Tioga State Bank offers the following tips for Gen Z and their parents to shore up money management skills and prepare for the post-graduate workforce:
• Set Specific Measurable Attainable Realistic Trackable goals. Choose your priorities—whether it’s saving for a computer or building an emergency fund—and make sure they are achievable. Create a plan of action and measure your progress over time.
• Start a savings account (if you don’t have one already). Tioga State Bank offers two great youth accounts to help kids and young adults open their first banking accounts and prepare for the future.
• For working-age students, consider part-time or seasonal employment. You will learn more about personal responsibility and have an opportunity to manage expenses.
• Track your spending and avoid making impulse purchases. Create a budget and review it periodically to make necessary adjustments.
• Gain perspective about risk and reward. Knowing how stocks, bonds and mutual funds can affect an investment portfolio shows you how financial decisions can grow—or shrink—your savings. Some high school classes and financial literacy-based websites, provide simulations of how these investments work in the real world.
• Learn about credit scores—a representation of your financial past, present, and future. Check out these tips to help you establish and maintain good credit.
• Earn money while you learn about money. Tioga State Bank has partnered with Zogo to help our customers learn the basics of personal finance. Zogo is a gamified financial literacy app that rewards users for completing bite-sized financial literacy lessons on intelligently saving, spending, and managing their own money. Level up and earn while you learn, with real-life rewards, such as gift cards to your favorite stores. Download the free app using code TSB, and start earning while you learn today!
Having the knowledge about how to best manage your money is just the start. When young adults practice proper money management techniques early, they’re more inclined to make effective financial decisions throughout life. The sooner your children start to grasp these concepts, the more apt they’ll be for a better financial future.