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Creature comforts like smartphone bank deposits are nice, but how much are they costing you? Your statement might not show the costs directly, but there’s an old adage about situations like this: If you’re not paying for a service, you’re not the customer. You’re the product. In this case, corporate banks use slick technological bells and whistles to get you in so you’ll be more likely to take out loans and use other for-pay services.

If you’re tired of being treated like a product, you’re not alone. Last year, 2 million people between the ages of 18 and 35 joined a credit union. In fact, 28% of credit union members are under 35 while 54% of them are under age 50. The tools of technology are making it easier to see the value that credit unions offer.

Don’t just take our word for it. Do your research and see for yourself how credit unions compare to for-profit banks. Consider these five categories:

1.) Ease of service

Here’s a fun game. Call a corporate bank with a simple request, like checking the balance of a savings account. Count the number of irritating phone tree menus you have to sift through before you could talk to a real person who could answer your question. You win when you get frustrated and slam the phone down in anger!

For-profit banks have earned a reputation for cumbersome customer service and out-of-touch policies. Getting information on financial services, like credit repair or auto loans, means sitting on hold for hours. Credit unions, on the other hand, provide easy-to-use services and real, live human beings who can answer questions, make recommendations and help you understand the complicated world of finance.

2.) Lending practices

For-profit banks answer to corporate owners. They expect a predictable, stable rate of return on their investments. This demand puts a straitjacket on lending and ensures those practices never deviate from a predetermined formula. Take income, multiply by credit score, divide by two; that’s the interest rate they’ll charge.

However, let’s pretend you just got a new job, so last year’s tax returns aren’t a good indicator of how much you are earning. That’s not in the formula, so it doesn’t matter. Credit history ruined by an old medical bill? Corporate banks stop reading after the first three words of that sentence. In short, there’s no room for flexibility and interest rates tend to be much higher.

Credit unions are community institutions, so helping people out is part of what they do. Their rates tend to be lower than those of corporate banks. They also tend to be more willing to make exceptions for details that may not be reflected in the conventional lending formula.

3.) Online banking is everywhere

In the wild west days of the internet, only corporate banks could afford online banking. Now, your pet gerbil can have his own website. The internet is everywhere and credit unions are on board. The services you use every day, like online bill pay, direct deposit and checking on account balances are just a click away. Credit unions are increasingly integrated with e-commerce services like Paypal and Square, making it easier than ever to send and receive money electronically.

Individual smartphone apps and other gimmicks don’t provide a whole lot of extra service. A disappointed 67% of young people say mobile banking services at banks don’t measure up to their expectations. Most people don’t handle paper checks anymore, so banking from the computer is all most consumers really need.

4.) Educational resources

Corporate banks have historically made a killing by keeping people in the dark about their practices. Credit card companies made it hard to tell exactly how much interest you were being charged. Banks charged overdraft fees without ever telling you they were doing it. These things got so bad, Congress took action. Consumer ignorance was built into the profit model of big financial institutions. Educating consumers was not just a waste of money to them, it was actually costing them business.

Credit unions are not-for-profits that want to make their communities a better place. Part of that mission includes financial education. If you need advice about homebuying, making a budget or using credit responsibly, your credit union will be happy to help.

5.) Savings

Credit unions work for their members. They pay back the money they make to their members in the form of dividends. Since their members are also the people paying for their services, they don’t have much of an incentive to charge an arm and a leg in interest and fees.

Credit unions also offer competitive rates on savings accounts and CDs. Because they don’t have to siphon off money to pay shareholders, they can return that money to their investors: you know, the people who do their banking with the credit union. Compare the earned interest on a credit union checking or savings account to those offered by a for-profit bank. Then, go open an account at a credit union. You’ll thank yourself later.

Being a member of a credit union is a coup for your finances for many reasons. Here are just a few facts that make credit unions a great option.

Fact #1: President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.

Fact #2: Credit unions are insured. Most credit unions are insured by the National Credit Union Administration (NCUA), which provides essentially the same coverage on funds as does the FDIC. If the word “federal” is in the name, they are insured. If not, check with your credit union. It may be state-chartered or have private deposit insurance, or both.

Fact #3: Eligibility is fairly flexible at most credit unions. Most require residency in a certain community, city or state, or that you are employed by the credit union’s sponsor company, also known as a Select Employee Group (SEG). But requirements are pretty broad on most, making eligibility at a credit union a possibility for almost anyone.

