Category: Brandpoint Business & Finance

2024-09-30T08:01:00

(BPT) – Are you more worried about fraud than you were a few years ago? According to the 2024 Trust Index Report by Telesign, almost 60% of people worldwide and nearly half of all Americans are more fearful of becoming fraud victims than they were just two years ago. Not only do we need to stay vigilant about the traditional forms of digital fraud, but now there is increased global anxiety fueled by the rise of artificial intelligence (AI).

This is not a nebulous fear, nor is it an idle threat. People are more anxious about fraud because there’s more fraud, period. Considering we need to watch out for data breaches, online attacks, telephone scams, phishing, and bank and mail fraud, just to name a few, if you’re not concerned, you’re not paying attention.

According to the Trust Index, nearly one-third of people in the U.S. have been victims of fraud in the past three years. Of those, most have said it happened during the past six months alone. That uptick is troubling. Part of the problem stems from the fact that fraud tactics evolve rapidly, especially in this new era of AI. The report found that 68% of Americans believe they or their family members are vulnerable to digital fraud. The most common fraud tactics include:

Phishing. This is when you get an email, text, or phone call from a fraudster claiming they’re from a reputable company or organization. For example, you might get an “alert” that you need to update your information. A link in the email goes to a fake site that looks like the real thing. Generative AI has enabled fraudsters to super-charge phishing attacks.

Social engineering. Social engineering attacks occur when fraudsters combine publicly accessible information with manipulative tactics to pressure you to provide sensitive identification data. Bad actors often begin the attacks by collecting information about their targets on social media and websites. Next, they contact you directly and pose as a trusted connection, such as your employer. Combining these tactics can quickly lead to compromised credentials and the potential for account takeover, resulting in damage and theft.

Fake accounts. This is one of the most troubling aspects of AI. According to the Trust Index, 14% of people believe they have recently been exposed to deep fake videos or voice clones, and this number is expected to rise in the future. While technology firms are making strides in how quickly they can identify, label, and remove AI-generated images and videos from the digital world, not enough attention is paid to how this content is distributed. One of the primary ways is through fake accounts, both online and via social media.

Although artificial intelligence and machine learning (ML) provide benefits to many companies and consumers, they have also ushered in a new era of sophisticated tools that facilitate fraud. As businesses fight to protect you and your personal information from bad actors, they’re learning it’s often necessary to use those same AI and ML capabilities to defend against them.

How best to protect yourself from fraud in this rapidly evolving AI landscape? Here are six tips from Telesign:

Use two-factor authentication whenever it’s available. It will be more annoying to have to deal with the aftermath if your identity is stolen.

Use antivirus software to help protect your personal information. It scans for and detects malware that could infect your computer.

Never click on links from unfamiliar sources and pay special attention to those that look legit but might set off your internal radar. Bogus links can infect your computer with malware or lead you to phishing sites that can trick you into sharing your personal information.

Never share personal information via email. Most companies state clearly that they do not ask for sensitive information over email.

Use complex passwords and don’t reuse passwords. A password manager can help by storing and managing all of your current and past passwords, so you don’t have to remember them all.

Use online security alerts for your digital accounts when available, such as banking or other financial services.

Telesign solutions provide fraud protection, secure communications, and enable the digital economy by helping companies and customers to engage with confidence. To learn more about the latest fraud trends, read the full 2024 Trust Index Report.

2024-09-30T07:01:00

(BPT) – Artificial intelligence (AI) undeniably continues to shape the workplace. Companies across the globe are navigating how to integrate AI into their business operations and strategies — making it increasingly paramount for professionals to keep pace with these modern tech advancements.

This AI-focused landscape might be overwhelming for some, but there is a significant opportunity for workers to excel by learning new skills and enhancing existing ones. Based on new research conducted by Reputation Leaders and sponsored by DeVry University, there are several considerations individuals should keep in mind when working to progress in an economy influenced by AI.

