Quick Finance Tips For Millennials

Millennials (people who reached adult age at the turn of the century) are often challenged with financial planning today.  There are many factors that affect millennials when it comes to saving or investing, including massive college debt, an uncertain economy, and a challenging job climate.  First Bank of the Lake would like to offer some quick tips to help millennials plan for their financial future.  Our team of financial professionals at the Lake of the Ozarks can help you with many products to allow you to reach your financial goals, from personal savings accounts and Certificates of Deposit, to IRAs and more!

Tips to Help Millennials with their Financial Planning

Curb your spending.

The best way to put aside money for your future is to limit your spending to essential items like rent, utilities, food, and other basic needs.  Try to refrain from impulse spending whenever possible.  Use simple ideas like not shopping for groceries when you are hungry, eating in more often, and putting off your luxury items like a brand new car until you have some savings in the bank.  Use direct deposit to a savings account and use your checking account for essential purchases and payments.

Have an emergency fund.

The importance of having an emergency fund in a bank account other than that coffee can is paramount. When the time comes to cover unexpected expenses, and it will, we don't want you reaching for the credit card. We offer a range of account options and one will certainly fit your needs. Once you've fully filled your emergency fund, you can start a personal savings account and save for anything you like, and in the style of many millennials, do what you do best - have fun!

Start investing now.

Save more, spend less is a quick fix and certainly an important rung on the ladder of financial planning. Start investing now, no matter how old you are. If you want a nest egg, start small and start now. Preparation is the key. A professional can review the various financial management choices you have and find the perfect fit for you and your budget.

Get into a retirement plan.

Despite feeling young, retirement will be here in the blink of an eye. If you're a millennial who has avoided setting up a retirement plan because you feel overwhelmed by the process, sign up for your employer sponsored retirement plan if one is available. If one is not available, there are other options to save for the future. Talk to a financial planner at your local bank. Don't feel intimidated by the process or the amount of money you think is needed. Have someone set up an individual retirement account (IRA) for you.

Mind your money.

Only you have control over how your money is used. Be mindful of your finances and never get passive. If you're not taking responsibility for your financial future, your friends aren't going to do it for you. From changing the location of a "girls night out" to a venue that doesn't charge a cover to having to pass on the, "guys golf trip," now is the time to think about small sacrifices that add up to big money.

Financial planning is often on the mind of a millennial and these tips are designed to aid in the process. Once a comfortable level of saving and budgeting efforts are achieved, set financial goals and push yourself to contribute to them with more focus, time and dollars. Ask questions and find the right professionals to help. First Bank of the Lake can educate and encourage you as you begin the journey of financial planning at the Lake of the Ozarks.

First Bank of the Lake - Striving For Excellence

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4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265