A Millennial’s Guide to Finances

by Julia Guardione Updated on: December 2, 2019

Millennials are hard at work making a name for themselves in business, fashion, and lifestyle. Their financial futures look bright due to endless opportunities and their zest for innovation, but are they making the right financial decisions? There are a few topics that are important, but do not get the attention they deserve.

Make your student loan debt a priority

Most millennials are either heading into college or have completed their degrees in the past few years. Kudos if you have completed your degree, way to stay focused and take charge of your future! What you may realize now, is that student loan debt follows you around long after you walk the stage. Looking for ways to lower your student loan debt? Start by evaluating all of your debt, lower your car payment, negotiate for lower insurance premiums, and focus on paying off one bill at a time.

Stop using your credit card

Credit cards can be tempting to use when you want to make a large purchase, but don’t quite have the funds in your account to cover it in cash. Avoid the temptation to buy something outside of your means and you could be well on your way to a debt- and stress-free life.

pablo-13

Talk about money before marriage

Finding the right person to spend your life with is a process that can take some people years to accomplish. With divorce rates increasing a little each year, it is recommended to discuss finances before heading to the altar. Discussing finances can lead to a healthier relationship and clear expectations for the newlyweds.

Wondering which questions to ask your beau? Here are a few conversation starters:

  • Do you have debt?
  • How much debt do you have?
  • Do you have a savings account?
  • How do you feel about spending money on leisure, entertainment, and unnecessary items?
  • Do you follow a budget?
  • What are your financial goals?

Contribute to your 401k

Maybe you don’t plan on retiring anytime soon or perhaps you own your own business. Whether it is a 401k, mutual fund, or a savings account, millennials must start saving money now in order to prepare for the inflation that is sure to shake our financial market before they reach retirement ages. To get an idea of how much you will need to have a relaxing retirement, check out this calculator.

You aren’t too young to invest

Investing early allows time for your money to earn significant interest by the time you are ready for retirement. If you aren’t interested in the stock market, consider investing in a business or real estate. You are never too young to make your money work harder for you. By 50, you will appreciate the effort you put in at this age.

If you’re a millennial, tell us how you are taking control of your finances!

Related Posts

6 Tips to Create a Successful Budget
5 Financial Resolutions You Can Keep
Teach Your Child About Money In 4 Easy Steps

About The Author


Julia Guardione

Julia Guardione is RateGenius’ auto refinance expert. She is a graduate of Texas State University and a lover of all things outdoors. She lives in Austin, Texas with her dog and cat. She’s always open to new ideas, so if you have any suggestions or questions, email her at pr@rategenius.com.


Read More

by Stephanie Colestock

What You Need To Know About the New Experian Boost

Improving your credit score usually takes years’ worth of effort. With Experian Boost, you can increase your score in seconds. By the time you reach adulthood, you already know that your credit score is very important. Even if you don’t know exactly how those three-digit numbers will…

by Stephanie Colestock

When Should I Refinance My Car Loan?

Were you happy with your car loan when you got it? Not many are, so you might consider refinancing. ● When considering a refinance, sooner is usually better than later. ● One of the best times to refinance is when interest rates are down. ● Take action…

by Chonce Maddox

Not all Credit Scores are Created Equal — Just Look at UltraFICO

Did you know you have more than one credit score? Which one is the best or the right one? Your Credit Score Matters Your credit score is one of the most important numbers influencing your financial health. For lenders, it is a major factor for determining your trustworthiness as…

review review

Customer Reviews

Read our 11264 Certified Reviews

4.9

READ OUR REVIEWS
apply now apply now

Apply Now

Lower your interest rate and drop monthly payments by an average of $76*/month!


GET STARTED