1. AI skills are no longer a nice-to-have

Gone are the days when AI was a distant concept; it is now a present-day reality shifting current roles and creating new ones. From automating routine tasks to providing data-driven insights, AI tools are changing what businesses, and their workers, need to succeed in the future. Employers recognize this, with the research finding that 73% believe hiring more people with AI skills will benefit their organization. Meanwhile, most workers (83%) say AI skills will have some impact on their ability to remain employable.

The challenge is that while nearly 9 in 10 employers (87%) are offering upskilling opportunities, they estimate on average only about half of workers (55%) participate. While employers continue to identify how to best train on AI, this signals a vast opportunity for workers to take advantage of their company’s continuing education offerings. If they are not sure how to align their skills with the future needs of their company, they can proactively ask how they should be upskilling for their specific career advancement.

2. Responsible AI use is imperative

Most workers already see the benefits of AI, such as an increased ease of working and productivity, and only 1 in 5 workers (19%) feel their job security has decreased because of the technology. In addition, AI can allow employees to concentrate on work involving things like strategic decision-making and collaboration, rather than administrative or other mundane tasks.

“The future of work is all about the synergy between the individual capabilities and AI technologies,” said Shantanu Bose, Ph.D., provost and chief academic officer at DeVry University. “Embracing AI as a partner in your work can enable you to engage in higher-value activities that foster innovation and growth.”

With that, it is important for workers to abide by the guidelines set by their employers to make sure they are using the technology responsibly and can take advantage of its benefits. In fact, half of employers say AI poses potential data privacy and confidentiality risks for their organization. If workers are not sure how or when to use AI in their roles, they should be cautious when experimenting with the technology and ask their manager about the best options for proper training.

3. Learning for the future doesn’t require a traditional degree

There are a variety of options for workers to acquire new skills, and this does not always necessitate a four-year college degree. Engaging with academic institutions that offer flexible, accessible and personalized alternate learning pathways can help workers pursue their desired career ambitions while balancing other commitments.

Seventy-five percent of employers agree that people who take the initiative to upskill or reskill, including in AI, will get ahead in their careers. If a worker is unsure about their employer’s professional development offerings, they should ask their HR department about available resources for ongoing learning. This could include earning certifications, certificates or participating in other targeted skills development opportunities funded by employers.

“Asking about AI training opportunities not only demonstrates your willingness to learn, but it also signals to your employer that you are invested in the future of the company,” said Dave Barnett, chief administrative officer at DeVry University. “I’d remind anyone who feels they are not being adequately trained on AI that it is not too late to build the skills for the future you want.”

Lifelong learning can have a positive impact on career mobility. While workers should not be alone in their quest to learn, this quest requires a sense of individual ambition to keep up in an AI-driven era. To learn more about continuing education opportunities and preparing for the modern workplace, visit DeVry.edu.

2024-09-26T13:31:57

(BPT) – With cattle ranching featured front and center in America’s living rooms due to the popularity of shows highlighting the western lifestyle, and with Climate Week piquing interest in sustainability, it’s a good time to raise awareness about how farmers and ranchers — and their cattle — do a lot more for the country and environment than just being the backdrop of a popular western drama series.

According to the National Cattlemen’s Beef Association, a contractor to the Beef Checkoff, it’s about ranchers as stewards of sustainable land management, their cattle playing a crucial role in mitigating climate change and wildfires, and beef’s role in a healthy, sustainable diet.

New research links cattle grazing to wildfire mitigation

New research by the USDA Agricultural Research Service recently reported some surprising findings: Grazing can benefit invasive sagebrush communities and more than that, can combat wildfires. With much of the western U.S. beset by wildfires in recent years, it is crucial for people living in those areas to understand that cattle grazing actively mitigates the effects and spread of fires by consuming plants that would otherwise act as fuel.

Outdated dogma suggests livestock grazing in the sagebrush steppe in western rangelands negatively impacts those ecosystems. This new research, published in the scientific journal Ecosphere, found the opposite is true. According to the report, the ARS discovered that “strategically applying livestock grazing prior to the occurrence of climate-induced wildfires can modify sagebrush steppe characteristics in ways that decrease fire probability in the communities, promote biodiversity while reducing postfire annual grass invasion, fire-induced loss of native bunchgrasses and fire damage to soil biocrusts.”

