Millennials have been given plenty of financial advice over the years, but that doesn't necessarily make things easier for them. With wages not keeping up with the cost of living, it can be hard for millennials to get their finances in order. Luckily, we have some tips to help them get a better idea of how to maintain their financial health.
Here are a few: Budget Budgeting is one of the easiest ways to understand where your money is going and how to allocate it better. The simplest way to do this is to figure out your expenses and spending and subtract it from your income. Make a monthly or weekly budget based on these numbers, and you’ll already be on your way to better financial health. Of course, you could always download a financial health app to help you out with something like this. Avoid Debt Debt is the burden of anyone trying to get their personal finances together. If you can avoid debt, do that at all costs. Try your best to gradually pay down debt you’ve already accumulated by paying off small debts first and working your way up to larger amounts. Once you get rid of any debt you have, make sure not to take on more if you can avoid it. Pay Yourself Every time you get paid, make sure you pay yourself first. This means taking a portion of every paycheck and putting it in a savings fund or a retirement account. This way you always have money that you can fall back on. Of course, saving is easier said than done, but with the help of a financial health app, you can set up savings goals and make sure that your savings are there when you need them. Let a Financial Health App Help You One big advantage millennials have over previous generations is the fact they grew up with technology. There are plenty of great financial health apps out there that can help millennials budget, save, track expenses, and much more. If you’re having trouble staying on top of your finances, try an app and see if it helps. You might be surprised at how much easier it is to manage your money. Read a similar article about personal finance advice here at this page.
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Under a bill passed by Congress, millions of Americans will hopefully receive a second stimulus check in the coming weeks. If President Trump signs the bill, second-round payments will be for $600 per eligible person, plus an additional $600 for each child (use our Second Stimulus Check Calculator to see how much you'll get under this plan). There's also a chance that the second-round stimulus checks will be for $2,000, instead of $600 read more
The lack of resources and unstable environments that low-income students typically face have been exacerbated by the COVID-19 shift to online schooling and the high unemployment rate read more
Saving for your future is one of the best financial decisions you can make. The easiest way to start saving is by creating a personal savings plan to help you figure out how to save money and what resources to you. In this blog, we’ll offer some savings advice to get you on the right track.
Start Saving Early The best savings advice we can offer is to start saving as early in life as possible and to realize that it’s never too late to start saving. If you’re putting your savings in accounts and investments that offer returns, this advice works even better. The earlier you put money into these types of investments, the more they’ll provide you in the future. Where to Start with Your Savings Plan You can always start by putting money in a savings account. A savings account is kept separate from your checking, so you don’t have to dip into it for spending unless you really need it. Low risk investments, like savings bonds, retirement accounts, and even CDs are all things that you can start with if you’re first getting into saving. You can also set savings goals using the various personal finance apps out there if you need a little help. Mix Up Your Investments When You Feel Comfortable As your investments and savings grow, your financial situation will become more flexible and you’ll have more financial freedom. At this point, it’s ok to look into some acceptable risk investments and try to mix up your portfolio a little bit. Just remember, never invest more than you’re willing to lose and never take on risk that would ruin your end goal for your savings plan. Savings Advice from Personal Finance Apps One of the best personal finance apps out there, Cleo, offers savings advice as well as help for saving for different goals. Cleo is also able to do budgeting and much more. If you’re looking for a savings and personal finance app to help you kick off your personal savings plan, this is a good one to choose. Read a similar article about spending tracker app here at this page. For the vast majority of states, the boosted jobless benefits program — authorized by President Trump — ended before the enhanced payments reached any wallets. But that’s not to say you won’t be seeing some additional relief if you’re unemployed and living in one of those states read more
If you want to maintain or establish optimal financial health, there are a few key finance rules you should know by heart. Use this list as a guide to determine which ones you are currently rocking and which ones you can improve.
Create a Budget and Stick To It If you don't already have a budget that you regularly stick to, you need to do this! Knowing how you're spending your money and making a savings plan will help you reach your financial goals. A personal finance app can make budgeting easier than ever. Get Rid Of Debt Knocking out your debt (especially high-interest debt like credit cards) can go a long way to contribute to your financial standing. Not only does this free up money for other spending categories in your budget, but it will eliminate stress and help you save thousands of dollars annually. A personal finance software app can help you knock out your debt quickly and efficiently or you can use the snowball method. Invest Early and Wisely Investing is a solid financial move that will help you grow your money quickly and efficiently. However, choosing to invest earlier in life will give your money the most time to grow. Additionally, some default investment choices may not provide the biggest bang for your buck so you may want to consult with a finance expert or use a personal finance software to carefully consider your 401(k) plans and possibly expand to stock market investments. Teach Your Children How to Manage Money Talk with your kids often about money management, open a savings account with them, and study up on investing together. Doing so not only sets them up for financial success, but it will also benefit you in the long-run, as they are less likely to be as financially dependent on you later in life. Get Help From a Personal Finance Software or a Professional You'll likely need the help of a professional to sort out certain financial aspects, such as investing or saving for retirement. Tapping into the expertise of a finance professional or a personal finance software app can help you make the most of your time and money. Read a similar article about manage your money here at this page. When you have a large amount of debt, it can be overwhelming. Everyone wants to be able to save money, but the looming threat of that debt can make it hard to commit to a real savings plan. So what should you do if you want to pay down debt but also have some savings? The truth is, it depends on your individual situation.
Paying Off Debt In general, focusing on paying debt is a good idea. This is especially the case if you have high-interest credit cards. Just paying the minimum balance each month means you’re going to take longer to pay everything down, and the interest will keep adding to your total each month. If you only save money and try to avoid debt, your debt will just continue to pile on and you’ll be digging yourself deeper in a hole. Saving Money While Paying Off Debt Of course, just because you’re paying off debt doesn’t mean you can’t save some money on the side. Paying off debt and saving a little is usually a good plan for managing your money. Then, when your debt is finally paid off, you already have a savings plan in place that you can put more into now that you have less payments to worry about. How to Figure out Your Savings Plan When you’re paying off debts, it can be hard to figure out a good savings plan. Generally, it’s a good idea to figure out how much your net income is per month. Then you calculate your expenses, including how much you need for bills and necessities. Then you can use what’s left over to divide up between debt and savings. If this seems a little overwhelming, you could always use a tool like a savings app to help. Use a Savings App to Figure Out Your Finances Savings apps are great for helping you manage your money. A good savings app can help you break down your finances on a monthly, weekly, or even daily basis. This way you can easily figure out exactly how much money you’ll have to put toward both your debt and your savings. If you need the best budgeting app, visit this website. |
AuthorDaniel Stewart has been helping people with their money management and personal finance with over 15 years’ experience in business finance. ArchivesCategories |