Spread the love















This is a sponsored post that may contain affiliate links.

For some people, being young means that this is the time of your life when you need to determine what budgeting tips work for you. You don’t have to be a money saving expert when it comes to this because it’s really common sense. When it comes to Millennials and money, there are certain rules that you should live by.

Here are 9 financial commandments that all Millennials should remember:

1. Pay Off Your Student Debt ASAP

This one goes without saying, but student debt should be paid off immediately. The longer you have your student debt, then the more time you are losing to invest your money. While it doesn’t necessarily matter how you pay it off, the most important thing is that you get rid of it. One solution is to refinance your student loans to get a better rate.





2. Avoid Credit Card Debt

Credits cards are the ultimate lose/lose situation. On one hand, millions of people fall into the credit card debt trap every year. On the other hand, no one has ever gotten rich from credit cards. While it’s fine to have a credit card, you really shouldn’t be depending on it.

3. Don’t Buy A Home Until You Are Ready

When you are ready to move out and get your own place to rent, that’s fine. But don’t buy a home until you have are absolutely ready. Essentially, your savings should be pretty deep before buying a home. Also, the home that you want to buy should one that you hope to live in for at least 5-10 years minimum. Otherwise, you might as well rent — and there’s no shame in that.

4. Build An Emergency Savings

In case you lose your job or have a medical emergency, then you should have an emergency savings fund — preferably in a savings account — with at least three to six months worth of expenses. Ideally, it helps to have more than six months in your account. This is one of the greatest budgeting tips.

5. Never Spend More Than What You Make

You’d be surprised how many people don’t follow this rule. Although it is common sense to spend less than what you make, there are still many people who do the opposite of these budgeting tips and end up in debt. To avoid this, create a budget and stick to it by finding savings. It also helps if you can increase your income with a side hustle or a raise. A wealth management system can help with this as well.

6. Start Saving For Retirement ASAP

The biggest advantage you have as a Millennial who is saving for retirement is the time that you have. The earlier you start saving for retirement, the more time you’ll have to let it grow. 40 years worth of compound interest usually beats 20 years of compound interest.

7. Max Out Retirement Accounts

Even if you can’t max out the $18,000 for your 401k ever year, you should at least meet your employer’s match if you have it. Additionally, try to max out an IRA and a Health Savings Account.

8. Make Money Away From Work

Even when you’re off the clock, you should still try to bring in extra income. Take a part time job, freelance, get a side hustle or invest in dividend paying stocks.

9. Ignore The Haters

There are lot of critics out there who say that Millennials are lazy and entitled — especially when it comes to money. You need to ignore these hateful comments. Millennials are highly educated, many of them are starting businesses and they are good at saving money.