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Sorry to say, but Millennials have things a bit tougher financially than previous generations. Increased expenses as well as limitations in the workplace have left many born between 1981 and 1998 struggling. In fact, in a demographic report, there is a growing number of people born in those years to be in a poor or fair financial shape. The goals of saving for the future or gaining financial freedom are becoming out of sight. This is an unfortunate reality particularly considering that the economy is only expected to go downhill in the years to come.
There are a variety of obstacles standing in the way that are holding millennials back! The interesting part, however, is that some of our own behaviors are causing a delay in growth. From changing spending habits to making wiser investments, Millennials can rise above the tricky situation they’ve found themselves in. Thankfully, the experts are here to give insight into some of the most common oversights.
Many Millennials get in deep with credit cards or make large purchases they simply cannot afford. While responsibly building credit is advantageous, making unreasonable purchases is certainly not. Try to stick to the day-to-day essentials and never overspend on something that is out of your budget. Always pay your bills on time or that pesky interest rate will start adding up.
Having a financial safety net is essential at any age. From the loss of a job to some form of illness or injury, life’s unexpected hurdles are bound to catch up at some point. Emergency funds are a necessity for any forward-thinking Millennial. Start by estimating how much you’ll need month-to-month and try to always have three to six months always on-hand, just in case!
Only a small proportion of young adults are tucking away for the future; even fewer are letting their wealth work for them. Your budget should not only be saving but also making! Put aside a portion of your savings into a portfolio focused on long-term growth. Stocks, bonds, mutual funds are all great options that are easy to get off the ground.
When it comes to spending and saving, having a clear set of priorities is important. Some spend more than necessary on certain areas while neglecting others. Roughly fifty percent of one’s income should go towards daily needs, including housing and food, while a quarter should go to paying off debt or savings. That leaves a full quarter to simply enjoy the pleasures of life!
Physically, mental, and emotional health is pivotal to ensuring ongoing success. Too often, debilitating yet preventable situations can jump in the way of life goals. Exercise, eat healthily, and stay caught up with family and friends to live a more fruitful life. Proactive health maintenance will help you live longer and happier at a minimal cost.
