Truthfully, we all could use a reminder of simple tips on living financially healthy. But no one needs to hear the message more than Millennials and new Business Owners. Let’s face it, with trying to stay ahead of your bills, save for the future and prepare for a rainy day, sometimes being financially healthy is an uphill battle on this fine line of security.
So we sat down with Lam Pham from PNC Bank Ansley Mall Branch, who is Certified Women’s Business Advocate to get some time-tested tips on the subject.
Millennials (and everyone else) should know and understand the following:
Once you are old enough to work, have a credit card and purchase items, this will be a life-long exercise in your financial health.
- Build your Credit Worthiness- You manage this process by NOT going beyond 40% of your credit limit and monthly spending. When you accomplish this habit with one card, try to do it with 3 cards. This will show that you are an expert at managing this process.
- Divide Your Income- You want to create a habit where you protect yourself and your future with the 30/30/40 Rule. Use 30% of your pay for the bills, save 30% in an Emergency Fund and put 40% away in a savings like a 401K or IRA.
- Start Saving for Retirement- Yes, you want to start now. It is never too early to save the money that will be the funds you live on when you retire. You want to put as much as possible away for your future. If you work at a company that offers a 401K, then make sure that you contribute at least an equal amount as your employer. But if you can, do more.
Business Owners should know and understand the following:
- Cash Flow Conversation- this is an important conversation to have with your Bank Representative to discuss the best vehicles they offer to manage your funds.
- Build Business Credit- this is important because you don’t want your business to rely on your credit. You can build your company’s credit by using credit cards in the Company’s name to purchase business items and services.
- Utilize the Bank’s Tools- you want to maximize your bank’s tools so that they can provide efficient means toward your goals. Discussing your options with your Bank Representative will help you figure out which products and services are good for your company.
PNC Bank currently have some great Offers that you should check out:
- New Account- Earn up to $300 from PNC
- New Merchant Service- Earn a $50 Rebate
- New Credit Card- Earn $100 Bonus or 50,000 Bonus Points with a New Credit Card
So if you are in the market for a new bank or want to add a bank to your financial needs, check out PNC Bank and all that they have to offer you in Personal Banking and Business Banking. And make sure that you contact Pham Lam so that she can help guide you to the best tools and services that fit your needs. You can reach Lam at the Ansley Mall Branch in Atlanta, GA at 470-773-6630 or email her at firstname.lastname@example.org .