26 Jan Financial Tips for Millennials
Most of you, the so-called Millennials, you are now in your 20s and 30s. A crucial time in someone’s life to make major financial decisions. Think home and car ownership, or long-term investments as an example. Yes, it’s difficult to grow when there is such a crisis in the market. But also, yes, you have to go along with the times. Start by investing in some life-saving financial tips for Millennials. You’re still young enough and time is by your side. But remember this: It won’t be for much longer! All you need is a plan! And a little patience as well. It doesn’t have to be difficult as long as you have a plan and you actually stick to it.
These are some easy financial tips for Millennials, that can make the process easier!
Set a budget
You should be able to understand your true cost of living. It is simpler than you may think. Setting a budget means that you know how much of your paycheck should go towards bills, and savings. Your first priority should be to cover your basic human needs, like food, shelter, and important facilities,
like Internet, and the phone bill. The remaining funds is your budget for shopping, and entertainment.
Save at least three months’ pay.
Does this sound like you have to climb mount Everest? It doesn’t have to. Try to think this way: What will happen if lose your job, or have a medical emergency? You need to prepare yourself for larger expenses, and be prepared for the unexpected. You can start with only 5 or 10 dollars every month? As long as you’re consistent, it’s fine. Soon, you’ll be able to save more.
Find your finance mentor
While sharing these financial tips for Millennials, we have to be honest. Handling your personal finance can be difficult. Like really difficult! You don’t need to be alone in the way. Choose a person that you can trust, and seek for guidance.
Take care of your credit cards!
Pay your credit card in full every month
Credit cards give you the option to either pay the total amount, or submit the minimum payment due. How paying your credit card in full can help you? It’s very simple and will also improve your credit score. First of all, you have one thing less to worry about. But more importantly, is all about saving more in the long run. Yes, covering the minimum amount, is better than skipping a payment. Who has money to spend on late payment fees anyway? But paying off your credit card bill with small installments, will actually cost you more over time.
How did you find these financial tips for Millennials? Which one are you planning to start right away? Let us know in the comments.
Have questions? Contact Baby Boomers Financial for professional help. We’ll take care of your credit needs, while you’re busy enjoying your life.