Millennials often feel like they have a bad deal—too few good jobs to get their careers started, and too much student debt from the get go. While baby-boomers definitely had a different experience, generation Y still has options. By following these money saving tips, millennials can make their financial goals a reality.
The first of many money saving tips is to set a goal. Even though 2015 is more than halfway over, set a significant personal financial goal and achieve it. By the time you get to 2016, you’ll have already checked one thing off your to-do list and be ready to tackle the next challenge. Reviewing your goals throughout the year is a good way to make sure you’re still on track.
In addition to their goals, millennials should set a long-term plan. You plan can be to generally boost your financial health, with goals like getting out of debt, increasing your savings, starting a retirement fund, saving for a down payment on a house, or starting an emergency fund. The personal objectives should be specific to each individual’s unique situation, but having a long-term plan with goals and strategies will keep your financial health on track.
Another one of many money save tips to follow? Millennials should work on their retirement plans. If your employer offers a retirement plan, sign up and get started. If your job doesn’t, then set up an individual retirement account like a Roth IRA. If you’re saving 6 percent of your pay, start upping it by a percentage at a time. Making small increases will make a big difference down the road, but won’t feel like enough to affect your paycheck in the meantime.
If you have credit card debt, then our money saving tips suggest making moves to pay it off. Start with the smallest balance and work through your cards until they are all paid off. You’ll feel a sense of accomplishment—and relief—when you have no credit card debt.
Lifestyle changes can also make a big impact on your financial habits. Avoid the doom and gloom news that can get even the savviest investor feeling stressed. If you have friends that are fiscally irresponsible, consider spending a little less time (and money) around their bad habits until they get money saving tips of their own. Find simpler ways to entertain yourself and look for attractions that are closer to home to cut expenses. If you find yourself eating out a lot, start learning to cook at home. You’ll eat in more and avoid spending money at restaurants. Plus, cooking is another activity to occupy your time. If you are going shopping, leave the credit cards at home and take cash—you’ll have an easier time sticking to your budget.
What is another way to get money saving tips for generation Y? Talk to someone about your financial goals, fears, and realities. Finding a financial advisor to talk to can help you develop a plan for your wealth, and stick to it. Our experts at Apex Financial Advisors can help you assess your financial situation, and help prepare you to meet all your financial goals in the future. Whether it’s figuring out what investments to make, or how to set up the best retirement fund, Apex Financial Advisors can help you get on track—without the “back in my day” speeches.