The Best “Generation Y” Banking Practices and Tips

Generation Y is known for a multitude of things, the biggest being their aptitude for technology and software.  With the Apple and Microsoft’s of the world, it’s not surprising that Generation Y has excelled at using the latest and greatest gadgets.  However, one of the skills that most Generation Y individuals struggle with the most is personal finance and money management, more specifically: banking. Give a young person an iPod or a tablet PC and he or she is off and running.  However, ask the person about why they chose their bank and many times you will get a clueless face. Whether you are a part of Generation Y or know someone who is, I’ve compiled some banking tips you should be aware of.  I don’t care if you’re just getting started with your money or you’ve been with Bank of America for years . . . it’s always good to have a refresher course on banking and what to avoid and how to properly bank.  There are many exciting banks out there to be aware of! 1. Don’t let your cash sit idle. Why let your cash just sit there?  There are many ways you can be earning interest on your stash of cash.  Think about opening a high interest bank account with likes of Ally Bank or  Discover bank.  Although the interest may seem small, earning something is better than nothing.  Remember to keep your checking account fully funded for miscellaneous bills and spending.  Any other money should be stored in a high interest savings account.  It’s common sense, but some times it’s easy to forget about the small stuff. 2. Automate your bills. This is my biggest tip for Generation Y.  Manually writing payments on a daily basis is just a waste of time when there is online bill pay .  Long gone are the days where you need to write a rent check or mail your payment for the utility bill.  All of these things can now be automated so you don’t have to worry about payments being late!  It also decreases the chance that you will receive a late fee.  Nothing is worse that realizing you owe money for something you could have prevented in the first place! 3. Keep bank or credit union locations mapped out. Whether you’re on a trip or simply going out for a night on the town, you should always be aware of the nearest locations for a quick cash withdrawal.  If you map out your ATM locations, you will never has to resort to high fee transactions like cash advances from a credit card or a short term loan from a bank.  It’s better to always know where the nearest bank or credit union is so you can avoid hairy situations. 4. Be on the look-out for easier ways to bank. This is one that you need to be aware of though the media and doing reading on your own.  Oftentimes, banks will comes out with a new technology that makes your life easier.  A good example of this is electronic check deposits.  Instead of going in to a bank and depositing a check, you can simply take a picture of your check and submit it electronically.  How cool is that!  Next, of course, you have mobile banking.  Now you can have your accounts at your finger-tips through a smartphone! There you have it Generation Y!  A couple tips about banking that will lead you on the path to success.  While each of these tips may seem small, they add up to make big differences in one’s personal financial life.  Use these tips and take your banking to another level! Related Articles: Banking How Online Banking Works What is bill pay? Where To Open An Account on Bank Transfer Day Jon is a Christian personal finance writer at Free Money Wisdom . His mission is to help you succeed in your personal finance life with the Bible as your compass. When Jon is not writing on personal finance, he spends time with his girlfriend, lifts iron at the gym, and plays Scrabble. You can subscribe to his site through EMAIL / RSS or you can also find him on Twitter and Facebook .

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The Best “Generation Y” Banking Practices and Tips

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