Secrets Financially Savvy Millennials Would Love To Tell You

Millennials seem to have a reputation of being a bit ‘cheap’ as they feel entitled to a lot of things. They are also said to be quite financially risk averse too. But both of these negative stereotypes can actually make way for a generation that is actually more financially savvy than their forbearers. If they learn to be frugal using these stereotypes, then they can turn a negative into a positive quite simply. These are the individuals that have grown up in a recession for the most part and have seen a crumbling jobs market fall around them. So they have had to learn some valuable lessons, whether they recognize it yet or not. So here are some secrets from some financially savvy millennials; what can we learn from them for the future?

Live With a Purpose

When you live life with a purpose, then you realize that there are no guarantees in life and that for a lot of things, life is what you make it. While there can be no guarantees, it also means that there are no constraints either. So living with this kind of mindset can be really positive. It means that there are no limits to what you can do. So if you are going through life in a zombie-like state at the moment, then this is lesson number one to learn. Set your own path and don’t let anyone else dictate what you are able to do.

Plan an Independent Future

If you are financially savvy, then you will be setting yourself up for a great financial future. One where you are not reliant on others and can go into something like retirement with your head held high. Making a plan to be financially savvy is lesson number two to learn. Are you furthering your education so that you can get the best job to be able to set aside money each month for your future? Have you ever considered getting a bachelor's degree if you don’t have one already, or even a master’s degree? But what is a Master's Degree and how can it help you? Giving you a more in-depth area of study, it puts you above everyone else that is out on the job market. So it could be a stepping stone to getting to your financially savvy future. 

Know Your Worth

Another thing that you might find tricky to do, is to know your worth. Knowing how much your time is valued at can mean a good financial situation or a bad one. Take a freelancer, for example. They may have just started out so have lower prices than their competitors. But if a client comes to you offering you much lower than you would normally work for, be prepared to say no. Don’t devalue yourself just because one client thinks that your time is worth something different. We are rarely given any financial security in life without having to do some hard work for it. So keep working hard and keep a check on your value.

Budget

If you aren’t creating a budget plan than you are planning to fail. Think about your income, your expenditure, and then look at what you have spare each month. Saving some money is a good habit to get into. In this day and age, you never know when you will need it. Don’t be someone that barely knows that is in their bank account. Check it regularly and keep on top of it all. Someone that gets themselves into debt is never a good place to be, and will certainly not be a good place for the future.

Invest in Yourself 

With so many ‘Go Fund Me’ pages cropping up here, there, and everywhere, we may have been lead to believe that millennials aren’t up for working hard, and don’t consider things like insurance as a necessity. However, this is certainly not true. If you’re someone that invests in yourself, including things like life, medical, home, and car insurance, you will be able to maximize the use of your savings when you have them. If you need to retire early because of ill health (one of the leading reasons why people do retire early), then it can have a detrimental effect on your financial future if you’ve not invested well or saved enough. Hospital bills can keep you without money if you haven’t invested enough in your health. These days that is certainly something that millennials are doing well. Keep your health in check, and you can look forward to a more financially savvy future.