Finance

12 Millennial Money Tips That Are Actually Useful

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If you’re a millennial, you’ve probably heard a lot of conflicting financial advice in your lifetime. One day, we’re told to save money and invest in our future. The next, we’re urged to spend money and enjoy the good life while we can. So what’s a young person to do when it comes to money? Here are 10 tips that are actually useful for millennials!

1.If the interest rate on your savings account is lower than the rate of inflation, your savings will be worth less over time. Investing can give you a chance to beat inflation and come out ahead.

Invest in beating inflation: One of the smartest things you can do with your money is invest in assets that will keep up with or beat inflation. This could include stocks, real estate, or even cryptocurrency.

invest in yourself: One of the best investments you can make is in yourself. This could include taking courses, attending conferences, or even just reading books.

2. Get educated about personal finance.

Educated about personal finance: You can’t make good financial decisions if you don’t know anything about personal finance. Take some time to learn about budgeting, investing, and saving for retirement. The more you know, the better off you’ll be.

3. It’s actually a great idea to balance your checkbook yourself.

This may seem like an old-fashioned way of managing money, but it’s still relevant today. By keeping track of your income and expenses, you’ll be able to make more informed financial decisions.

4. Always bargain for a higher starting wage. This amount will be used to determine all future raises, so don’t take the first offer you get.

Negotiating for a raise can be awkward, especially if you don’t have much experience doing so. That’s why we asked those who have successfully negotiated a raise to share their strategies. These tips are gold, from keeping a “brag file” to researching salaries.

5. As long as you keep your credit use low and make your payments on time, asking for a higher credit limit can help you improve your credit score.

Check your credit score: This is important for two reasons. First, you want to make sure there are no errors on your report that could be dragging down your score. Second, knowing your credit score will help you make financial decisions in the future. For example, if you’re planning on taking out a loan, you’ll know what interest rate you can expect to get based on your credit score.

6. If your employer does not value you, it may not be the best place for you to advance in your career. Look for a place that encourages your development and will assist you in reaching your goals.

It’s no secret that many millennials are underemployed or stuck in jobs that don’t utilize their full skill set. If you find yourself in this situation, it may be time to start looking for a new job. Don’t settle for something that doesn’t value your skills and experience.Use the power of the internet to your advantage when job searching. Utilize job boards and networking sites to find opportunities that are a good fit for you. If you’re unhappy with your current career, consider making a shift. It’s never too late to learn new skills or change directions.

7. Look for personal finance books and podcasts written by millennials or Gen-Z. They are much more likely to be aware of your current financial situation.

Personal finance books can be a great way to learn about money and how to manage it. Look for titles that are written by financial experts and are specifically geared towards millennials.

8. If your bank charges you a slew of fees, look for one that doesn’t. Credit unions and online banks both charge lower fees for storing your money.

Credit unions and online banks both tend to charge less fees than traditional brick-and-mortar banks. So if you’re looking to save money, it’s worth considering making the switch.

The disadvantage of a credit union is usually convenience. If you frequently use ATMs or visit branches, they might not be the best option. Most are part of an ATM network, so if ATM fees are an issue, do some research to see how large the network is in your area.

9. Even if you don’t meet every criterion, you should apply for that exciting job. You can still be a strong candidate if you meet a large portion of the requirements.

Still apply for that exciting job even if it doesn’t seem like the perfect fit. You can always negotiate your salary and benefits later on.

10. Use credit cards like debit cards

One of the best pieces of financial advice I ever received was to use credit cards like debit cards. That means only spending money that you already have in your bank account. This prevents you from getting into credit card debt, which can be difficult to pay off. It also helps you build up your credit score, which is important for getting loans in the future.

11. Avoiding auto debt as much as possible can really help you save toward other big life goals.

Auto debt is one of the worst kinds of debt to have. If you can avoid it, do so at all costs. A car is a depreciating asset, which means that it’s not going to be worth as much in the future as it is today. In addition, car payments can add up quickly and leave you with very little financial wiggle room. If you absolutely must have a car, try to buy it with cash or get a loan with a low interest rate.

12.It can be difficult to say no to your friends, but resisting financial peer pressure can be extremely beneficial.

This one is tough, but it’s important. Just because your friends are spending money doesn’t mean you have to as well. If you can’t afford to do what they’re doing, don’t be afraid to say no. It’s better to stay within your budget than go into debt just to keep up with your friends.