Caps Off. Now What? | United Community Bank
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Caps Off. Now What?

Financial tips for graduates and families heading into summer

Late nights, homework, papers and tests … high school graduation can feel so much like an ending, but we know it’s only the beginning for our Louisiana graduates. After high school, financial literacy becomes more than an abstract concept; it is necessary for success as a young adult.

Just like we worked hard to prepare our students for finals and capstone papers, we can help them prepare for their next step into the “real world” by offering sound financial advice. If that feels overwhelming, your personal banking experts at United Community Bank can help!

"People get out of high school and don't understand how money, banking or financial stability works. We've put a big focus on that: visits to schools, after-school programs and churches. We've invested in tools like the Greenlight app, where kids go through financial literacy courses, manage allowances, chores and spending. It sets a foundation."
Sonny Aldridge, United Community Bank CEO

We encourage families to schedule a consultation with a UCB banking professional for a crash course on cash, cards, credit and more.

Until then, here is a helpful financial literacy cheat-sheet for the graduate in your life.

  • Start building credit early, but carefully. A credit builder card paid off in full every month can help you establish a strong credit history without debt.
  • Determine the difference between “want” and “need” before your first real paycheck hits. Lifestyle creep is real. And expensive.
  • Set up automatic savings for a small percentage of your paycheck. It adds up faster than you think!
  • Opt for a new-to-you car. Reliable used cars usually leave you with more freedom and less stress.
  • If you go to college, understand the fine print of every student loan you sign. Know the interest rate, total repayment amount and your monthly payment.
  • Invest early, with small amounts. Consistency is the most important thing when it comes to compound growth.
  • Build an emergency fund before you spend money on travel, clothing or your dream apartment. Aim for at least $500, then grow it in small increments from there.
  • Keep your expectations realistic. Most financially stable people live below their means for years.
  • Instead of learning money basics on the fly, study up now! Understand taxes, budgeting, insurance, retirement accounts and how interest works.
  • Focus on gaining valuable skills, building relationships and becoming reliable. This will help you settle into a career more quickly.

Set a goal with your graduate to focus on just five of these financial literacy cheat-sheet guidelines before they walk the stage. Money matters don’t have to be intimidating! UCB is here to make the transition into adulthood easier. You can read more financial literacy tips and tricks from our CEO in 225 Magazine’s latest Parenting Roundtable.

If your child still has a few years until graduation, you can help them be set up for success now by opening a Kid’s Savings Account with United Community Bank.