Shortly after ringing in the new year, many Millennials are already struggling to reach their financial resolutions. It’s no wonder why; the average debt a typical millennial carries is $47,689, according to a Millennial Money Mindset report. The study also found that 41% of Millennials want to “increase my overall level of savings” in the next three to five years. Here are some financial tips to help those Millennials achieve their money-related dreams.
Make your own coffee
If you’re a regular coffee drinker, you know how hard it would be to stop, and stopping is not necessary. Have you ever thought about the amount of money you’re wasting on your coffee shop drinks every day? Even if it’s just $3 to $5 a day, it really adds up. Make your coffee at home and you will save yourself a ton of money.
Stay away from credit cards
According to a recent NerdWallet survey, two in five Americans who have credit card debt reported spending more than they could afford on unnecessary purchases, which contributed to them going into credit card debt. Buying things you can’t afford is just silly — especially when they are unnecessary. Save yourself the headache and steer clear of those dangerous pieces of plastic.
Take advantage of technology
Since you’re probably on your smartphone all the time anyway, try downloading a budgeting app. Budgeting for your bills and debt payments is super important to keep you on track every month. With most of these apps, all you have to do is put in your income and your bills, and they can help you with your monthly budget. You will better keep track of your spending this way as well.
Start saving for retirement
Retirement can sneak up on you, and you don’t want to be caught unprepared. The earlier you start saving, the more money you will have when you retire. You can choose either a 401k or an IRA account. Either way, start investing in your future as soon as you can.
Millennials may feel hopeless when it comes to saving money, but that doesn’t have to be the case. There are very simple things you can do to make your financial situation easier. For instance, make your own coffee, stay away from credit cards, use a budgeting app, and start saving for retirement. Following these step can help out you in the trajectory for success.
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