In plain language, it means that if cattle graze on the sagebrush steppe regularly, it will induce shorter flame lengths if a fire occurs, slow the rate of fire spread and prevent invasive grasses from popping up after the fire moves through. That’s because, when cattle graze, they’re munching away on grass and plants that could otherwise act as fuel during wildfire season, and they’re doing so on land that is most often unsuitable for growing crops.

How cattle grazing can benefit the land

“As we talk about climate change, and the dryness that we see, cows are a great mitigator of wildfires,” said Janey VanWinkle, a fourth-generation cattle rancher in Colorado. “In a lot of areas where there are invasive plant species, for example, cheatgrass, cows will eat that forage down, which slows the burn once a wildfire is started.”

Ranchers like the VanWinkle family are conservationists. While caring for their animals, they’re also caring for the land.

“When talking about land use, you could ask, ‘Could this land be used for producing crops and other types of food?’ and the answer is, most likely not where I live, with one of the limiting factors here being water,” VanWinkle explained.

The ways cattle grazing can benefit the land go even deeper than preventing wildfires. According to 2024 UC Davis research, grazing:

• Decreases the potential for soil erosion and regulates the return of nutrients to the soil
• Promotes plant diversity and abundance by regulating weed growth
• Preserves open space and regenerates soil and plant life to promote carbon sequestration through the biogenic carbon cycle.

Cattle and bison have been grazing on U.S. lands for centuries. With careful stewardship of ranchers like the VanWinkle family, they can be helping the planet for centuries more.

“Cattle grazing truly is the best use of this land as it provides wildlife habitat and a very high-quality source of protein,” VanWinkle said. “What really matters is protecting our landscapes. I assure you that I want my grandchildren to know what it’s like out in nature and on the ranch.”

2024-09-25T08:01:00

(BPT) – The Medicare Annual Enrollment Period (AEP) which runs from October 15 to December 7 is approaching, and with it comes a wave of changes that could make this year one of the most challenging yet for beneficiaries. But navigating AEP doesn’t have to be stressful. Here’s how you can prepare and make the most of this crucial time:

1. Review Your Current Plan

Start by reviewing your Annual Notice of Change letter, which arrives in September. It will outline key changes to your current plan, including costs, doctor and pharmacy networks, and additional benefits like gym memberships or grocery allowances. Knowing these changes can help you decide whether your current plan still meets your needs.

2. Compare Your Options

Medicare Advantage and Part D prescription drug plans can vary significantly. Use this time to compare plans and assess how they meet your prescription needs, preferred doctor networks, medical facilities and budget. Doing so could save you money and ensure you’re getting the coverage that best fits your health and financial situation.

3. Use Available Resources

If comparing plans feels overwhelming, there are resources available to help. Platforms like eHealth provide easy-to-use tools that allow you to compare a wide range of plans from top insurance companies, both online and over the phone. According to a recent study of 67,884 user sessions nationwide, eHealth found that Medicare Advantage enrollees who compared their current Medicare Advantage plan with available 2024 plans using eHealth’s platform could be saving an average of $1,100 per year on medical bills and prescription drugs with a lower cost plan.

4. Get Help from a Professional — For Free

Licensed insurance agents can provide personalized assistance at no cost to you. They’re knowledgeable about different plans and can help match you with one that suits your needs. An eHealth survey of more than 2,100 Medicare Advantage enrollees conducted in March found that beneficiaries who work with an agent feel more confident in their choice, with 66% feeling “very confident” in their plan selection. And remember, agents are paid the same for similar plan types and there is no obligation to enroll. Their goal is to help you find the best fit for you.

5. Don’t Procrastinate

It’s tempting to delay deciding, but waiting until the last minute can lead to rushed choices that may not be in your best interest. Schedule time early in the AEP period to review your options, consult with an agent if needed, and make a confident decision.

This year, tackle your insurance plan coverage with confidence. To learn more, compare plans and find help from a professional licensed insurance agent and benefits advisor please visit eHealth at www.ehealth.com or call 844-373-9751, TTY 711.

