Finance Tips For Millennials

10 Finance Tips For Millennials Who Are Struggling To Get By

Page 1 of 3

Getting your financial footing in today’s ever-changing world can seem like an impossible task. It’s hard out here for a millennial, but it’s certainly not impossible. Recently I spoke with Michael Thiemann, personal finance expert and CEO of Zebit, about how different the world is today compared to when he graduated from college in 1979, and we agreed the technology that today’s Millennials have at their fingertips is both a blessing and a curse. There’s a ton of new pressures facing young people today, including massive student loan debt and an increasingly competitive job market that makes it more difficult to achieve financial freedom. With all this technology, though, there also comes a wealth of information to help you find your way. And guess what Michael Thiemann’s best piece of advice to Millennials was? Get informed. These ten finance tips are a good place to start.



1. Cut Your Day-To-Day Expenses



Right off the bat, you can start to get your finances in order by cutting back on how much money you spend on a daily basis. Instead of ordering food at work, make yourself lunch the night before. I know it can be tempting to get take-out every day, especially if you live in an area with a lot of awesome restaurants, but your wallet will thank you for packing a turkey sandwich with a slice of American cheese instead. Another thing that has really helped me is making my own coffee. For a while I was spending two dollars every morning on coffee from a small local shop, without even realizing how much it impacted my bank account. Now I buy a giant tub of Maxwell House coffee for fifteen dollars once every couple of months. The coffee certainly isn’t as good, but it gets the job done and it’s worth the money saved. Think of things you spend too much money on every day, and cut back on them before you do anything else.



2. Get Roommates



Aside from moving into your parents’ basement, having roommates is the easiest way to save money on housing. Sure, a studio apartment or even a house may sound awesome, but first you need to land that big job and get some money flowing. That’s why for now, until you get everything in order, it’s best to live in a house with at least one other person. The more people you have in a house the cheaper it will be, but each person is one more chance at having a horrible roommate, so keep your numbers limited. Make sure you decide carefully who you sign a lease with, because once you sign it you’ll be stuck with them until the lease expires. Sometimes, even your close friends can turn out to be the worst roommates imaginable, so watch out for red flags such as poor communication skills or an affinity for cocaine, as things like that can lead to major problems down the line.



3. Set Up A Savings Account



Speaking of money saved, my savings account is one of my favorite things in the world. At first, though, it wasn’t like that. I treated it like a second checking account, which completely defeats the purpose of having a savings account in the first place. When I found myself in a situation where I needed the money, and didn’t have it because I’d wasted my savings, I decided it was time to set some boundaries. I started putting fifty dollars from every paycheck directly into my savings account, and vowed not to touch it unless it was absolutely necessary, or if the time had come to reward myself with concert tickets or some new clothes, which is only about once every three months or so. The money just keeps on adding up, and it really comes in handy if I have an unexpected expense, like a blown tire or an above-average power bill. Don’t sleep on a savings account.