The city of Los Angeles is touting a new app with the goal of helping young people learn to save their cash.
The Suma Wealth app is free and is aimed at helping people manage money. The city started designing it during the pandemic as a free way for younger people to learn how to manage and save money.
Councilwoman Monica Rodriguez said this app can also play a critical role for a family where a young person may suddenly have to become the head of household and manage things.
“Young people are having to figure things out for themselves, but more importantly, even in this moment that we're in, their head of household can change overnight and they become the person in charge,” she said. “So it became far more important to do this work right now and invest in this launch and make this all happen. We want to make sure that we're giving them a lifeline of support and not just sending them our thoughts and prayers.”
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Jerry told KNX News’ Craig Fiegener that he put the app to the test and his spending habits left him stunned.
“When I got a job at first, I was super excited and I bought tons of new clothes and I went out with my friends, and I bought tons of boba, I think every other day,” he said. “Boba is pretty expensive. It adds up, and the boba alone, when I calculated, was easily over $100 a month, and because of that, I decided to start exploring different saving methods, and I found that the envelope method, which the app mentions, really worked for me.”
You can check out Suma Wealth HERE.
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