2024-09-23T08:01:00

(BPT) – When we talk about women’s wellness, physical, mental and emotional health often take center stage, but there’s another key aspect that’s just as important: sexual wellness. Like any other part of health, sexual wellness plays a vital role in reducing stress, improving mood and fostering a deeper connection with yourself or your partner. Despite its importance, this area of wellness is often overlooked.

There remains an ongoing gap between how women’s and men’s sexual wellness is prioritized. This gap isn’t just about access to products, but also extends to education, resources and pleasure. Research shows that women’s experiences with sexual satisfaction and wellness are frequently under-prioritized, contributing to broader inequalities in how women’s sexual health is addressed.

As discussions around women’s wellness evolve, many are beginning to recognize that sexual health is a vital part of self-care. However, access to high-quality, safe sexual wellness products often comes with challenges, whether it’s the cost or finding options that feel empowering and inclusive.

Bellesa Boutique, known for its commitment to empowering women, is offering a direct solution by launching BB Outlet by Bellesa, making sexual wellness products more accessible than ever before. With over 300 high-quality, body-safe products, it’s creating a space where women can explore and prioritize sexual wellness as an essential part of their health journey — regardless of their budget or level of experience.

“Sexual wellness is a fundamental part of a woman’s overall health, and everyone should have access to products that support that without financial barriers,” says Michelle Shnaidman, CEO of Bellesa. “BB Outlet was created to ensure that no one has to choose between quality and affordability when it comes to their sexual health and well-being.”

Every item is made with 100% body-safe, premium materials, so whether you’re looking to explore something new or enhance your wellness routine, there’s a collection for every body and preference. The selection also includes wellness products and accessories tailored to the LGBTQIA+ community, ensuring inclusivity and accessibility for all.

Ready to explore your pleasure on your terms? Visit BBOutlet.com and discover affordable ways to prioritize your sexual wellness today.

2024-09-19T08:01:00

(BPT) – As you age, it’s normal to seek ways to stay healthy so you can continue enjoying your life to the fullest. But did you know many approaches that help you feel healthier can also save you money?

It’s all too easy to skip screenings or delay doctor visits for issues you hope are minor. You may think you’re saving money on co-pays, but preventive care is the best medicine to help you safeguard your health and your bank account. In other words, there’s truth behind the adage “an ounce of prevention is worth a pound of cure.”

Here are ways taking action now can make a big impact down the road.

1. Take Advantage of Covered Screenings

Whether you’re on Medicare or other insurance, you’re leaving money on the table if you don’t get screenings and other services covered by your plan.

Find your coverage confusing? Call Medicare or your insurer to learn what’s free of cost. This may include annual flu shots, mammograms, prostate cancer screenings and colonoscopies, diabetes screenings and more.

Once you know which services are fully covered, schedule your appointments immediately. Many conditions and diseases are far easier to prevent or successfully manage if caught early, which means they’ll cost you far less in terms of medical bills — and your health.

2. Schedule a Comprehensive Yearly Eye Exam

Many people who are conscientious about yearly wellness exams may neglect including an eye exam. However, there are good reasons to ensure your vision and eye health stays atop your list, especially as you age.

Recent studies have found uncorrected vision can impact your quality of life and your income. Research from Prevent Blindness America found that not only does visual impairment and blindness have a significant impact on the U.S. economy, but among those 40 and older results in significantly higher medical expenses and reduced quality of life.

Do you find squinting at a computer all day is taking its toll on your vision, or certain work tasks are becoming more challenging? If you miss important details or make errors on the job, it’s possible your vision could be standing in the way of better work performance. You’ll also be saving money if corrected vision prevents costly events like traffic accidents.

As you age, it’s more important than ever to ensure that your vision is corrected for key health and safety reasons, and that you’re screened for glaucoma, cataracts and other conditions that are more easily treatable or managed if discovered in early stages.

