Savings 101: Gear Up For A New (Financially Happy) Year

Your 20s are supposed to be your years of exploration, travel, love and making mistakes. You’re supposed to be carefree for a little while longer (minus the adulting that will slowly start to creep in), enjoying newfound freedom and fresh employment. But, if you do things right, your 20s can also offer you the opportunity to really set yourself up, well, for life. The thought of saving and investing sounds pretty boring – confusing, even – but starting as early as possible (19 isn’t a bad age to get the ball rolling!) will keep you ahead of the game. But how, you ask? Great question. Shihaam Hassanali goes to the bank.

- Shihaam Hassanali

As every year comes to a close, I like to look back at the past 12 months and determine how well (read: badly) I’ve managed my finances. And invariably, I’m tearing my hair out and promising myself better habits the next year. But, with the gift-giving and party season upon us, I expect my wallet to be fairly lighter by the beginning of 2018! Having fun and leading a lifestyle that has us enjoying the benefits of the pay gleaned from our 9-to5s is a no-brainer for us millennials. But, beginning to lay a foundation for our future is just as important as living life to its fullest. The subject of money and balancing our finances is a tedious, and sometimes, difficult conversation to have. Plus, most 20-somethings aren’t really certain about the options available for saving and investing. So, here are a few tips to push you along in the right direction.

Start with a savings account

When you were little, your mom and dad probably opened a kids account and set aside a specific amount for you each month. Today, most banks will allow you to convert this children’s account into a regular one when you turn 18-years-old. However, if you’ve already busted all the dough for education or just, life, in general, it’s really never too late to open an account solely to save. Many banks have a variety of options to choose from, including accounts for career-driven women, managing their own finances.