If you’re Gen Z like me, you might be having a little crisis realizing how close 30 actually is — the oldest Gen Zers turn 30 next year.
Suddenly, all those “adulting” questions start flooding in — “What should I be doing?” “Where am I financially?” If you haven’t taken a good look at your money yet, now’s the perfect time to start. Whether you’re just beginning or already on your way, here are some essential money moves you can make — slowly but surely — to get your finances in shape before hitting that milestone.
Build a solid emergency fund
Life is unpredictable. Whether it’s a sudden car repair, job loss or medical bill, having cash set aside can keep you afloat without going into debt. An emergency fund is the financial safety net that helps you avoid high-interest loans or credit card debt when life throws curveballs. You don’t need to start with a huge amount. Even just a small cushion, like contributing $25 per week, or $50 per month, can make a difference. Plus, you don’t have to do all the work yourself. With a high-yield savings account, your money can grow faster with minimal effort.
The EverBank Performance Savings is a great account if you want a high savings rate with no frills. It comes with no monthly fee or minimum balance requirements. The Marcus by Goldman Sachs® High-Yield Online Savings Account also offers a solid rate with no monthly or overdraft fees, as well as no minimum balance requirements.
EverBank Performance℠ Savings
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
You may conduct up to 20 external transfers per day, subject to a maximum of 10 transfers that pull deposit funds from a linked external account into your accounts at EverBank and a maximum of 10 transfers that send deposit funds from your accounts at EverBank to a linked external account, and up to 50 total external transfers per month.
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Excessive transactions fee
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Overdraft fees
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Offer checking account?
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Offer ATM card?
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- No physical branch locations
Marcus by Goldman Sachs® CDs
Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA, a Member FDIC.
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Annual Percentage Yield (APY)
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Terms
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Minimum deposit
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Monthly fee
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Early withdrawal penalty fee
If you withdraw the balance entire principal amount from your CD account prior to maturity, you’ll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here’s how early withdrawal penalties are calculated:
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Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
- Offers CD options to raise your APY and withdraw with no penalty
- 10-Day CD Rate Guarantee: If the rate on your CD goes up within first 10 days of opening, you’ll get that rate automatically
Cons
- $500 minimum deposit
- You can’t access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Maximize retirement savings
Retirement might feel far away, but the earlier you start saving, the more time your money has to grow through compound interest — basically, earning money on the money you’ve already saved. Even small, regular contributions can add up to a significant nest egg over time. If your job offers a 401(k) plan, try to contribute enough to get any employer match, since that’s basically free money you’d be leaving on the table. If not, consider opening a Roth IRA, which lets you contribute after-tax money so your account grows tax-free and you can make tax-free withdrawals in retirement. The key is to start now, even if it feels like a tiny step.
If you decide to open a Roth IRA, brokerage firms like Fidelity are a great place to start. You can choose to have Fidelity manage your investments for you or manage the investments yourself. Either way, there’s no minimum required to open an account.
Fidelity Investments
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Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Fidelity Go® account, but minimum $10 balance for robo-advisor to start investing
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Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock, ETF, options trades and some mutual funds; zero transaction fees for over 3,400 mutual funds; $0.65 per options contract. Fidelity Go® has no advisory fees for balances under $25,000 (0.35% per year for balances of $25,000 and over and this includes access to unlimited 1-on-1 coaching calls from a Fidelity advisor)
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Bonus
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Investment vehicles
Robo-advisor: Fidelity Go® IRA: Traditional, Roth and Rollover IRAs Brokerage and trading: Fidelity Investments Trading Other: Fidelity Investments 529 College Savings; Fidelity HSA®
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Investment options
Stocks, bonds, ETFs, mutual funds, CDs, options and fractional shares
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Educational resources
Extensive tools and industry-leading, in-depth research from 20-plus independent providers
Pros
- No commission fees for stock, ETF, options trades
- No transaction fees for over 3,400 mutual funds
- Limited-time special offers
- Abundant educational tools and resources
- 24/7 customer service
- Over 100 brick-and-mortar branches across the U.S. for face-to-face support
Cons
- Fidelity Go® has a 0.35% advisory fee per year for balances of $25,000 and over
- Some of Fidelity’s mutual funds require reaching specific thresholds
- Reports of platform outages during heavy trading days
Wealthfront is a popular robo-advisor that offers Roth IRA options through automated index investing. This means Wealthfront will build and manage your retirement portfolio based on your financial goals and risk tolerance, allowing you to be completely hands-off. To get started, Wealthfront asks questions about your goals, investment preferences and risk level before creating a personalized portfolio.