If you’ve put off getting a comprehensive eye exam out of concern for the cost, you can save on your next eye exam with a vision insurance plan from VSP^® Individual Vision Plans that start at as little as $13/month. VSP has a large doctor network with private-practice and retail locations, and you can choose to use your benefits online. Plus, plans offer up to 30% savings on lens enhancements with 20% savings on additional glasses or sunglasses, from a VSP network doctor within 12 months of your last exam. Best yet, you can purchase a vision insurance plan at any time, with no need to wait for open enrollment or waiting periods.

Start here to find the best vision plan for you, and compare plans to find one that meets your needs at VSPDirect.com.

3. Don’t Forget Your Hearing!

Similar to eye care, hearing is often overlooked, but can have a profound impact on your health, safety and well-being. Recent studies have found hearing loss to be associated with mental health concerns like depression, plus cognitive issues including dementia. In addition, wearing hearing aids if you’ve experienced hearing loss can prevent costly falls, according to the Journal of the American Geriatrics Association.

Because hearing loss can occur gradually over time, it’s crucial to get tested to find out if you could benefit from hearing aids or other interventions. Many of today’s options are less costly than in previous years, so they’re well worth exploring if you discover your hearing has decreased.

4. One Simple Step

For a cost-effective way to improve your overall health, you can’t do much better than simple walking. According to the American Heart Association, 150 minutes of brisk walking per week (just over 20 minutes per day) can help reduce your risk of heart disease and other serious health conditions that can add up to big medical bills. Walking also helps lower stress, improve sleep and boost your mental health. That’s a pretty good return on your investment (and only requires a good pair of walking shoes).

For beginners, check with your doctor before starting an exercise program. Then, take it slowly at first: Walk at a leisurely pace around the block. Each day, try adding a little more distance to your walk or pick up your speed. Bad weather? Choose mall walking, a community center indoor walking area or just around your house.

Following these simple, proactive steps, you can help ensure your overall health, as well as the health of your wallet, at any age.

2024-09-17T11:01:00

(BPT) – Today, Michelin North America, Inc. marks its 50-year anniversary of operations in South Carolina with its Michelin Legacy event. Since opening its first facility in Anderson in 1974, Michelin has expanded its footprint exponentially to include nearly 10,000 employees across 15 facilities statewide. The company proudly reports $8.2 billion total annual economic impact in South Carolina alone and looks forward to continued investment at both the state and national levels.

2024-09-12T12:37:00

(BPT) – The vibrant culture of Thailand took center stage in New York’s Times Square this September with the Ignite Thailand Festival — a groundbreaking event that immersed New Yorkers and visitors with all the innovations coming out of Thailand, from the bright colors, flavors and lifestyle brands to fashion, music, and dance. Supported by the Department of International Trade Promotion for the Ministry of Commerce of Thailand, the festival was more than just a celebration of Thai culture; it was a way to showcase all of Thailand’s innovative products and brands.

Leading the charge was Permanent Secretary Vuttikrai Leewiraphan, who headed a delegation to New York City to participate in a series of high-profile meetings and events. His presence underscored the importance of this initiative, which seeks to boost Thailand’s footprint in the U.S. market.

“I am truly honored to have had the opportunity to be in Times Square, the epicenter of New York City, for the inaugural Ignite Thailand Festival. This event will significantly enhance trade opportunities in the U.S. market and reinforce Thailand’s image as a reliable trade partner and a leading exporter of world-class products,” said Permanent Secretary Vuttikrai Leewiraphan. “Our goal was to dazzle all attendees with the sights, sounds, tastes, and talents of all things Thailand. We wanted to show everyone our ideas and capabilities — our resources and style.”

The Ignite Thailand Festival is a strategic initiative to showcase Thailand’s high-quality products and innovative spirit. From inventive culinary delights to high-quality goods, this festival was everyone’s chance to discover why Thai products are celebrated worldwide. Alongside traditional music, theater, dance performances, and showcases from world-class Thai brands, the event underscored Thailand’s dedication to being a trusted and innovative partner in global commerce.

