Millennials are often accused of being irresponsible when it comes to handling finances. CNBC reported that nearly 46 percent of millennials have no savings in 2017. Most millennials live by the saying “YOLO” (You only live once) and act without deep regard of tomorrow or think of the consequences of their current actions. There’s no quick way to become a master in managing your finances, but there are practical ways to begin a habit with. Check out the helpful money tips below.
1 Fill That Piggy Bank
While most millennials might not be at the peak of their chosen career path, the importance of starting to save cannot be overemphasized. A little habit goes a long way and consistency is the key. It starts with a plan backed up by action. Determine how much you wanna save daily, weekly, or monthly. It does not have to start big as long as you always keep that piggy bank filled.
2 Check Priorities
It cannot be denied that too often than not, millennials have a hard time adjusting to adulting, so problems with prioritizing comes along. A proactive millennial should ask the question: “What are my priorities?” Is it to travel? To build a house? To support the family? Once priorities are checked, spending money becomes checked as well.
3 Don’t Overspend
Just because a lot of eye-catching items are on sale doesn’t mean you should always add to cart and click the link. A lot of millennials nowadays busy themselves with shopping, which can be done online too. Always bear in mind, if it’s not a necessity then you should not be buying it at the expense of overspending and going way beyond what you earn or have. One practical rule is to never go in debt!
4 Ask the Pro
There are a lot of people millennials can talk to and seek advice for better financial management. For one, sit down with financially successful parents and trusted elders and ask how they’re dealing with finances. Rest assured, they have a lot of wisdom to pass through based on experience. You can also consult a financial expert for better analysis and planning that can be tailor-fitted to your specific needs.
5 Keep Track
This may not be taught well at school but an individual should keep track of four things: income, expenses, assets, and liabilities. This gives you a good picture of your finances and helps track of the flow of money.
These are just five of the myriad of practical tips that a millennial should follow in order to attain financial freedom and be better at managing finances. For more millennial money tips, consult with your trusted Boca Raton financial advisors. Life should be lived to the fullest and that includes owning up to responsibilities for a better tomorrow!