Miramar Dad is All About

INSPIRING INDIVIDUAL

Miramar Dad is All About Dollars and Sense

By day, Robert L Lassegue is a consumer banking executive for Bank of America. But by night, the Miramar resident is a regular dad who just wants the best for his children and everyone else’s. Fortunately, his professional position allows him to better understand the challenges of planning for the future in today’s present economy.

“As a father of three myself, I’m seeing firsthand the difficulties of planning for such an uncertain future. My son is heading to college next year and currently deciding whether he should complete his undergraduate studies at home due to the pandemic,” said Robert L Lassegue, Senior Vice President, Fort Lauderdale North

Robert L Lassegue

Miami Region Executive, Consumer Banking for Bank of America. “And while I don’t know what the next few months will hold for his situation, I have been using this time with him to share key money advice that I learned at a young age.”

Currently, student life looks quite different at all grade levels as does the first day on the job for recent graduates during this unforeseen time. The astute professional believes that one way to help prepare young adults for whatever lies ahead is by teaching them basic financial skills during these transitional years.

“We’re living through a difficult time, but we’re all working through it together. As By Beverly Perkins young people prepare to go back to school or enter the workforce, having healthy financial habits can make all the difference. Regardless of what your young adult is planning next, take advantage of this time together to help them build the skills that will guide them toward a financially secure future,” exclaimed Lassegue.

Five Habits to Raise Fiscally Savvy Adults: Track Spending and Create A Plan

Getting in the habit of tracking expenses will help identify excess spending and find areas to save. Put together a budget that tracks your expenses and update it regularly as your spending habits shift. As we have seen this year, financial situations can change rapidly, so the spending plan should reflect any changes to your lifestyle.

Start Saving and Create an Emergency Fund

An emergency fund can provide peace of mind and act as a buffer for unexpected expenses. One of the benefits of tracking spending is that it will help find money to save. For example, if it’s just $20 a month from old recurring subscriptions that can be canceled, the important thing is to start building your savings muscle.

“At Bank of America we have an account geared specifically for young adults called the Advantage SafeBalance checking account, which allows students to bank without the worry of overdraft or nonsufficient fund fees,” explained Lassegue.

Make Savings Automatic.

Consider scheduling automatic savings transfers so it is one less thing on your to-do list. These reoccurring transfers are also a great way to build up an emergency fund. Schedule auto-transfers for payday to pay yourself first and ensure you are making progress toward your savings goal. Be Smart with Credit.

When used responsibly, credit cards are a great way to manage expenses and build good credit, which can come in handy. To use a credit card wisely, plan out purchases in advance, keep a close eye on your expenses to avoid overspending and strive to pay on-time and in-full. When possible, choose a credit card with rewards that match your existing spending habits. Use your spending tracker to see where you are spending the most (groceries, online shopping) and do a little research to find out which credit card has the best rewards for that category.

Tackle Financial Stress, Head-On.

Being a student is stressful enough under normal circumstances, but add in the financial stress of the pandemic, and young adults can feel overwhelmed. Confront financial stress by focusing on the main sources of anxiety. Maybe it is paying off credit card debt or saving for future student loans. Set reasonable goals to pursue in the short term and establish an easy to follow monthly plan. “Young adults like my 17-year-old son who are currently weighing their options for college should hone their basic financial skills now to have a successful future no matter what career path they choose to take,” added Lassegue.

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