This aligned with the “Think Thailand, Next Level” campaign, which aimed to position Thailand as a leading source of lifestyle products, exceptional cuisine, and cutting-edge innovations. “We have had steady growth in trade between Thailand and the U.S. for decades, but now it is time to turn up the heat. It is time to ‘Trade up to Thailand.’ The Think Thailand, Next Level campaign is a mindset to surprise, overdeliver, and delight — with a smile. Thailand, we don’t just slice our fruit; we create works of art,” said Permanent Secretary Vuttikrai Leewiraphan.

The festival brought together culinary delights from celebrity chefs like Chef Arnold Myint, known for his memorable run on Top Chef; Chef Bao Bao, a recent star on Food Network’s Chopped Legends; and Chef Hong Thaimee, a celebrated Thai chef. Attendees savored dishes from nine Thai Select certified restaurants, refreshing coconut water, tasty Thai snacks, Mama noodles, and Thai energy drinks. Chef Myint added humor to his hosting while enlightening the crowd on the exceptional quality of Thai products. Moreover, some fun activities lined up to truly experience Thailand in New York, including showcased traditional Thai dance performances and a Muay Thai demonstration. This festival perfectly showcased Thailand’s culinary scene’s richness and vibrant culture.

That wasn’t all. Given New York City’s significance in fashion and lifestyle, especially during New York Fashion Week, “The Treasure” project introduced talented Thai designers to the New York market and helped them strengthen their brand in this market.

“We are committed to increasing Thailand’s presence in the U.S. market, making more Thai products available to consumers, and solidifying our reputation as a trusted trade partner. I am here, permanently, to make things easy, just what you wanted products. Thai Trade Center under the Thai Ministry of Commerce was chartered to serve you daily — as are our four centers throughout the U.S., Miami, Chicago, Los Angeles, and New York,” Mr. Leewiraphan said.

With the momentum generated in New York, the Ministry of Commerce plans to expand the “Think Thailand, Next Level” campaign to other key cities worldwide, further solidifying Thailand’s reputation as a trusted trade partner and a hub of innovation and quality.

Looking to the future, the Ministry of Commerce, Thailand, plans to build on the momentum from the Ignite Thailand Festival to expand the “Think Thailand, Next Level” campaign to other cities around the world.

For more details on the Ignite Thailand Festival and Thailand’s ongoing trade initiatives, visit ThaiTradeUSA.com.

Top photo courtesy Aen Fong

2024-09-10T16:45:00

(BPT) – Traditionally, saving up for a 20% down payment has been the largest obstacle for aspiring homeowners and this challenge is even more acute when interest rates drive monthly mortgage payments higher. Despite higher rates cooling home sales last year, hundreds of thousands of first-time homebuyers leveraged private mortgage insurance (MI) to put as little as 3% down to access homeownership.

According to a report released by U.S. Mortgage Insurers (USMI), 64% of homebuyers who used private MI last year did so to purchase their first homes and to begin building equity, a 6% increase in first-time buyers’ share of the market from 2020. Considering a 20% down payment on the national median home price of approximately $425,000 is $85,000, many aspiring homeowners without the resources to make large cash down payments understandably choose private MI. After all, putting 5% down on that same home requires saving only $21,000 in comparison. USMI reports that 35% of homebuyers using private MI in 2023 had annual incomes lower than $75,000.

“Private MI remains one of the most helpful tools available to first-time and low- to moderate-income buyers in the market. Private MI helps borrowers overcome the large down payment barrier to affordably and sustainably qualify for financing and start reaping the benefits of homeownership years earlier,” said USMI Board Chairman and Enact President and CEO Rohit Gupta.

In 2023, private MI helped 800,000 buyers purchase homes using low down payment mortgages, and 39 million homebuyers have achieved this cornerstone of the American dream with private MI since it was first introduced. If a 20% down payment were required, it would take the average homebuyer 27 years to save for the down payment and closing costs, three times longer than the time it would take to save for the 5% down payment that is often used with private MI. Fortunately, you don’t need a 20% down payment to become a homeowner.

USMI President Seth Appleton described the role that private MI plays for housing affordability and access as “opening the homebuying experience up to working families, including first-time buyers. People do not need to save for 20, 30 and even 40 years to meet the mythical — but not required — 20% down payment threshold to be able to afford their first house; instead, millions of homebuyers have achieved the American dream of homeownership and started building their wealth and equity by using private MI.”

