Financial Tips for Millennials

Financial Tips for Millennials

Millennials face more financial difficulties than either the Boomers or even Generation X had to face.  An uncertain job market and overwhelming student debt can leave millennials feeling uncertain about their financial future.  Millennials have reached an age where it is time to start making major financial decisions such as whether they should buy property or start an investment account.  If you are unsure what your next move should be, then here are some financial tips for millennials. 

Learn About Money

School can teach you lots of things that you can use later in life but one area that is badly overlooked is financial education.  You need to understand money and how to make it work for you.  There are plenty of online courses that are free and will give you a basic education on things like debt, interest and how to invest.  You can learn how to make a budget and save for your future.  They will also help you to understand credit, managing credit is integral to your financial future.

Grab an App

It is 2020 and there is an app for everything.  Download some apps that can help you track your spending, help you save and create a budget.  There are apps like Clarity Money that help with spending and other apps like Acorns that can get you started in investing using only your spare change.  Here are some of the best personal financial apps to download.

Change Your Bank Account

Take a look at your bank account, are you paying fees?  There are dozens of banks or credit unions that offer free checking accounts, there is no reason to be paying for a place to put your money. 

Find Out Your Credit Score

It cannot be stressed enough how important your credit score is.  Bad credit can prevent you from getting a job, renting an apartment, buying a home or a car.  Having no credit is almost as bad as having bad credit so you need to get some established.  If you have loans or credit cards already then make sure that monthly payments are made on time.  If you have no credit established then talk to your bank about establishing some.

Create a Saving Strategy

Saving money is never easy, especially when the cost of living is so high, that doesn’t make it any less important.  Use an app to help you save even the change from your purchases into a savings account every month.  It all adds up over time and when an emergency happens you will be grateful that you did.  Emergencies happen in the blink of an eye, being prepared goes a long way to softening the blow. 

Getting your finances together while you’re young leaves with options you are going to want in the future.  Make a plan and do everything in your power to stick to it.  Your future self will thank you for it!

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