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As you gain your independence and prepare to enter the world of adulting, do you have the financial know-how you need? Will you be able to effectively manage your money? Do you understand financial topics such as loans, credit cards, savings or budgeting? Wherever you stand, you can improve your personal finance habits with these basic steps:

Create financial goals and a budget.

Planning for your college education or your first car? Or are you hoping to travel abroad or take a summer road trip? A budget can help you manage your spending and achieve your small and large savings goals.

Set up financial accounts.

As a Dinero Teens member, you already have a savings account, so it may be time to open a Dinero Teens checking account. As your money grows, you’ll gain more financial independence. It’s never too late to develop better saving habits. Save a little from each paycheck, allowance or money you receive as a gift, and you’ll reach your financial goals before you know it.

Secure and establish credit.

Your credit history is like a report card. Having a good credit history can affect your ability to buy a car, rent an apartment or get a loan. You may be able to establish credit if your parent adds you as an authorized user to their credit card. Opening a secured credit card is another option. A secured credit card is backed by a cash deposit you make when opening the account. Your deposit will always be equal to your credit limit. That way if you forget to pay your bill, the issuer can take the amount from your deposit. Building good credit doesn’t happen overnight, but you can improve your credit by paying bills on time. The best first credit card is Advancial’s Dinero Teens Visa^®  which will help teach you how to handle credit cards responsibly. Plus, you’ll earn reward points on all purchases!

The more money management skills you have, the better prepared you will be for financial independence and success in life. Plus, you’ll feel a great sense of comfort and pride in knowing you can take care of your own needs. Advancial has the resources and tools to help.

You want to spend time with your friends. Yet, social distancing has created an environment where there are fewer opportunities for you to do what you’re wired to do — just hang out. You can end up feeling bored, cut off and unhappy.

So, what can you do? Here are a few fun ways to beat virtual boredom and stay safely connected:

1. Host a virtual gathering

Use a video chat platform like Zoom to plan a dinner, costume or dance party with friends. You can even host your own book club, closet exchange or karaoke night.

2. Organize a game night

Enjoy some friendly (or maybe serious) competition playing virtual group games on your computer or phone, like Among Us^™, Quiplash^™ or Words with Friends^™. They are fun, interactive and most are free. You can find everyone’s favorite, classic and new.

3. Watch movies, videos, TV shows and listen to music virtually

Watch with your friends on platforms like Teleparty (formerly Netflix Party), and stream from Netflix^®, HBO Max^™, Hulu^™ and Disney+ ^™. You can watch in complete sync and live chat.

4. Become a virtual volunteer and connect with the community

With a quick search online, you can find many causes where you can offer your time and talent, including education, animal advocacy, homelessness, human rights and the environment. If you’re not sure how or where to contribute, sites like dosomething.org/us or volunteermatch.org/ can help you discover what matters to you most.

5. Connect with new ideas and culture

It’s an ideal time to learn a new skill or improve a current one. There are endless options to explore on social media platforms like YouTube^™ and Instagram^™, such as music, dance, photography, crafts, memory skills, exercise or mindfulness and meditation.

The list of ideas to beat stuck-at-home boredom is endless. So, when it comes to staying positively connected, just add your own inspiration and ingenuity and see what amazing and fun things can happen.

A summer job is a great way to make money and save for a car, college tuition or a special summer vacation. Finding a job when you are young and may have less experience can be challenging. Use this playbook to help guide your search and give you the greatest chance of scoring that sweet summer job.

Job search checklist

Before you start searching, prepare by gathering references, creating a resume and identifying skills that are valuable to potential employers.

Resume: A resume is a document that you create to highlight your achievements, education, work experience and skills. If this is your first job, look for other experiences, such as volunteering, babysitting or participating in school activities to beef up your resume. While many jobs might only require a job application, a well-crafted resume can set you apart from other job applicants in a tight job market.

References: References are people you identify to vouch for you. Think of people outside your family, such as teachers, ministers, coaches or neighbors who would recommend you to a potential employer. Make sure you ask them for permission before you add them to a resume or job application.

Skills: Employers look for transferable skills — so-called “soft skills” — that apply to many jobs. For instance, if you played a team sport, your ability to think fast and work with a team can translate to working in a fast-paced environment like a restaurant or a fast food kitchen. Identify your skills so when you go after a particular job you can list the ones that apply.

