3 Personal Banking Advice for Millennials

Person holding an empty walletGood banking habits can be life-long habits that could save you a lot of financial trouble. If you recently joined the workforce as a corporate millennial, TAB Bank and other experts remind to take note of these good personal banking tips that you should remember, practice, and translate to life-long habits.

Keep updated about your banking fees.

Every time you use your credit or debit card, whether offline or online, there may or may not be banking fees linked to it. For example, if you use your debit card to purchase something online or offline, they charge you between $3 and $5. It may be small, but if you’re used to using your debit card for cashless shopping, these fees can add up. There are also cases when a competing bank will charge you a hefty fee if you withdraw some money through an ATM. Make sure you’re aware of these hidden costs and if you can, avoid them.

Choose and use your credit cards wisely.

Credit cards may be convenient, but they’re not for everyone. However, if you think it’s something that you need to have for convenience and emergencies, choose the right ones carefully and use them all wisely. Due to competition, banks often add on perks, such as cash back rewards, travel credits, and more for new and existing credit card holders. Due to the competition, you can also avail of better interest rates. Customers are not spoiled for choice, so make sure you take charge and choose carefully the ones that best fit your lifestyle and need.

Create a spending limit and pay bills before they are due.

If you do decide to get credit cards, make sure that you have a spending limit and stick to it. It’s so tempting to just shop and swipe, like that chick in Confessions of a Shopaholic. If you don’t want to suffer the same fate, stick to a budget and make sure that you pay your bills on time. In fact, it is often better to pay them before the due date. A good credit score goes a long way.

Good banking habits can help you prevent a lot of financial troubles. Start developing good personal banking habits today so you can enjoy your money all the more.

 

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