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Young professionalCAREER

Financial advice for young adults entering the work force

Laying the right foundation as you start your career is the key to future financial success, and at this lifestage, TIME is your greatest asset. Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s. Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle. 

During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income. Here are some steps to take now to put your financial future on track:

1. Build assets through saving at least X percent of your income 

It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals. Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart. You may also want to join a 401K plan if available from your employer or open up an IRA account.

Greenfield Banking Company can help compound your savings with an account that’s right for you:
2. Establish an emergency fund

A good guide is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses. Don’t use the money for anything else.

Greenfield Banking Company recommends these accounts for the establishment of your emergency fund:
  • Premium Savings Account – tiered and variable rate based on balances.

  • Money Market Account – Variable/tiered interest rate pays you more on higher balances
  • Automatic deposit – set up an automatic savings deposit through your employers payroll direct deposit.
  • NetTeller Online Banking – use the automatic transfer features to direct money to your emergency fund savings account.


3. Conserve time, money and paper with convenient checking accounts with online banking and bill pay and no-charge ATM services

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

  • NetTeller online banking & bill pay – keep track of your finances, pay bills, make transfers through the convenience of online banking.

  • Use GBC Pocket Banker to extend the convenience of online banking with mobile access.
  • Electronic Statement notification – go green and help organize your finances.
4. Borrow wisely

Avoid high-interest credit cards and pay off your credit card debit monthly. Work with LogoBank for your major lending needs including personal and vehicle loans, home mortgages and home equity lines of credit.

  • Visa Credit Cards – low, fixed-rate cards for your convenience

  • Consumer/Installment Loans – auto & personal loans at competitive rates
  • Mortgages & Home Equity Lines of credit – from new purchases to remodeling, we have the loan for you that will help you keep within your budget.
6. Understand your credit report

Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases, the higher your score, the lower your interest rate.

Your credit score is available from the three credit reporting agencies.

Equifax –  www.equifax.com 
TransUnion –  www.transunion.com 
Experian – www.experian.com 

For help determining the best accounts and products for sound and productive money management during your Getting Started Lifestage, please contact us.