Another advantage for homebuyers, according to USMI, is that private MI is a temporary cost; monthly borrower-paid MI can cancel after the homeowner establishes sufficient equity either through regular payments or home price appreciation. When mortgage insurance is canceled, the borrower’s monthly overall payment goes down.

There are many financing options for homebuyers to consider. Learn how you might be able to use private MI to start your homebuying process at lowdownpaymentfacts.com, a resource launched by USMI to offer homebuyers low down payment mortgage information and dispel the myth that a 20% down payment is required to become a homeowner.

2024-09-09T10:33:00

(BPT) – By Mary Hines Droesch, Head of Consumer, Small Business & Wealth Management Banking and Lending Products at Bank of America

Pack your bags and sharpen your pencils because it’s time to kick off another school year. Whether you’re heading to college with new responsibilities or figuring out what to do with the first paycheck from your full-time job, there’s no better time than the back-to-school season to prioritize financial education and refine your money management skills.

This season is all about setting the habits that will lay the foundation of your adult life, from learning to do laundry and cook on your own to managing your finances. Whether you’re just starting out or already maintain a budget, here are a few tips to help you develop smart financial habits on your path to financial independence:

1. Organize your finances with a budget

Transitioning into adulthood means managing monthly expenses and bills, possibly for the first time. That’s where budgeting comes in. According to recent research from Bank of America’s Better Money Habits financial education team, 52% of Gen Z say they both don’t make enough money to live the life they want and share that the high cost of living is one of the primary barriers to financial success. With so much unease about their financial futures, it’s important for current students and recent grads to start budgeting and saving early on.

The appropriate monthly savings amount varies by situation, but an easy strategy to get you started is the 50/30/20 method: 50% of your after-tax income should cover needs (rent, groceries, student loan payments, etc.), 30% should go to wants, and 20% should go into savings. These percentages can be adjusted as needed, but this framework can help first-time budgeters.

2. Open a savings account and add to it regularly

A dedicated savings account helps safeguard your deposits and ensures you’re intentional about saving. Unlike a checking account, which provides you with access to your money for everyday needs, savings accounts enable you to set aside money for bigger purchases or special occasions. This is crucial for growing your money and ensuring you can achieve long-term goals.

Take it a step further and make saving money a no-brainer by automating it. Consider digital solutions like the Bank of America Keep the Change^® program — it rounds up the price of every debit card purchase to the next dollar and automatically adds that to your savings account. Watching your savings grow can be motivating and will help you save up for things like new textbooks, a laptop, or even a fun spring break trip.

3. Build an emergency fund

Did you know 57% of Gen Z lack enough emergency savings to cover three months of expenses? Emergency funds are financial safety nets that are meant to be used, as the name implies, in case of an emergency — whether you need to replace your brakes, your apartment floods, you have a medical emergency, etc. Life is unpredictable and often throws us curveballs, so doing what you can to prepare, like building an emergency fund, is one way to get ahead of those surprises. Start small and build your fund over time — your future self will thank you.

4. Build strong credit and maintain a high credit score

Credit scores might be a vague concept to understand when you’re just starting out. Think of your credit score as a financial report card, similar to the ones you get at school. To build strong credit and maintain a high credit score, it’s important to pay your bills on time and in full. You can ensure that you stay on top of this by setting up reminders for upcoming expenses or using digital automatic payment tools available through your bank. Your credit score is especially important as you begin thinking about making larger purchases down the road.

5. Get a better deal for your buck with student discounts

Between textbooks, rent, groceries and having some fun, being a student requires a fairly stringent budget, but your “student” status also comes with its perks. From tech to dining out to entertainment and online streaming services, there are a plethora of deals that you can access through your student email or your school’s offerings. Take some time to scout these out and take advantage while you can.

Embracing these habits as you step into this exciting new chapter will empower you to be proactive about your finances. With time, you’ll set yourself up for a smoother, more independent financial future.