4 Money Management Tips for Millennials

Published on November 19th, 2018

Let’s face it, most schools do not teach us enough about money management skills. So, when you are on your own for the first time with a job, rent, and bills, it can be a little overwhelming. It’s hard to figure out how to pay all of your expenses while also trying to save money with little to no guidance. That is why we, at Leyden Credit Union, are here to give you a crash course on banking and financial wellness.

Banking Apps

The odds are high that your financial institution has a banking app that you should download ASAP. Most banking apps, including Leyden Credit Union’s mobile app, give you the ability to monitor your balance and transactions, transfer money, and pay bills. If you are trying to get a handle on your finances, this is an easy first step to monitor them.

Build Credit

Chances are that you have very little on your credit report, maybe a student loan or credit card, but you need to build upon this.  Many credit unions offer a “credit builder” type loan to help you establish credit.  At LCU, we offer our New Beginnings Program, which includes an LCU Visa Credit Card with a $500 limit.  The reason that good credit history is so important is that it is needed when you go to make large purchases, such as a car or home.  The better your credit is, the better your rate will be.

Create A Savings Plan

Don’t forget to save for your future! It’s smart to start a plan today and transfer a set amount into your savings account each month. Over time, this will accumulate, and you will have funds for your future. Also, check with your employer to see if they offer 401(k) matching, its essentially free money being invested in your future.

FREE Financial Counseling

Leyden Credit Union offers FREE financial counseling through our partners at GreenPath Financial Wellness.  Please visit www.GreenPath.org for more details.

Stop by your banking institution today to begin managing your money the right way. Leyden Credit Union serves the area of Schiller Park and anybody who lives, works, or worships in the townships of Leyden, Addison, Elk Grove, Lyons, Maine, Proviso, or York.

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