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How Millennials Value Money

On any given day, there are dozens of articles and studies done on Gen Y/Millennials like you. And like many of your peers, you’re probably tired of being typecast as the “me me me” generation that expect praise and live at home too long.

As with any generational characterization, the shoe doesn’t always fit – does it? It turns out that your generation has many of the same hopes, fears and challenges as those before you. Some recent studies, however, have emphasized growing financial trends among your demographic. Millennials will soon equal Baby Boomers in the workforce. Unfortunately, you’re doing this during an economically turbulent time. These might be two big reasons that recent studies have found:

Financial Tips for Millennials

If any of the above sounds familiar, then now might be time to make – and keep – some good financial habits. Here are some tips to get you started:

  1. Debt Control – It’s easy to jack up those credit card bills and make the minimum payment each month – but don’t! This is the time in your life to get your debt under control. Before you add spouses and kids into the mix. Avoid high balances and pay off the balances you have as soon as you can. 
     
  2. Start Saving – Income and careers can be unpredictable when you’re just starting out. Open a savings account now and direct deposit 5-10% of your paycheck into it. This will give you an emergency fund in case you need it down the road. Plus, it’s easier to save using direct deposit. If the money is never in your hands or your checking account, you’re much less likely to miss it!
     
  3. Career Check – You’re at the perfect age to sit back and assess what different career choices will do for your future. You want to pick a career you’ll love, but you also want to make a nice living off of it too! If you don’t have the choices you want, finishing your degree or getting a graduate degree may help. Add the possibility into your career plan if you think you’ll benefit from it.
      
  4. Budget Basics – Don’t let your money flow control your actions, control the flow with a realistic budget. Track everything you spend money on, even those soy lattes or quick drinks after work. You might be surprised how big those little expenses get when you add them up. There are plenty of programs and apps to help you put a budget together.
     
  5. Future Plans – Whether it’s talking to your future spouse about how you want to handle your finances or putting together a money-saving plan now so you can afford future children – the sooner you put the plan into practice, the better off you’ll be when vows or diapers come your way.