4 Tips for Millennials looking to master their personal finances
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Millennials believe that planning their career is important, but they will soon learn that money advice plays a bigger role in ensuring a stable life, in which you are able to do what you most love. Here are 4 tips for millennials looking to master their personal finances.
Set a budget – budgeting is a good way to know how much you have to spend on extras and what should be put away for bills and savings. At least 60 percent of your expenses should be set side for food, housing and utilities like electricity, water, gas, Internet and phone bills.
Pay yourself first – Paying yourself first is a good way to contributing to your future. Do this by placing 30 percent of your earnings into a saving account, by direct debit. This way you will not have access to the money to start off with and therefore will be more likely to save it. These funds can however be used for emergencies, such as job loss, a medical emergency or a car repairs.
Don’t accumulate credit card debt – It is a good habit not to buy things that you can’t afford. A credit card however is useful for earning rewards and saving on discounts. As a rule, if you spend on your credit card, be ready to pay for it within the course of the month.
Ask for help – If you find managing your finances overwhelming, ask for help from people you trust like professors, friends, parents, coworkers or visit websites that will offer helpful tips.