Banking can be a confusing task for some, especially for newcomers in their early 20s. You may have a college banking account and have recently graduated. You noticed a couple of fees associated with your account, but you’ve never gotten fees while you were in college! Well, some of the terms and conditions associated with your account may have only applied to your account while you were in college, so fees weren’t applicable at the time. Don’t worry though! I’ll show you some helpful tips. Although you might be overwhelmed with the information at first, these 5 tips for bankers in their early 20s will help you get through the process.
5 Tips for Bankers in Their Early 20s
- Know the fees associated with your account – Some banks require a minimum amount present in your bank account. Read over your terms and conditions or ask a representative about the fees associated with your account. Fees can range from $2-$6. Although it is small, they can add up and eat away at your funds!
- Your purchasing habits are stored – Everything you use your cards on are stored into the bank’s database. This means banks know what your spending, how you’re spending, and when you’re spending. If you blow off your paycheck within a couple of hours, they will know your spending pattern. If you ever plan to apply for a credit card, they’ll know what interest to apply to your account. Keep your spending habits to minimum if you can!
- Start saving – I understand that it is a constant struggle to save money in your early 20s. You’re a recent grad with bills to pay and things to buy, but you should start saving! After every paycheck, you should set aside 10-20% for the unexpected future! Even if you save $20, something is better than nothing.
- Look for deals – If you are a looking to open a new account, then be sure to check for special cash back deals and offers. Some banks give you cash bonuses when you sign up with them. If you’d like to check out some bank sign up bonuses, then go ahead and check out our Chase Coupon Promotions. Be sure to read the full details on the account in order to avoid an fees.
- View your account history daily – Take a couple minutes out of your day to take a look at your account history. Make sure everything that you purchased is there, and also make sure that you have enough funds for those purchases or overdraft fees may apply. If there seems to be a mistake, contact your bank immediately!
Conclusion
Maintaining a bank account in your early 20s might be difficult at first, but you’ll get the hang of it. Understanding the ins and outs of your terms and conditions will be a must, and making sure you’re not over-purchasing will help you in the long run. Be sure to check for deals when opening a new account. If you haven’t found any, check out our full list of Bank Deals and Promotions.
