Many Millennials, who graduated during a time of job scarcity and enormous student debt, can be forgiven for being a little skittish about financial matters. After all, in addition to their own challenges, many saw their parents’ generation struggle with layoffs, stock market losses, and the housing crisis. Still, there’s a lot that today’s 20-30 somethings (in fact anyone in their early earning years) can do to build a brighter financial future.
An emergency savings fund will help you be self-reliant and take care of bills if you have an unexpected expense or your income is reduced or eliminated without relying on credit.
You may not realize it, but by paying down your debt, you ARE saving! Actively reducing debt means you’re saving on interest, avoiding late fees, and maintaining or increasing your credit score.
One of the most frequently cited reasons people give for not saving is they cannot afford it. There may be ways to adjust priorities to find small ways to save. One way to force yourself to save is by automating your savings. It can give you the incentive you need to get started, and the process can be simple and painless. Here are four simple ideas to get you started.
If you had to choose between setting financial goals, and going to a music festival, you’d probably choose the music. But how would you pay for the entertainment? Goal setting may not be as much fun as a concert, but it helps you to save for and achieve exciting, fun and important things, like retirement or college.
Unless you track your overall spending with every little purchase, debt can ambush you. Fortunately, you can prevent it from piling up; you just need to be aware of the ways in which you spend money.
Do you know where your money is hoing? Unless you’re checking your bank account after every purchase or every day (which is probably not the case for most of us), you may not realize how much you are spending. We can help.
Most of us agree that the health and wellness of our family is our highest priority. Next on most people’s minds is usually their finances. Here are a few financial rules to try and live by – or at least consider – that will help keep you and your family financially healthy.
Living on less is never easy, but with a little planning and a positive attitude, you should be able to weather most financial storms. So, take a deep breath, relax, and review the following tips that you can help make any setback smooth and (almost) painless.
