When you’re a young adult, there are so many things to learn. Where do you get a roll of quarters to do laundry? (Answer: At a bank branch.) If you still have checks, that means there’s still money in your account, right? (Answer: Sorry, no, but you can always check your balance online or with our app.)
Those are just little things. Becoming financially independent is an even bigger challenge. Young adults—and plenty of older ones—need a hand managing their money, so we asked our bankers across the country for their best advice. Here’s what they said:
1. Don’t be embarrassed about asking for help.
You’re good at plenty of things. If money isn’t one of them, that’s ok. It’s something we happen to be really good at. Stop by a Flagstar branch and sit down with a banker—for free—to discuss different accounts, budgeting, managing debt, and more so you feel confident about your financial decisions.
2. Get into the habit of saving—the easy way.
The trick to starting a new habit is making it easy. Set up automatic transfers to move money into your savings account every month or every payday. Start with any amount, then adjust as needed. Even $5 a week turns into $260 in a year, and $100 a month turns into $1,200 annually. Once your money is in savings, it’s out of sight, so you’re less tempted to spend it. Plus, watching your balance grow can motivate you to keep saving.
3. Set yourself up for what-ifs.
What if your car breaks down, you get laid off, or a fantastic opportunity comes along? Then, there’s that summer in your 20s when you find yourself attending—or in—a wedding every other weekend, which gets expensive fast. A healthy savings account can be a lifesaver.
