The oldest members of Generation Z, the younger siblings of the Millennials, are beginning to graduate high school and even college. Many of today’s youngest workers came of age during the 2008 recession and graduated into an uncertain economy, so most have already opened accounts at local credit unions and started saving. However, with the economy doing well, many members of Gen Z have not. If you’ve just graduated high school or college, here are a few tips for setting yourself up for financial success.

A Post-Millennial Guide to Protecting Your Finances

1. Start Saving Early

Finding room in the budget to save can seem difficult, especially if you’re working several side jobs. However, investing in the future is the most important step you can take for financial success. Starting young also gives compound interest more time to work, potentially giving you hundreds of thousands more by the time you retire.

2. Use a Traditional Financial Institution

Many tech companies are now offering financial services that can be extremely convenient for young digital natives. However, these companies aren’t subject to the same financial regulations as your local credit unions or banks. While tech companies can make sending payments and arranging deposits easier, your money will be safer in a traditional financial institution.

3. Take on Some Debt

Millennials are burdened by historic amounts of student loans, which has made some members of Generation Z extremely averse to taking on debt. While having a low debt burden is helpful, you will need a credit history to buy a car or house in the future. Taking out a credit card and paying off the whole balance every month will establish your credit without weighing down your finances.

4. Consult a Financial Professional

Most young people are extremely comfortable with online tools and the latest technology, many of which make it easy to buy stocks, transfer money, and take advantage of new financial opportunities. However, this also makes it easier to commit basic mistakes that can cost you money in the long run. When you start saving, consult with a professional to learn how to use these tools.

5. Set a Budget

Younger people are more focused on experiences than accumulating material goods, but trips and meals can still add up to more than you intended to spend. To set a budget, track your spending for a couple of months, figure out your average income, and decide in advance how to use your resources most effectively.

For nearly 80 years, North Jersey Federal Credit Union has been one of Passaic County’s most trusted local credit unions, offering personal service and stability to generations of families. Because they’re owned by their members, they offer the best interest rates possible and personal service. Visit their website for more on their checking and savings accounts, or call (973) 785-9200 to reach this local credit union.