(WTNH) — Facing the facts with your finances. New reports show many millennials are having a tough time. Millennial Finance Expert, Tonya Rapley says it’s important to audit purchases and be sure to ask yourself, is this a need or a want.
Millennials have a reputation of sometimes overspending, so something else is hitting big – overdraft fees. Rapley says in the top 10 U.S cities, about $3 billion is spent in overdraft fees annually. The average overdrafter will spend approximately $374 a year in overdraft fees.
“That is major considering most Americans don’t have $400 set aside for the next emergency,” Rapley says.
So be cautious when you spend. We live in a world where we can buy, buy, buy with a simple swipe or even a thumbprint. Make sure you look at your finances regularly and track your spending. Maybe consider a tool.
Rapley recommends the Dave app. “It will advance you $75 from your next paycheck to help you avoid overdraft fees. It syncs to your bank account looks at future expenses and will alert you when you’re at risk for over drafting.”
Apps can be a great tool or your own mobile banking will usually allow you to set up alerts when your finances fall below a certain dollar amount. Another common feature is pulling money from your savings account to avoid overdraft fees.