Finding a job

When the job market is tight, you may have to get creative about finding a job. Here are some tips to help you search:

Check out seasonal work. Local parks and pools are great places for students because their work ramps up during the summer. You may be able to find work on golf courses, doing landscaping, being a lifeguard or as a summer camp counselor.

Work where you shop. Look for jobs where you shop or at stores that cater to your interests, like a skate shop or cosmetic store. A retail job can provide great experience and a discount on things you like to buy — just don’t forget to save some of that paycheck!

It’s who you know. Having a connection to a current employee is one of the best ways to find a job. Ask your family and friends if they know of any jobs where they work. If they do, give them a copy of your resume to share with the appropriate person.

Work from home. Virtual jobs expand your job search to anywhere on the internet. Opportunities include becoming a virtual tutor, getting an online internship or setting up an online store to sell handmade goods or used items.

Finding a job is one of the toughest jobs there is, so don’t get discouraged. Once you do score that summer gig, set up a Dinero Teens checking account at Advancial to make the most of your hard-earned cash.

Proactive steps to protect the financial wellbeing of tomorrow's worker

Understanding your employee population helps you target and assist varying degrees of financial life-stages, personality types, behavioral influencers and current needs. According to the U.S. Bureau of Labor Statistics, workers between the ages of 16-34 will make up 33% of the labor force by 2030. During this time of life, many workers are engaged in the day-to-day process of earning a living, increasing wage growth and building toward a future. They are saving for both short and long-term goals while also focusing their efforts on accumulating and converting their earnings into assets.

These workers are referred to as accumulators. Accumulators value personal time and want to enhance their quality of life and that drives most of their financial decision making. The challenge of juggling work demands while nurturing family and friend relationships leaves little time for them to focus on their personal finances.


And that can be the fundamental financial literacy gap: the expectation of financial independence before understanding how to apply financial principles to meet their goals. Young workers need access to easy-to-understand and actionable financial information at an early age so they can be a prepared and informed consumers - of not just goods and services, but also financial products.
 

What are the fundamentals? And where should young professionals start?

• Manage cash flow - Set a budget (assign a dollar to everything), “pay yourself first”, understand a “need” versus a “want”
• Avoid debt as much as possible and learn to manage “good” debt versus “bad” debt
• Concentrate on behaviors - set a framework for good decisions; “know thyself”, and play to your strengths
• Automate finances to avoid missing payments and to consistently save or invest
• Avoid pitfalls - Don’t fall for financial trends or succumb to materialistic instincts
• Seek professional financial advice
• Think about why you have money, why you spend it, and visualize how money can be a constructive tool on your way to achieving your life’s goals

When working with a services provider to offer financial wellness, ensure that employees in this age group receive relevant content to support the Pillars of Financial Planning--“BPI”: Budgeting, Protecting, and Investing. Focusing on these well-established foundational concepts will position this growing employee population for long-term financial health and success.
 

Tired of carrying around a wallet stuffed with cards? Don’t like waiting for a chip card to process? Worried about the germs on the payment terminal? Try using a mobile wallet!

What’s a Mobile Wallet?

Your smart device can do more than manage your financial accounts and make mobile deposits. Another tool at your disposal is the mobile wallet. You might have heard of mobile wallet apps such as Apple Pay^®, Google Pay^TM or Samsung Pay^®. These special apps can hold digital versions of your compatible credit and debit cards so you can use your smartphone or smartwatch to make purchases in-store or online – simply look for the logo of your mobile wallet or the contactless symbol. It’s a fast, secure and convenient way to pay.

The Benefits of Mobile Wallets

Mobile wallets come with a few advantages over their plastic counterparts:

• Payments are made in seconds by tapping or waving your smart device over the payment terminal.
• They’re more secure, for multiple reasons. One is that while it’s easy for someone to use your card if you lose it, it’s much harder for someone to use a mobile wallet on your lost (and locked) phone. Additionally, mobile wallets send a secure, single-use signal every time a payment is made, which isn’t useable even if intercepted by a thief.
• Millions of retail locations let you pay with mobile wallets, with more adding compatibility each day.

Add Us to Your Mobile Wallet!

If you’re an Advancial member with an Ultimate Checking account, you can add your debit card to your mobile wallet and enjoy the fantastic benefits of your card alongside the security and convenience of your mobile wallet. Plus, if you have a Visa^® Rewards Plus credit card, you can add it to your wallet and enjoy the flexibility of choosing the right card for the right moment. Learn how to add your Advancial cards to your mobile wallet.