Wealthfront
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Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. $500 minimum deposit for investment accounts
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Fees
Fees may vary depending on the investment vehicle selected. Zero account, transfer, trading or commission fees (fund ratios may apply). Wealthfront annual management advisory fee is 0.25% of your account balance
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Bonus
Get $30 bonus when you fund your first taxable investment account
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Investment vehicles
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Investment options
Stocks, bonds, ETFs and cash. Additional asset classes to your portfolio include real estate, natural resources and dividend stocks
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Educational resources
Offers free financial advice for college planning, retirement and homebuying
Pros
- No trade or transfer fees
- Good for automated investing
- Picks investments based on user’s risk tolerance and time until retirement
- Offers a cash management checking account with a debit card
- Tax-loss harvesting to reduce the taxes you pay:
- Fund your first taxable Investment Account and get a $50 bonus.
Cons
- $500 minimum deposit
- 0.25% management fee
Pay down high-interest debt
A balance transfer credit card can be a useful tool for paying down high-interest debt, as it offers an introductory 0% APR period to help you pay off balances faster. However, these cards often come with requirements and limitations, like balance transfer fees or a good to excellent credit score, so it’s important to review the terms before applying.
The U.S. Bank Shield™ Visa® Card offers a generous 0% intro APR for 24 months (after, 16.99% to 27.99% variable APR), which is longer than most on the market, but you must transfer your balance within 60 days of opening the account. There’s also a balance transfer fee of 5%, with a $5 minimum.
- Best-in-class intro-APR offers for purchases and balance transfers
- No annual fee
- Annual statement credit
- Cell phone protection
- Rewards limited to eligible travel purchases made through the U.S. Bank Rewards Center
- No welcome bonus
- Has a foreign transaction fee
- No intro balance transfer fee
Another option is the Chase Freedom Unlimited®, which offers 0% intro APR for 15 months (after, 18.24% to 27.74% variable APR) and includes a solid cash-back program — perfect if you want to earn rewards while paying down your debt.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Valuable welcome bonus and high rewards rates
- Long intro APR for purchases and balance transfers
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% – 27.74%.
- No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
Expert tip:
If you’re stuck between deciding whether to put money toward debt or savings first, a good rule of thumb is to prioritize paying off debt with interest rates higher than 6%, according to Fidelity.
Automate savings and bills
Life gets busy and it’s easy to forget or put off saving and paying bills on time. Automating your savings and bill payments takes that stress off your plate. By setting up automatic transfers to your savings or investment accounts, you make consistent progress without having to think about it. Automating bill payments also helps you avoid late fees and keeps your credit score healthy.
You can set up automatic transfers and payments through your bank, but using an expense tracker app can help you stay on top of everything. For example, YNAB (You Need A Budget) uses the zero-based budgeting method, where every dollar is assigned a job so you’re intentional with your money. It also uses machine learning to categorize your spending and highlights areas to improve.
You Need a Budget (YNAB)
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Cost
34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
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Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the “zero-based budgeting system” where no dollar is unaccounted for). Every dollar is assigned a “job,” whether it’s to go toward bills, savings, investments, etc.
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Categorizes your expenses
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Links to accounts
Yes, bank and credit cards
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
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Security features
Encrypted data, accredited data centers, third-party audits and more
Pros
- Offers a 34-day free trial, and college students get 12 months free
- Designed to help you get out of debt
- YNAB website claims average user saves $600 in their first two months and $6,000 in their first year
- Syncs to your bank accounts and credit cards
- Users can set goals, customize spending categories
- Offers educational resources, such as budgeting advice and free, live workshops
- Personal customer support
- Security features include encrypted data, accredited data centers, third-party audits and more
Cons
- Costs $109 per year or $14.99 per month
- Customer reviews note that it takes longer to set up than other apps
Monarch syncs with your bank, credit cards, investments and even debts like student loans to give you a complete picture of your finances. You can create budgets, track recurring expenses, monitor your net worth and keep an eye on your investments all in one place.
Monarch
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Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
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Free trial
7-day free trial is available before subscribing
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Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
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Categorizes your expenses
Yes, but users can modify
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
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Security features
Utilizes industry-leading security practices, according to Monarch’s website
Pros
- Easy-to-navigate money-tracking dashboard, including a net-worth tracker
- Easily syncs to your bank, credit cards and other financial accounts
- Users can add collaborators for free
- Seven-day free trial
Cons
- Subscription is pricier than competitors
- Recommendations in the “advice” tab are generic
Invest beyond retirement
Once your emergency fund is set and high-interest debt is under control, it’s a smart move to invest beyond just your retirement accounts. But you don’t need to be an expert. Commission-free stock trading apps like Robinhood and Vanguard offer easy ways to invest beyond retirement accounts. They let you buy and sell stocks, ETFs and other investments with no fees, which makes it simple to grow your wealth for goals like buying a home or starting a side hustle. These platforms are beginner-friendly and provide tools to help you learn as you go.
