Saving is essential, especially when you’re young and healthy
It’s easy to get distracted from saving money, but you’ve just landed your first real job so congratulations. The pressure to be “in” is epidemic to millennials, especially now that our whole lives are basically streamed over Instagram. Millennials is more educated than any generation, we’re still confronted with bigger problems like economic indecision, job insecurity, and student debt. That’s the very reason why we need to learn to manage our finances as early as possible.
But there are ways to manage your finances and not stress out so much at the same time. Here are 4 tips help start!
Place Your Money Somewhere Where It Will Grow on Its Own
Let your money work for you. You can do that by putting your dough somewhere you can earn passive income on. Think stocks and bonds, but talk to a professional or do your research before jumping in.
Use 50-30-20 Plan
50 percent of your salary or income should go to your daily expenses and needs, 30 percent will be for yourself and your interests, and the other 20 percent is saved for your future. Its easier and more consistent than just saving what’s left over after expenses.
Run Your Finances Like You Run Your Social Life
Make a separate email and calendar for your finances. This way you can avoid missing payments and find financial deadlines more conveniently. Just make sure you check it regularly and have it set up to notify you when things are due.
Establish an Emergency Fund
Now is the best time to set aside a portion of your income to have an emergency fund. So when there is a sudden and unexpected need, you have something to spend.