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10 Finance Tips for Millennials

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Research has shown the Millennial generation to be the most ethnically and racially diverse in U.S history. Millennials are so named because they were born near, or came of age during, the 21st century dawn – the new millennium.

Let’s face it, it’s not so easy to be a millennial. Housing now costs more, so does housing and other basic needs. On the contrary, wages have increased very negligibly in relation to living expenses. But it’s not all doom and gloom for millennials. What is important for millennials to realize is that the world has changed and is fast evolving. They need to adopt new and different perspectives when it comes to their personal finance.

Below are 10 financial tips that will go a long way to help millennials start out on the right foot.

1. Many millennials still don’t know what to do. Well, that’s okay! Whiles some will jump right into college after high school, it will be beneficial if you took some time to know yourself better. You should discover what you’re passionate about and pursue a career that is in line with your passion. Many young people come out of college only to realize they pursued courses that they will never find happiness in working. Most at times, they have to go back to school for a different degree.

2. Don’t be deluded. The traditional system of getting a degree, then a job, work hard, get promoted and retire comfortably at 65, doesn’t work anymore. In fact your job can only get you far. It’s fine to have multiple jobs and even switch fields during your working career. It’s also OK to focus on your family whiles taking a break from work.

3. Always say yes to free money. This includes employer’s RRSP/401(k) math, bank’s new account bonus and cash credit cards.

4. Be always willing to acquire knowledge. You can learn from anyone, from your manager to the receptionist. Job title doesn’t necessarily have direct correlation with knowledge possession. You could learn valuable knowledge from the receptionist that you would never learn from your manager others who are even higher in rank. Be humble in your dealings with people as you may cross paths some time again.




5. You should learn to ask for help and to say no. Whatever help you need, from understanding your bank statement to budgeting, feel free to ask for help. As the saying goes, “you’re a fool once when you ask, but you remain a fool forever when you don’t ask”. You don’t need to fall for every invite to go to the mall to spend lots of money on unnecessary stuff. It’s OK to say no and use your time and money in a better way.

6. Pay yourself before anyone. Set aside a certain percentage of your income for investment. Savings are very important when you want to be financially independent. Save and invest. Give this priority.

7. There are several ways of making and growing money. Learn about the different investment areas such as real estate, index investing, dividend investing, business and the many others. Choose the ones that suit you and go with that.

8. Don’t compare yourself with other people. That’s why it’s called “personal finance”. It is personal. Find your own balance of spending and saving and work with it.

9. Be content with what you have. If you’re not happy with the little you have now, more stuff, more money in your bank account, or a higher position at work won’t make you happier. Enjoy the little things you have.

10. Make the mistakes now. It’s totally fine to make all the mistakes whiles you’re young. Make sure however to learn from every single mistake. Explore more, and take calculated risks.

Have more tips? Add them to the comments below.



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8 Smart Tips to Better Personal Finance in 2018

Personal finance tips

Many people aren’t so good with numbers, and even turn to feel that learning how to properly manage their personal finances is so hard that it might as well be almost impossible. If you find yourself in a financial situation that scares you, this is the perfect article for you. You will discover the best ways to better manage your personal finances and protect yourself from bankruptcy and financial destruction.

You should take your budget seriously

Budget, budget, budget – yes, whatever you do, make a budget. The only way to know what is coming in and what is going out is with a budget and a ledger. Whether it’s with pen and paper or a computer program, sit down and get it done. Your finances will thank you for it.

Track you expenditure

If you want to minimize the amount that you spend, in a spreadsheet, track every single penny spent. This will allow you to see where you are wasting money and where your necessities are. Analyze this information, and improve your overall spending habits to put more money in your bank account.

Make good use of internet call services

Use Skype for overseas calls. You will find that it is not going to cost you much money and it is going to be much easier than messing around with calling cards. If that is not an option, use your cell phone rather than the hotel phone. You may have to pay more for minutes on your phone but you avoid being overcharged by the hotel.

Resolve to clear all your debt

To best manage your finances, prioritize your debt. Pay off your credit cards first. Credit cards have a higher interest than almost any other type of debt, which means they build up high balances faster. Paying them down reduces your debt now, frees up credit for emergencies, and means that there will be less of a balance to collect interest over time.




Take advantage of flea markets

Flea markets can often be a productive way for one to supplement their personal finances. An individual can purchase goods for a cheaper price than they would pay in stores or they can sell items at the flea market for a financial gain. However a person wants to use them, flea markets are beneficial for personal finances.

Don’t spend unnecessarily

When paying down your debt avoid unnecessary expenses such as credit monitoring services. You are able to attain a free credit report from each of the three credit reporting agencies each year. Apply the extra cash to your debt instead of paying a third party company to monitor your credit report.

Keep your savings account and checking account separate

Here’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account , so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree.

Diversify you investments

Diversify your investments using mutual funds. It’s difficult and expensive for a small investor to create a diversified portfolio using individual securities, but a no-load mutual fund can provide instant diversification at low cost. You can invest as little as $1000 in a fund that holds anywhere from 20 to several hundred securities, for an annual fee as low as 1%. Diversification helps to lower investment risk by reducing dependence on any one security to provide a favorable return.

Remember, that no matter how bad you are at math or how much numbers scare you, you can learn to intelligently manage your personal finances. By making the right financial decisions, you can greatly improve your financial situation and protect your money. Carefully read this article, apply the tips to your life, and don’t be surprised if the status of your finances quickly improves.



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How To Save Money At Home – Three Areas To Focus On

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With everyone feeling the effects of a down economy, it is important for households to find how to save money at home. There are many things that can be done to accomplish this, but the hard part is trying to get focused and then stay on target. There is a desire by many to try to find one fix for getting their household budget under control or to key in on just one area thinking that it will solve all their problems. The real way to accomplish this is to focus on several areas. Each on its own may not be enough to get you to your budget goals. However, if you use several or all of these together you will find your goal attainable. It all boils down to powering down, shopping smarter, and get clean.

Power Down

When you learn to conserve energy within your house, you not only help the environment, but you help your checkbook as well. If you aren’t using an appliance or piece of equipment, don’t leave it plugged in or turned on. The obvious things are making sure that lights are turned off when you leave a room. Less obvious is unplugging things like your coffee maker or microwave oven or entertainment center. Have these items plugged into a good multi-outlet strip and turn the switch off when they aren’t going to be used for several hours. Have your computer set to turn off after 20 minutes of not being in use. You will see a significant drop in your power bill by being diligent about this.

Shop Smarter

There are many things that you can do to improve your shopping habits. Not only should you look out for sales, but clip coupons and shop at discount stores. Buy scratch and dent items. Look for items that are being discontinued or put on clearance. Buy used items when you can. Spend money only on the items that you need. Be picky about the price more than you are the label.

Get Clean

There are two things to think about in this area. First, realize that most of your cleaning can be done with only one cleaning product: bleach. Simply add a tablespoon to a gallon of water and you have something that will take care of most messes. To make it a disinfectant, mix one part bleach to nine parts water. Also, be careful not to spill it or use too much and never mix it with ammonia.

Second, clean your vents, registers, and baseboard heaters regularly. Make sure you switch out air filters monthly in the house. This will help keep your air clean, but it will also help keep your heating and air conditioning equipment from running too hard and in better shape helping to cut back on maintenance costs.

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