Struggling with a budget? Let the bank limit your spending

Millennials seem to be obsessed with—or at least more mindful of—their spending habits as they face crushing student loan debt, fight the notion that their frivolous spending will keep them from becoming homeowners and worry about their financial future.

A recent study by Bank of America found that 54 percent of millennials are budgeting, which is roughly the same rate as baby boomers and Gen Xers. In addition, 73 percent of respondents say they stick to their budget most months.

If you’re not setting a budget or you’re struggling to stay on track, you might consider finding a bank, credit union or fintech company that lets you set limits on how much you can spend.

Read more…Struggling with a budget? Let the bank limit your spending

Changing Jobs? Careful with Your 401(k)

U.S. workers change jobs every 5½ years, on average.1 These changes often include a very important decision regarding the assets in their former employer’s 401(k) or other defined-contribution plan. Unfortunately, about 45% of people cash out their balances in workplace plans when changing jobs, and the percentage rises to 55% for those with balances of $5,000 or less.2

Read more…Changing Jobs? Careful with Your 401(k)