A savings account may be the buttoned-up, tedious cousin to your free-spirited, YOLO-vibes checking account, but it needs some love in a serious way. Here’s why.
Based off of headlines in recent years, one wouldn’t be remiss in assuming that millennials’ spending habits are essentially the first sign of the ever-impending apocalypse. But young people aren’t the only ones who should be concerned about their finances. Very few people are actually properly saving their money.
According to CNN Money, 69 percent of U.S. adults have less than $1,000 in savings, and 34 percent of people have no savings at all. Now, that can’t allbe the fault of matcha and cronuts, can it?
The reasons millennials may not be on the up-and-up when it comes to financial literacy are sundry and complex, including but certainly not limited to massive student loans that are kinda hard to make sense of, and a constantly evolving job market. Still, there are important steps you can take towards securing a solid financial future that can be explained pretty simply. Take your savings account, for example.
Below, Octavia Faith, a financial coach and Girlboss contributor, walks us through why it’s so important to have a saving’s account and use it often…
This article was written by Eva Grant, and originally published on girlboss.com.