09/01/2021: For Students and Adults Alike

financial literacy for generation z with seneca savings

Financial literacy Across the Generations

Success comes in many forms and there is no one-size-fits-all approach. Ironically, the only constant in life is change and as you grow older and take on more responsibility, your financial goals and planning needs change as well.

Education and financial literacy is key to successfully managing your money and achieving your unique goals across the many stages of life. Some turns in the road are planned for, while others there’s simply no way to know what’s around the corner. We’re firm believers that awareness and forward-thinking should begin at an early age. But that it’s also never too late to better manage your money and financial well-being.

For Life’s Ups and Downs

When was the last time you truly sat down and took stock of your accounts and finances? Some maybe are diligent. Many struggle to get their arms around where to begin. One of the tenets we strive to focus on with people is that there’s no good that can come out of feeling guilty or ashamed about past mistakes, ‘should haves and could haves.’ You can control today and going forward what your relationship with your money is like. We’re there for you to provide counsel, resources, tools, to help you on your journey going forward. The road is never totally smooth for any one of us. And we’re all in this together. For the ups… and the downs.

Being conservative with your wants and wishes early on

What do many of us ‘wish we learned sooner?’ Be conservative. Know your priorities, think hard about where you want to be financially in 5, 10, 15+ years, and understand there is no urgency to keep up with the Joneses. Not having enough money put aside in case of emergencies and unexpected expenses isn’t a healthy way for anyone to live, but particularly for those who have their whole lives ahead of them. We all know that life is unscripted and that car repairs, medical bills, or other unforeseen expenses can arise. At Seneca Savings, we’ve been alarmed by the number of our customers who do not have an emergency fund in place.

Teach your children well.

It may have taken you fifty years to learn the in’s and out’s of your finances. Who can you turn to, to help you guide your children and grandchildren in a wiser way? A way that creates more ease and prosperity for them sooner? If you have children in school, ask them if their school is offering financial literacy coursework? Or at your next parent-teacher conference ask the same. Currently for example, Seneca Savings offers financial literacy right through many area schools, or CAN offer it if there’s enough of a request at particular school. The coursework is woven right into their curriculum for certain classes. Hundreds of students have benefited from years of the partnership that Seneca Savings has with EverFi. We’re committed to continuing this financial literacy education — for both your students and for you.

Your Savings Account as an “Opportunity Fund” & Be Wary of Monthly Fees & Subscriptions

Our strong recommendation: Put enough money into savings to weather any challenges when life happens. Consider saving 3-6 months’ worth of expenses for a rainy day, if you have the means. By doing this, you minimize the risk of taking on new debt to cover the expenditure. Having all of that cash parked away need not be a downer, though. Consider rebranding the savings account as an “opportunity fund.” If you have the opportunity to go on a vacation getaway, pursue a new hobby, or have other fun things in mind, you’ll be able to tap into this pool of money when the time is right. Also take advantage of free checking for students. Subscriptions and fees can add up. Look closely at all those ‘auto-withdraws’ that seem like mole hills but after awhile add up to mountains of cash going out of your accounts every month. With a free checking account that’s one less fee you have to worry about.

Some parting thoughts

There are many stages of life, from a grade-schooler learning the basics of money to preparing for college, starting a career, realizing the American dream of homeownership, preparing for retirement, building wealth, and retirees who want to put their life on coast. No matter where you’re at on your journey, Seneca Savings is dedicated to helping guide you from here… to there. It’s what working with our local team is all about.