Fact #4: Credit unions are not-for-profit institutions and are owned by the people they serve, not by a few shareholders.

Fact #5: Credit unions can offer better rates on savings accounts, lower interest rates on loans, and little or no fees on accounts because they are exempt from federal taxes. Credit unions still pay state taxes.

Fact #6: The credit union’s board of directors, which is elected by members, can set loan limits in an effort to help the credit union grow.

Fact #7: Credit union members have democratic control of the credit union and can attend and participate in regular and special membership meetings.

Fact #8: Nonmembers benefit from credit unions too. Competition for low rates keeps banks’ fees in check, thereby benefiting nonmembers.

Fact #9: With more than 5,000 credit unions across the globe and access to tens of thousands of ATMs, credit unions are increasingly convenient on a national scale.

Fact #10: Once you are a member of a credit union, you stay a member for as long as you maintain your deposit account (share), regardless of whether or not you continue to meet the original eligibility requirements.

College is in your rearview mirror, and you're about to enter the working world. Although snagging a job certainly calls for a celebration or two, it is also time to start tackling the various financial responsibilities that await you, like saving for retirement and improving your credit score.

Here's an overview of where to get started, including several best practices to help you along the way.

Keep credit card debt to a minimum

In 2018, households with unpaid credit card balances owed an average of about $15,000 on those cards, which can damage credit scores and make it difficult to qualify for low interest rates on auto loans and mortgages.

Once those first paychecks arrive, it may be tempting to max out your plastic for some new shoes or that must-have gaming console. Do everything in your power to resist that initial urge. While it's OK to splurge from time to time, it's important to keep debt as low as possible.

Contribute to a retirement account

Stashing away cash for retirement starting at an early age is one of the best money moves you can make. Your savings will have decades to multiply thanks to the wonders of compound returns, which lets you earn money on what your money earns.

If your employer offers a 401(k) retirement plan, be sure to take advantage of it. Start by contributing at least 10% of your monthly income and try to gradually work your way up to 20%. Individual retirement accounts, or IRAs, can also provide investment vehicles in which most people can put up to $5,500 each year. Both 401(k) and IRA contributions may reduce your taxes, too.

Build an emergency fund

Gone are the days in which you could call up your parents for a quick injection of cash. Once you begin earning a steady salary, set some money aside for unexpected expenses. An emergency fund should consist of three to six months' worth of living expenses. Because you'll never know when you might need that money, keep it somewhere safe but within easy reach, like your savings account.

Keep an eye on your credit score

To improve your credit score and pay your bills on time. Regularly practicing this kind of responsible behavior should give your score a substantial boost over the years.

The bottom line

Although it'll take some effort, making smart money moves at a young age doesn't have to be a huge hassle. Just remember to pay attention to your retirement savings and make sure that your spending habits don't result in massive amounts of debt. Before you know it, you'll be able to toast to a secure financial future.

It’s never too early to start putting away money for your future. If you’ve ever wondered how to save for retirement when you’re also dealing with day-to-day expenses, these easy tips can help.

1. GET A ROUGH ESTIMATE OF RETIREMENT EXPENSES

It may seem difficult to know how much money you’ll need in retirement, especially if it’s several decades away. Experts say that to keep your same standard of living, you’ll probably need at least 70% of your pre-retirement income.

The reason you probably won’t need 100 percent is because some costs, such as commuting expenses or child care, probably won’t be necessary in retirement. If you already have a budget for your current expenses, then it’s probably easy to get a rough idea of what you may need when you retire.

Say you’re 25 years old and your living expenses are about $50,000 a year. Take 70% of that, and it means you’d probably need about $35,000 to retire comfortably, assuming your income remains the same until retirement. So you’d want a nest egg that provides about $35,000 annually.

Many financial experts suggest that you withdraw only about 4% of your retirement savings each year to help ensure that it lasts. That means to get $35,000 in income, you’d need a savings target of about $875,000.

It’s a lot of money, but by using a retirement calculator, you could find that there’s a good chance you could reach your goal by age 61 if you start saving 10% of your income each year. This number assumes your savings earn 7% annually. If your income increases before retirement, you’d probably also need to increase your savings target.

If you can’t quite put away 10% — or whatever your goal percentage is — while also keeping up with your regular expenses, consider starting with a smaller amount and gradually increasing the percentage of income you save until you reach your goal.

