Sponsored Content

7 Money-Managing Tips Every Millennial Should Know, According To A Canadian Banking Professional

Stay smart with your money.

Sponsored Content Contributing Writer, Studio
Money Managing Tips Every Millennial Should Know

Knowing how to manage your money can be tough. Personal finance isn't something that's typically taught in schools, and if you don't have a financially savvy person in your life, you might be left to figure it out on your own.

To help you learn more about money management and how to get more value from the things you do every day, Narcity got in touch with Erica Nielsen, Senior Vice President of Everyday Banking and Client Growth at RBC.

They spoke about tips to help you manage your money, and the launch of RBC Vantage — which gives you access to a comprehensive suite of benefits, interactive tools, rewards and savings available simply by having an RBC bank account.

Identify Your Short- & Long-Term Financial Goals

Christian Mackie | Unsplash

"Saving money is not impossible and reaching your goals is easier if you start by making a plan," said Nielsen. "Having an incentive in mind can also make it easier to avoid spending your savings on an immediate temptation."

As a first step, a good tip is to take stock of where you are financially and put your goals down on paper. Having both short-term goals (like paying off credit card debt or heading off on a weekend getaway) and long-term goals (such as buying a house) will help inspire you to leave that money alone.

Join A Flexible Rewards Program

Donyanedomam | Dreamstime

Look for a rewards program that makes it easy to earn points for the things you are already doing every day.

With RBC Vantage, for example, eligible clients can now earn RBC Rewards when using debit. Not only will this give you more ways to earn rewards, it's a big benefit if you don't have a rewards credit card. You can also get access to so many more rewards and savings from great Canadian brands like Petro-Canada and Rexall.

"Whether you're saving up for a big purchase or looking for ways to pay for everyday expenses and purchases, rewards points can play an important role," said Nielsen.

Make Sure You Have The Right Banking Products For Your Needs

Good Faces | Unsplash

It may be hard to know which bank account is right for you. A good place to start is by looking for an account that offers features that leave more money in your wallet – from ways to save on monthly fees and unlimited transactions to savings on ATM fees.

To help you in your search, RBC has launched new interactive tools to make it easy to find the account that best meets your needs and discover even more benefits.

And if you are a student, make sure to check out the new RBC Advantage Banking. The monthly fee on this account is free for full-time students during your studies.

Take Advantage Of Digital Tools

Andrea Piacquadio | Pexles

AI-driven tools, like NOMI, make it easier to break down some of the barriers some people might face when managing money, such as not having enough time and not paying close attention to your financial situation. From budgeting to saving, NOMI can help you manage your finances with confidence. (More to come on this!)

You can also use a helpful digital platform like MyAdvisor to create a personalized plan and connect with an advisor in your community, online, by phone or in person.

Create A Realistic Budget & Track Your Spending

woman in brown sweater sitting beside man in white dress shirt

Jimmy Dean | Unsplash

"Budgeting is a fundamental tool that helps you manage your money and stay in good financial shape," said Nielsen. "It puts you in control of your day-to-day spending and financial future by making you more aware of where your money is going."

Despite this, less than half (49%) of Canadians keep a budget, according to the 2019 Canadian Financial Capability Survey. If you're considering getting on top of your budgeting but feel overwhelmed at the idea, rest assured that you don't have to start from scratch.

Consider a digital tool like NOMI Budgets which does the heavy lifting for you. It takes the math out of money management by recommending personalized budgets for you based on your spending habits, and it can help you stay on track with notifications and reminders.

Build Up A Nest Egg With Automated Savings

Kaba Camara | Pexels

Setting up automatic transfers from your chequing to your savings account can help you keep up with your savings goals, especially if you tend to spend your income as soon as it lands in your account.

There are also convenient tools out there to help you never miss an opportunity to save. Through RBC's NOMI Find & Save, for example, clients may save money they didn't even know they had. This feature "uses predictive technology" to find extra dollars it thinks you won't miss and automatically moves them into a savings account.

Don't Do It Alone

Helena Lopes | Pexels

There are plenty of resources and experts out there that can help you get better with money, create a savings plan, decide on a budget and more.

Whether you read what experts say online or get personalized advice from a banking professional, the important thing is deciding that you want to learn more about your money and looking for guidance.

And when it comes to your everyday banking needs, RBC Vantage brings together useful features that can help you get your finances on the right track and more value out of your banking.

To learn more about the benefits you can unlock with RBC Vantage, check out their website, Instagram or Facebook.

This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.

Narcity Surveys 📋

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Limited Edition Lunar New Year Coins Are Available Now & They're Absolutely Gorgeous

The Royal Canadian Mint just dropped five Year of the Tiger coins! 👀

Narcity may receive a small commission if you purchase something we recommend in this article, which was created by the Narcity Shop team. Items are in stock and prices are confirmed at the time of publishing, but they can change at any time.

While a lot of us celebrated the new year on January 1, many Asian countries and people with Asian heritage are waiting until February 1 this year to ring in the new year. The Lunar New Year, that is.

Keep Reading Show less

5 Reasons Canadians Should Start Investing In The New Year With Stock Advisor Canada

It’s only $1.90 a week which is cheaper than a large double double!

Narcity may receive a small commission if you purchase something we recommend in this article, which was created by the Narcity Shop team. Items are in stock and prices are confirmed at the time of publishing, but they can change at any time.

As we look ahead to 2022, some of us are making financial wellness a top New Year’s resolution. Whether it’s to pay off debt, buy a home or save for retirement, investing in the stock market is a great way to plan for your future.

Keep Reading Show less

Narcity may receive a small commission if you purchase something we recommend in this article, which was created by the Narcity Shop team. Items are in stock and prices are confirmed at the time of publishing, but they can change at any time.

It's scary how easy it is to overspend during the holidays as we set off to buy presents for our friends, our family and ourselves. With a bit of planning, there are ways to not only save money but earn a little extra on the side, too.

Keep Reading Show less

Kami was just named the fastest-growing company in New Zealand and it's easy to see why.

The company surprised every one of its 53 employees with a $10,000 bonus this week as a "thank you," after topping Deloitte's annual Fast 50 list with an incredible year of growth.

Keep Reading Show less