Area Banks Ready to Work With Graduates on Establishing Good Personal Finance Habits – KNSI
(KNSI) – High school and college graduations are here. For seniors, that means gifts, the possibility of a full-time job, and larger paychecks.
Affinity Plus St. Cloud branch manager Kari Krummel recommends using some money for fun, but not all of it. Cars and homes are just some of the big-ticket items that grads will be responsible for soon, and loans bring challenges. “If you can save for some of those purchases, that’s less interest you’re going to pay on those items. So, the more you can kind of save and sock away for an emergency or a big purchase, the better off you’re going to be.”
From certificates of deposit to savings accounts, banks will be happy to walk through plenty of options with younger customers. Retirement accounts are another issue Krummel encourages teens and young adults to think about now, rather than later. Nest eggs are easier to feather when started in the early 20s compared to middle age.
Krummel believes the current generation of graduates is ahead of the game in terms of financial literacy. She chalks it up to society’s move away from using cash. Kids have debit cards or some other form of prepaid card as teenagers.
Krummel says those looking to take the next step and open up a credit card account should think small at first. “A good way to build credit for someone just brand new, maybe a small credit card. You put gas and groceries on it, and then you pay it off. And that’s a way you’re not paying interest. You’re not paying to build your credit, but you’re building positive credit.”
She warns against carrying balances on a card, and for large purchases like a car or home, Krummel suggests having a parent cosign on the loan so banks and credit unions are more likely to approve the application.
Krummel says the final aspect of financial literacy that young people need to get up to speed on is scams. She stresses, “Don’t accept checks from people you don’t know. Don’t cash checks for people you don’t know. If someone’s trying to give you free money, it’s probably not real. If somebody’s asking you for financial information, your social security number, your banking information, don’t give that out.”
Because so much of life happens through texts and online, Krummel says young people tend to have a blind spot to online fraud, whereas they are very good about scams trying to be perpetrated over the phone.
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Affinity Plus St. Cloud branch manager Kari Krummel recommends using some money for fun, but not all of it. Cars and homes are just some of the big-ticket items that grads will be responsible for soon, and loans bring challenges. “If you can save for some of those purchases, that’s less interest you’re going to pay on those items. So, the more you can kind of save and sock away for an emergency or a big purchase, the better off you’re going to be.”
From certificates of deposit to savings accounts, banks will be happy to walk through plenty of options with younger customers. Retirement accounts are another issue Krummel encourages teens and young adults to think about now, rather than later. Nest eggs are easier to feather when started in the early 20s compared to middle age.
Krummel believes the current generation of graduates is ahead of the game in terms of financial literacy. She chalks it up to society’s move away from using cash. Kids have debit cards or some other form of prepaid card as teenagers.
Krummel says those looking to take the next step and open up a credit card account should think small at first. “A good way to build credit for someone just brand new, maybe a small credit card. You put gas and groceries on it, and then you pay it off. And that’s a way you’re not paying interest. You’re not paying to build your credit, but you’re building positive credit.”
She warns against carrying balances on a card, and for large purchases like a car or home, Krummel suggests having a parent cosign on the loan so banks and credit unions are more likely to approve the application.
Krummel says the final aspect of financial literacy that young people need to get up to speed on is scams. She stresses, “Don’t accept checks from people you don’t know. Don’t cash checks for people you don’t know. If someone’s trying to give you free money, it’s probably not real. If somebody’s asking you for financial information, your social security number, your banking information, don’t give that out.”
Because so much of life happens through texts and online, Krummel says young people tend to have a blind spot to online fraud, whereas they are very good about scams trying to be perpetrated over the phone.
___
Copyright 2025 Leighton Media. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
