It’s definitely a hot topic and these days. In fact, everyone seems to want to tell Millennials what to do with their money. We don’t want to add to the noise, but since Insurance Jack is made up of lots of Millennials, we wanted to make some suggestions that we’ve found useful in the hopes that they can help someone else.
With two taps and one password entry, you can have all of your financial info at your fingertips. Our parents didn’t have that. We’re more connected than ever with what we have and what we owe.
Of course, debt repayment is important and everyone’s situation is different, but don’t forget about how important and helpful saving can be. An emergency account can help in sticky situations like a medical emergency, job loss, or any other nasty curveball life wants to throw your way.
No matter how young or old you are, it’s always a good idea to start saving for retirement. Compound interest and certain tax benefits make it a smart choice to start as early as possible. Don’t focus too much on how much or little you can contribute to these accounts. Simply starting is half the battle.
Speaking of savings, make it easy to directly deposit a portion of each paycheque into a savings account. Use the budgeting tools mentioned above to figure out how much you want to save and set up and automatic savings deposit for that amount.
You’d be surprised how easy it is, how quickly the amount adds up, and how little you miss the money when it’s not in your account to spend.
So what’s the best financial advice you’d give to other Millennials?