Top Financial Tips for Millennials









Are you a millennial who feels overwhelmed trying to manage your finances? Are you getting the most out of your money? Financial literacy is not often taught in schools and they don't do a great job preparing their graduates to manage their finances. So when you're out of college and start real life, it can be a little overwhelming and it is easy to get yourselves into debt and other financial trouble.

Most millennials are currently in their 20s and 30s - a time when many young people are ready to make major financial decisions in their lives, like home ownership, long-term investment activity, etc. If you're currently a part of this generation here's your crash course on what you should do to improve your financial wellness:

Take online financial courses








Since most young adults have the propensity for technology it is suggested you take a few basic online courses in economics, accounting, and any other financial topics that may be of interest to you.

Embrace Technology








When it comes down to managing your money there is probably an app. To help you do that. These apps. Can categorize your spending habits and help you manage your spending. These insights can help you save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

When it comes down to managing your money there is probably an app to help you do that. Mobile apps like Clarity Money can help you track any wasteful spending habits. Digit and Stash can recommend where you can save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

Examine Your Current Bank Accounts








Are you paying fees? If so, for what? Monthly maintenance and minimum balance fees should never be a fee on your account statement. Free checking accounts, are available, especially at credit unions and these accounts will help you keep more of your own money in your pockets. So don't settle for anything else.

Build Your Credit and Understand the Impact of your Credit Score








Early on, you may only have a student loan or a credit card on your credit report. But now it's time to start building your credit. Ask your credit union about a Credit Builder Loan to help jumpstart your credit. And if you already have some active loans, make sure you're making payments on time every month. You'll need that good credit history when you want to make big purchases in the future like a car, rent an apartment, or get a mortgage for your first home.

It's also important to know that if you are planning on opening up a business your personal credit may be the defining factor in your ability to access necessary working capital.

Repay Debt Tactically








Since we are on the topic of credit, a lot of young adults have credit cards with very high interest rates. Focus on paying off those debts first! If possible, transfer those balances to a lower-rate credit card. It's much easier to pay down debt when more is going toward the balance.

Track everything to obtain your whole financial picture








Just as businesses manage their cash flow, individuals need to do the same by tracking their income, expenses, assets and liabilities. There are many online tools to help you like Mint, Quicken and Personal Capital.

Build an Emergency Fund








Unplanned/unfair/unfortunate events can happen in the blink of an eye. You may get in a car accident, have unforeseen medical expenses or lose your job. That's why it's important for everyone to have an emergency fund. The best way is to set up an automatic savings plan where you pay yourself first by depositing a portion of your paycheck into a separate savings account. If you forget it's there you won't be tempted to spend it.

Create a Long-Term Savings Strategy








An emergency fund is a short-term strategy, but you also can't forget the big picture. Does your employer offer a matching 401(k)? If so, be sure to take advantage of that opportunity. It's fundamentally free money, and it's an investment in your future.

Get yourself a financial mentor








Even though there is an overabundance of information and apps on the Internet to help with your financial security, it is far superior to pick the brain and bounce questions off a trusted friend or colleague. Their pertinent insights will most likely be tailored to your specific requirements.

Use these financial tips listed above to get your finances on track while you're still young. You've got a bright future ahead - so start now and stick with it. Your financial well-being will thank you! Although these tips are targeted at millennials, they're useful for all ages.









0 comments

  • How to Be Classy and Elegant Without Money You do not have to be well dressed or have a lot of money to look and be classy. Class is what comes from the inside. It is your actions, reactions, facial expressions, ability to take a compliment, decline an invitation and overall how you…
  • LED Technology In The Modern Automobile I was reading an article in a motoring magazine on the dramatic development of the LED and the impact it is having on modern automotive design. One of the topics of discussion was the wake up call it is giving to the automotive industry. One…
  • Apple Watch The Apple Watch, as it's basically understood (not the iWatch, QUIT CALLING IT THAT), has been unveiled. After months of hinting at the launch, Apple has finally started and is wanting to lead the fight for your wrist with its very own…
  • Make Money Online From Home With Google AdSenseGoogle AdSense is one of the coolest ways to make money online from home. The fact is, there are so many people who want to advertise their products and services online. They will most likely use paid advertising methods to promote these products.…
  • Customized Wedding Cake Toppers - Be Unique The great day is coming! You are going to be the most beautiful bride in the world. You want a unique wedding that can reflect your personality and feeling? Then you begin to spend lots of time choosing wedding dress, wedding favor, and wedding…