The Seacoast BankNote

Financial Advice for the Millennial Generation

Posted by Seacoast Bank on Mar 7, 2019 8:00:00 AM

 

AdobeStock_200073711

As the millennial generation transitions from the end of their formal schooling into their first full-time jobs, they look forward to a life of success and fulfillment. As with every generation making that transition, a few hindrances can pop up. Often these concerns revolve around money and finances. More than a few young adults have asked questions such as these: Do I need a credit card? I haven’t saved much so how can I pay my rent? How can I minimize my expenses?
The following roadmap may be useful as you make this transition. It includes planning, saving, proper use of credit and partnering with trusted professionals.

Take Stock
First, in a positive and objective manner, take stock of your skills and other resources. In particular, assess your financial situation. Next, envision your short- and intermediate-term goals. Do you have any savings? Do you want to buy a car? Are you in debt? Write them down and review them over the next few days and weeks.

Develop a Plan
Next, formulate a plan that is tailor-made for you. Your plan should include your near-, intermediate-, and long-term goals. It should account for how you will pay for your goals if money is a factor. It is often best to devote attention to short-term goals first.

As your plan takes shape, be sure to include, or at least think about the following: Establishing a savings account and effectively using credit.

Start a Savings Account
Most financial experts suggest that establishing a savings fund is important for financial security. As you begin to earn money, funnel a small percentage regularly into savings. Not only will you build financial confidence, you will be able to take care of emergencies that should arise.

Use Credit Wisely
These days it can be very easy to obtain a credit card or get a loan. Be cautious with debt. Not having debt creates confidence. It also gives you the option to spend or save as opposed to having to pay down a credit-card bill that has gotten out-of-hand. It is prudent to use credit sparingly. If you do use credit, do so wisely.

Partner with Professionals
Keep in mind that your financial future is made in large part by your choices. As your plan takes shape, partner with financial professionals. The team at Seacoast Bank have kept their focus on the financial needs of their customers for over three generations. By melding the individual touch with modern technology, Seacoast is a great financial partner for the millennial generation.

Get the latest updates regarding local happenings and financial wellness!

Let's be social.

Categories

Recent Posts

November 8

Which Home Improvement Projects Have the Greatest Impact on Your Homes’ Value?

October 22

What You Need to Know as a First-Time Home Buyer in Florida

October 17

What Is a HELOC and Is It Right for You?

October 14

How A Consumer Express Loan Can Work For You

October 12

The Eternal Real Estate Debate: Rent vs. Buy 2019

loading...

Connect with a Local Banker.

Are you interested in contacting a local, Florida banker to discuss your individual financial needs? We’d love to speak with you. Schedule a consultation today.

Four Promises. One Goal.

At Seacoast Bank, everything we do is based upon core beliefs summarized in the Four Promises we make to you. When you entrust your banking to us, we promise to:
icon-comfortable
Get you comfortable with the right products and the right team to serve you
icon-day-to-day
Make your day-to-day banking simple
icon-resolve
Resolve out-of-the-ordinary items responsively
icon-invest
Invest in you and your community