Creative Content Specialist
A vital part of enjoying a healthy life and preparing for a fruitful future is to keep a close watch on your personal finances. There are a variety of things you can do to set yourself up for future success, even if you’re struggling or living paycheck to paycheck today.
Ultimately, making ends meet is absolutely the first priority, and a major part of that requires a keen grasp on your money management. As the millennial generation enters the phase of life where you begin thinking about starting a family or buying a home, finding yourself bogged down by heaps of debts can be discouraging.
Here are just a few quick stats about the current millennial condition to provide some eye-opening context:
● Most millennials won’t be able to retire until the age of 75.
● 1 in 5 millennials live below the poverty line.
● Millennials harbor 300% more in student debt than their parents.
To stand a fighting chance against these bleak statistics, start by taking charge of your finances and making smart changes to your lifestyle today so you can reap the rewards later. Using this guide, we’ll walk you through our best money management every millennial should know about.
Tip #1: Download a budgeting app
Today’s app marketplace is flooded with robust applications that can do just about anything — so why not outfit your mobile device with a budgeting app that lets you keep your finances under control with just a few taps of your fingertips. There are a plethora of budgeting applications that are free or cost a small fee (monthly or one-time) that give you a thorough insight into your finances you need.
Not only can these apps offer comprehensive savings and budgeting guidance to ensure that you’re making substantial headway on your financial targets, but they can also show you where your money goes week-by-week, month-by-month, and annually. This can help you adjust your spending and save more in the long run.
Tip #2: Prep for tax season
Tax season is a brilliant opportunity to get a nice refund check from the IRS following a full year of performing your civic duties. This, though, is only achievable if you’ve filed and completed your taxes correctly and on time. There’s no disputing the simple fact that filing your taxes can be challenging, even if you’ve been filing since age 18.
With so much to read and figures to calculate, becoming frustrated, confused, and overwhelmed by the whole process is just a matter of time and a test of patience. Matters are only made worse when you know that a minor mistake might cause a penalty, or worse, an audit.
If you’re feeling hesitant about tax season, outsource the heavy lifting to a professional who can take care of your taxes and ensure you get the maximum refund. A professional can answer all of your questions about deduction eligibility, backup withholding, and other confusing questions you won’t want to mess up.
As distressing as investing in the stock market might seem, it’s actually pretty easy to dive into, even as a beginner. As long as you’ve got the right arsenal of apps and the time to do a bit of research, and the patience to deal with the inevitable ups and downs of the market, investing is a smart next move for those looking to make passive income.
If you’re wise with your investment decision, it can easily become one of the quickest ways to create wealth. Please remember that like any investing in the stock exchange, there is a certain danger that will follow your efforts. There is simply no knowing how the demand will fluctuate. Be wise, and do your homework before jumping in..
Tip #4: Kick your expensive habits
Whether it’s your costly oceanfront yoga membership or your online retail sprees that happen every payday, there’s sure to be some kind of expensive habit that you can afford to kick to the curb. If you want to make a concerted attempt to build and stick to a budget that works for you, the first move is to expel any needless funds-suckers that squander your bank account.
Managing your money doesn’t have to be difficult. With these tips in mind, you’ll be able to soldier into your future with your pockets full and hopes high. Did we miss anything? Let us know your favorite millennial money management tips in the comments below!