As young adults, there is no guide to ‘adulting’ that you can grab to figure out what you should and should not do while traversing the world. However, there are simple things you can do for yourself to manage your expenses and make your life a little bit easier. Today’s article will focus on some common things the new age millennial is typically going through now.

In a world where everything is SaaS (software as a service), we find ourselves spending money all over the place for different services we use at our convenience. Though these services make life simpler, it can also be a burden on your pocket if not managed well. The first thing one should do when getting a subscription plan is to evaluate the various plans and cost for the various time frames. For example, password manager and cybersecurity service Dashlane charges US$3.99 ($615.22) per month for its premium plan while the annual plan costs US$39.99 ($6,166.06). Some persons might think that paying monthly will cost less, but the annual plan is equivalent to 10 equal monthly payments. Though someone might argue that it helps balance out their cashflow, they should remember that the Jamaican Dollar (JMD) depreciates against the United States Dollar (USD) as the year progresses with some minor appreciation. The value of a service comes down to how much you use it and what you ascribe to it in terms of how it assists you in everyday life.

Through that example, a monthly payment works best when you want to do a test run of a service or able to plot out the frequency of how you’ll use it. When you have multiple subscriptions or payments to make for services each month/year, it is best to create a list outlining the cost of each subscription, when is the renewal date and which bank card you use to pay for it. Understanding what card you use for the service matters when these services can automatically charge your card to pay for the renewal. Most Visa/Mastercard debit cards allow you to pay in USD and your bank will charge your card in JMD at their applicable rate. This strategy also allows for you to plan out how much to save in a possible fund each month to pay for these various services and prevent your bank account from going into overdraft. It will also allow you to evaluate whether or not the service you’re paying for is worth your money and time. Remember to check your bank’s sell rate before selecting JMD to pay for these online services.

People tend to complain about bank fees when using their debit card, bank account or utilising a bank service. However, they don’t seem to realise that different banks offer different products for someone to fully maximise their money. Some banks have accounts that don’t charge you withdrawal fees when you use that bank’s specific ATM or charge no transaction fees if you do a specific amount of transactions for the month. There is also the case where a bank charges less or no fee at all to do certain transactions online as well. Some banks even have Visa debit cards which charge no transaction fees when used in person or online.

Even if you get paid by one bank for your salary, you can always open another bank account at another institution to utilise the benefits of a specific service. With this route, you can avoid foreign currency transaction fees and even avoid general transaction fees. Some banks don’t charge for an ACH (Automated Clearing House) transfer or have a low fee for a RTGS (Real Time Gross Settlement) transfer between banks. A certificate of deposit is also a tool one can use to let your money get a slightly higher interest rate than the bank’s rate listed for savings/chequing accounts. One should remember that credit cards don’t necessarily need to be unsecured but that one can get a secured credit card and upgrade later on. This will allow you to reduce your risk and build a greater relationship with your bank.

— David Rose