Robinhood
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Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account or to start investing
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Fees
Fees may vary depending on the investment vehicle selected. Commission-free trading; regulatory transaction fees and trading activity fees may apply
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Bonus
Robinhood will add 1 share of free stock to your brokerage account when you link your bank account and fulfill the conditions in your promotion (you’ll be able to keep the stock or sell it after 2 trading days)
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Investment vehicles
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Investment options
Stocks, ETFs, options trading, fractional shares, IPOs, plus certain cryptocurrencies through Robinhood Crypto (depending on where you live)
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Educational resources
Pros
- $0 minimum deposit to open an account and invest
- Commission-free trading
- Free stock welcome bonus
- Plenty of investment options for active traders
- Variety of accessible learning tools
Cons
- Fees outside of commissions may apply
- Users rely on their own knowledge when building their portfolio
Vanguard
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Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Vanguard account, but minimum $1,000 deposit to invest in many retirement funds; robo-advisor Vanguard Digital Advisor® requires minimum $100 to enroll
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Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock and ETF trades; zero transaction fees for over 3,000 mutual funds; $20 annual service fee for IRAs and brokerage accounts unless you opt into paperless statements; robo-advisor Vanguard Digital Advisor® charges up to 0.20% in advisory fees (after 90 days)
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Bonus
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Investment vehicles
Robo-advisor: Vanguard Digital Advisor® IRA: Vanguard Traditional, Roth, Rollover, Spousal and SEP IRAs Brokerage and trading: Vanguard Trading Other: Vanguard 529 Plan
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Investment options
Stocks, bonds, mutual funds, CDs, ETFs and options
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Educational resources
Retirement planning tools
Pros
- No commission fees for stock and ETF trades
- No transaction fees for over 3,000 mutual funds
- One of the largest ETF and mutual fund offerings around
- Robo-advisor Vanguard Digital Advisor® available for 90-day free trial with no advisory fees
- Vanguard 529 Plan helps you save for college early on
- Excellent customer service
- Offers retirement planning tools
- Customers get access to GetHuman, a website dedicated to human-to-human customer service, with features that include talking to a Vanguard rep, notice of the current hold time, reminders to call when call center opens, as well as pro tips and talking points for customers
- Vanguard Personal Advisor Services® available for personalized support
Cons
- $20 annual service fee for IRAs and brokerage accounts (investors can waive this fee by opting into paperless statements)
- Robo-advisor Vanguard Digital Advisor® requires minimum $100 to enroll and charges up to 0.20% in advisory fees (after 90 days)
- Basic trading platform only
- No robust research and data tools
Protect yourself with insurance
Life can throw unexpected challenges your way, so having the right insurance coverage is key. Many people get basic coverage through their employer but it’s smart to explore options on your own to fill any gaps. Renters insurance protects your belongings from theft or damage, disability insurance helps replace income if you can’t work and life insurance can be a smart option to consider early on — since buying a policy while you’re young and healthy usually means lower costs and easier approval. Providers like Northwestern Mutual and Guardian Life offer solid plans to explore, which makes it easier to find coverage that fits your needs and budget.
Northwestern Mutual Long-Term Care Insurance
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Standout features
Northwestern Mutual offers QuietCare, a standalone LTC policy, and Long-Term Advantage, a tax-deductible hybrid plan that taps life insurance benefits.
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Age limits
QuietCare: 30 to 79, Long-Term Advantage: 40 to 75
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Maximum benefit
Monthly benefits for QuietCare: $12,000 per month ($15,000 in some states). Long-Term Advantage: Up to $15,000 per month.
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Benefits period
QuietCare: 36 to 72 months; Long-Term Advantage: Up to 72 months
Pros
- Standalone policies are available up to age 79
- Spousal discount up to 30%
- Benefit limits up to $15,000 a month
Cons
- Policies require a medical exam
- Long-Term Advantage not available in New York or California
- Limited information on website
Guardian Life Insurance
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Policies
Term, whole and universal
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Policy highlights
Term life can be converted into whole or universal life policies. While dividends are not guaranteed, Guardian has paid dividends to eligible policyholders annually since 1868.
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Age limits
75 for 10-year term policies, 55 for 30-year term policies, no upper age limit for whole life
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Coverage limits
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Availability
Guardian Life is available in all 50 U.S. states and Washington, D.C.
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Online quote for term policy
Pros
- Has paid dividends since 1868
- Whole life insurance policies up to age 90
- No-medical-exam policies up to $3 million
- Available in all 50 states
Cons
- Can’t get rate quotes or apply online
- Customer service not available 24/7
- Doesn’t offer auto or home insurance
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.