Resources help you build a financial foundation
Our early adult years are an exciting time for so many reasons, one of them being the thrill of receiving your first real paycheck and dreaming of what you’ll buy with it. Unfortunately, too few of us spend as much time dreaming about saving some of that money. In fact, a recent study from the American Institute of CPAs (AICPA) and the Ad Council found that while one in three Millennials rank savings as their No. 1 goal, 55 percent say they’re impulse buyers, 44 percent don’t pay off their credit card balances in full every month and 41 percent have less than $100 in their checking account.
Building a solid financial foundation is critically important, and one of the best ways to make that happen is to create a budget and a disciplined savings strategy and stick to them. Here are a few resources to get you on the right path.
FEED THE PIG
One of the cornerstones of any budgeting and savings plan is to take a set percentage from every check you receive and put it into a savings account. But, knowing what you should do and actually doing it are two very different things. Feed the Pig has a variety of tools and resources that can help you create a budget, control your spending, manage your credit and set up savings plans. Thinking about the future will help you pay more attention to how you’re spending your money today. Having long-term goals makes it a lot easier to say no to those impulse purchases. feedthepig.org
YESTERDAY’S TOMORROW
This is a free digital financial literacy game designed to help players understand the longterm impact of their financial choices and take control of their personal finances. As you move through the game, you’ll develop a relationship with a future version of yourself, jumping through
DIGIT
key life stages and instantly seeing the outcomes of your financial choices from your teenage years through retirement. game.feedthepig.org
ACORNS
This mobile app helps you save and invest by rounding up credit-card purchases. For example, buy your usual coffee for $1.50 and the app will take an additional $.50 and puts it into your investment portfolio. You can also make one-time investment “boosts.” The only decisions you need to make are your level of risk tolerance and how often you want to round up purchases. acorns.com
This mobile app is a useful tool for Millennials looking to save money in an automated way. Instead of rounding up your purchases, Digit uses machine learning to automatically siphon small amounts from your bank account to your Digit bank account. Sounds a little scary, but it’s secure and FDIC insured. digit.co
QAPITAL
Another useful app-based tool that can help you save automatically without leaving you feeling short on cash. Qapital enables users to save (using round-ups and other techniques) for specific goals. You decide what triggers a deposit, then improve your daily habits and build your savings with a lot less effort. qapital.com
THE MINT GRAD
This website, created by founding partner Northwestern Mutual, reaches out to provide recent graduates, 20-somethings and young professionals with a number of resources. It offers hands-on tools, planning aids, financial advice geared specifically for younger adults and even a social platform where users can discuss personal finance issues. Best of all, it’s free. themintgrad.org