at our fingertips doesn’t mean it’s easy to make the right financial decisions. Here is what every Millennial should know when it comes to banking.

Browse Banking Options
Every bank offers something different. Make a list of what banking services are most important to you and browse account details online. You will be able to find the best prices, closest locations and lowest fees bank accounts.

Utilize Mobile and Online Banking
As a tech-savvy millennial, you will want to use a bank account that offers mobile and online banking. This makes it easy for you to manage finances with the click of a button.

Get Email or Text-Alerts
Utilizing email and text-alerts can help you take control of your finances. You can set up custom alerts that will inform you if your credit card reaches a certain limit or if there was a fraudulent charge.

Manage Personal Finances
Some banks, including McHenry Savings Bank, will help you manage your finances through one-on-one financial advisement and budgeting tools including savings calculators, insurance calculators, mortgage calculators, etc.

Set Aside Savings
Open a “rainy day” fund that will serve as emergency financing for unexpected expenses including car repairs, broken utilities, medical emergencies and injuries.

Plan Ahead
Are you planning on buying a house, car or other large expense? You can “plan ahead of a major purchase” by exploring your loan options or creating a specific savings fund account for that major purchase. Christmas Club accounts are an excellent example of saving and planning ahead. Also, if you bank online and have savings account, you can transfer money regularly to your savings accounts to build your funds faster. And if you do use credit cards, pay your credit card bill on time and in full as much as possible.

At McHenry Savings Bank, we are dedicated to helping customers of all generations with their banking needs. If you are a millennial in need of financial assistance and banking service, we can help. McHenry Savings Bank utilizes the latest and greatest financial technology including mobile and online banking. To learn more about what you can gain at McHenry Savings Bank, visit our website today!