You may also have other income sources in retirement, such as Social Security or a pension plan. Look at the Social Security calculator to get an idea of what your monthly benefits might be when you retire and add that to your retirement calculations.

Bear in mind that an income of $35,000 will probably have much less spending power in 40 years than it does today because of inflation, so it’s smart to consider cost-of-living increases in your savings target. It may be a good idea to make an appointment with a certified financial planner to help you weigh your options.

2. CONTRIBUTE TO A TAX-ADVANTAGED RETIREMENT PLAN

In addition to knowing what percentage of income you should save each year, you’ll also want to decide where to put your money. If your employer offers a traditional or Roth 401(k), consider enrolling. This is especially important if your company offers an employer match, because a match is like adding free money to your retirement savings. You could also contribute to a traditional or Roth IRA.

With traditional retirement plans, you receive an upfront tax deduction for the money you contribute. You then let that savings grow and allow the interest to compound. You’d pay income tax on any money you withdraw, and you’d also have additional early withdrawal penalties if you take money out before age 59½. 

With Roth plans, you pay tax on your contributions, but you don’t have to pay tax on your withdrawals if you retire after age 59½.

When you put your money in a retirement savings plan, you’ll have a number of different investment options to consider, including stocks, bonds and mutual funds.

3. PUT YOUR SAVINGS ON AUTOPILOT

Once you’ve established your retirement plan, consider setting up automatic withdrawals from your paycheck or bank account. It would be much easier to meet your savings goals when your money has a chance to grow uninterrupted over a period of years.

Learning how to save for retirement is important, but it doesn’t have to be hard. By coming up with a savings goal and contributing regularly to a retirement account, you can help make sure you’ll be able to meet your financial goals for the long term.

Margarette Burnette, NerdWallet
Produced by NerdWallet

Just as with buying a home, selling also comes with its share of dues. You need to prepare your home for prospective buyers as well as pay part of the closing costs, which average around 3% of the home price. Here’s a breakdown of the types of costs you can expect.

Home repairs and inspections: Before the sale, you’ll probably want to fix up carpet stains, window cracks or other home features that have suffered minor damage over time. You also might decide to pay for an inspection for termites or other pests to avoid any unpleasant experience for prospective buyers checking the home.

Staging: To impress buyers, hiring a professional home decorator or stager can help you organize and make your home more appealing. You might also get higher bids on the home this way.

Settlement company fees: If you decide to use a third-party settlement company to ensure all documents and procedures between you and the buyer are correct, you pay the company for your portion of the closing costs and potentially an administrative cost. In return, the company will pay off your mortgage and those closing fees to the lender.

Real estate commission: Generally, you have to pay for the real estate fees for both your agent and the buyer’s agent. The cost can be negotiated, but it typically ranges between 5% and 7% of the home price, split between agents. The money goes to the agents’ brokerages, who will then pay them. This commission can be one of your biggest expenses.

Attorney fees: Lawyers can be certified as real property specialists and in some states might be required to help close a home sale.

Property taxes: Ideally, the buyer and seller pay their respective shares of the property taxes for when they lived in the home that year. Depending on when you sell, you might pay all taxes for that year and have the buyer reimburse you for the time he started living there. Additionally, if your home increased in value more than a certain amount, you might have to pay a capital gains tax.

Seller’s concession: If the buyer is having trouble paying for some of the closing costs, the seller can agree to pay a percentage of them. In exchange, that amount can be added into the home price the buyer pays.

Title search: Although the title search is generally the buyer’s responsibility, you might decide to pay for it as part of the deal. The title search involves a professional reviewing public records to confirm you own the property that you’re selling and that no unpaid dues interfere with your title of ownership.

Lien releases: From the title search, you might discover that some debt hasn’t been paid. If you owe any taxes, contractor costs, utilities or other bills on your home, you’ll receive a lien, or a record of any unpaid amount on your home. You must pay it off to clear your title and be able to sell your home.

Owner’s title insurance: If the title search misses something, a lien remains unpaid or the seller doesn’t actually own the property, this insurance protects the buyer from any financial loss. The seller generally pays for this.

Home warranty: As part of the negotiation with the buyer, you might decide to pay for a one-year protection plan on the buyer’s behalf. This will cover certain repair costs if needed.

Knowing the possible costs when selling your home can keep the process straightforward. Despite being potentially expensive and time-consuming, selling at a good price and without complications can save you time and energy.