7 Survival Finance Tips Millennials Need To Know

Millennials are perceived as a self-entitled albeit civic-minded generation. This generation have high expectations from the workforce such...

Millennials are perceived as a self-entitled albeit civic-minded generation. This generation have high expectations from the workforce such as their strong desire for a work-life balance — which draws a huge issue and concern from the employers. 

In terms of work ethic: Baby Boomers are said to spend longer hours in the office and delays retirement, Generation X are competent and more self-managing while Millennials are flexible and technologically savvy. 

Work-life balance and bold aspirations are huge factors to the expectations and well-being of the millennial generation. They also tend to job hop more frequently than the two prior generations. With this on the table, financial stability is far from reach especially with those who have a hefty student loan debt.

Photo by Steven Lewis
Here are a few tips for millennials to get their head straight and manage their finances wisely.

Create a plan

The best way to create and get going to reach your financial goal is to create a plan. Having a plan is necessary. You have a step-by-step plan to reach your career goals and dreams, why not make on to reach financial stability?

What are your financial goals? Do you plan to get out of debt in 5 years, perhaps have $100,000 in your retirement fund in 5 years? Preparing for your future and settling what holds you back as early as today opens up a whole new opportunity in the future. 

Set actionable goals

A plan is just a plain plan if you don’t set underlying actionable goals for each. These actionable goals could be small or big goals that are doable. Ideally, small and specific goals are setup since “save at least $50 every week” is more and easily attainable than “save $200 monthly.”

It is recommended to set small goals that are easily doable. Don’t worry for it being small for once you accumulate those, it eventually reaches and achieves your ultimate goal. 

Give every dollar a job

With the age of Snapchat and Instagram, Millennials unconsciously spends more than they need in entertainment costs—frequent eating out,shopping for the latest trends and the likes. Then, taking an artistic shot of their food or an appealing flatlay of their purchases to post on Instagram.

This practice frequently leads to overspending. Do you really need to buy eat out four times a week and spend a large sum of dollars to keep you full? If you have $100 left in your allowance, skip the restaurants or movies and put that amount in your savings fund or rent and utilities budget.

Photo by Lindsay Henwood
Give each and every penny you have left a job or home to satisfy. Observe financial awareness and make smart financial choices. This will keep you from spending more than you need.

Don’t fall into credit card debt

Credit cards are great tools for earning and claiming rewards. Plus, it’s a fantastic tool for establishing an outstanding credit history, that is, if you’re a responsible credit card holder. 

If you treat these plastics as an unlimited pass to buy more than you can actually afford (especially in cash), you can easily fall in a credit card debt—one of which you may find yourself having difficulty to get out of. 

If you have a credit card, pay more than the minimum amount due. Paying minimum doesn’t help your credit score, paying in full and above the minimum each month and on time is what is.

Limit your entertainment and luxury expenses

Entertainment and luxury are the two primary expenses that sucks out every penny in our pockets. Going to the movies? It could cost at around $15-$20 for each, plus food and drinks. It could be quite expensive especially if you’re on a limited budget.

As much as possible, opt for little to no-expense activities, or just stay at home and enjoy a DVD movie and skip the cinemas. Find ways to spend more quality time with your family and friends without burning your wallet. 

Create a strategy to pay off student loans debt

A large portion of millennials are currently on a minimum to average wage job with a hefty student loans debt on their shoulders. 

Now’s the time to start paying off those loan and start saving for your future. Assess your student loan debt and look for ways on how you can pay it off with the least amount of interest. Also, consult a finance expert to help you with it.

SEE ALSO: 8 SMART MOVES TO GET YOUR FINANCIAL SITUATION ON TRACK

Research if there are any student loan forgiveness programs available you could apply. Don't let the debt bury for long, time to act now. 

Start a retirement fund

Ask a millennial what their primary goal is and chances are, a good 5 out of 10 people will answer “to travel” or “go on a vacation.” if you’re one of those five people who plans to save more on travel and other luxuries than saving for retirement and emergency funds, you might be misguided. 

Regardless of how much you earn paycheck after paycheck, do make it a priority to save for a rainy day—save for unexpected bills, unforeseen lay offs and emergencies. At least half a year’s worth of what you spend monthly should be on  savings or emergency fund to assist you through your hard times and financial bumps on the way.

Other than a retirement fund, do also start an emergency and savings fund as early as possible. The more you save up for the future, the more you feel secured and able to comeback after a setback. Get serious on these funds, alright? 

Have concrete plans and solid goals. Most importantly, be smart in handling your finances so you get to save more and somehow, financially stable.

About Chie Suarez:

Chie Suarez has spent time figuring out ways on saving money and stepping away from her go-to retail stores. She then became a writer for Speedy Money which offers hassle-free loans services.

COMMENTS

Name

Business,20,Finance,11,Infographics,14,Internet,22,Technology,17,
ltr
item
Vyas Infotech: 7 Survival Finance Tips Millennials Need To Know
7 Survival Finance Tips Millennials Need To Know
https://4.bp.blogspot.com/-XJd6qQ8qBBY/V77fkbkaBfI/AAAAAAAAAzM/krfirPHNgMA4QqMm1cnYBdPQBKGdAW4XwCLcB/s640/Img%2B1.png
https://4.bp.blogspot.com/-XJd6qQ8qBBY/V77fkbkaBfI/AAAAAAAAAzM/krfirPHNgMA4QqMm1cnYBdPQBKGdAW4XwCLcB/s72-c/Img%2B1.png
Vyas Infotech
http://www.vyasinfotech.com/2016/08/7-survival-finance-tips-millennials_61.html
http://www.vyasinfotech.com/
http://www.vyasinfotech.com/
http://www.vyasinfotech.com/2016/08/7-survival-finance-tips-millennials_61.html
true
5236136159781716145
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy