It is never too early to kick start a healthy financial plan. Budgeting and setting financial goals for yourself will help you get through those inevitable road bumps that come along. We’ve listed what we think are the most important financial tips for millennials.
Change the way you look at credit
It’s easy to view credit cards as convenient, easy money. The truth is, that mindset that will get you into credit debt quick. If you think of credit as borrowing – you’ll be more careful when using it.
Always keep in mind that the credit you use will grow and cost you money if you’re unable to pay it back in a timely fashion. Too many times, interest percentages are wildly high and they’re often forgotten about. If you’re at the point of choosing a credit card, do your research and seek out the best card for you.
Put your bills on automatic pay
Paying bills is not a fun way to spend your money, for this reason and because defaulting on bills is one of the easiest ways to get into financial trouble; put your bills on auto-pay. This is not to say to forget about your bills altogether, but having them set to automatic payment will prevent you from accidentally spending that money on something else.
Paying bills may not be exciting, but it’s necessary and it will come back to bite you if you ignore it. Tracking these bills after placing them on auto-pay is a good way to keep up with your monthly expenses.
Spend consciously
While you’re busy making plans, don’t forget to make a plan for your finances. If you’re trying to save for that big trip, try to spend lightly on your nights out. Whatever your financial goals are, be active about where your money is going. Spending is not passive and looking at it as passive is a sure way to reach that where did my money go point. The technology available now makes saving on things like groceries, clothes and other sources of spending really easy. Utilize the electronic coupons and apps that will help you save on your biggest expenses.
Use your resources
There is an abundance of resources out there to help you make smart financial decisions. Camino can be a resource when making big decisions or contemplating a loan or new credit line.
Beyond credit union and banks, there are technological resources that can help track your spending and create a budget based on your spending habits. Even if your only goal right now is to pay your bills and be able to save a little each month, utilizing things like money management applications could open your eyes to how far your money can actually go.
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