As the saying goes, much ink has been spilled (or keys have been pounded) over the plight of Millennials, namely, that they aren’t making enough to afford homes and raise families.
With Boomers and older Gen Xers still hanging on to the levers of money and power past when they’d have been expected to step aside, younger workers haven’t had much room to get ahead, and they’re struggling. There are bright spots, though, and Millennials who aren’t struggling in life have some great advice to pass on to Gen Z as they enter the workforce.
Live Beneath Your Means
Most of us know it’s foolish to live beyond our means, but many think that’s a license to spend every penny they make as long as they pay their bills. You don’t have to spend money just because you have it.
Keep Track of Your Spending
An easy way to avoid overspending and winding up with debts is to keep track of how much you spend and on what. That can also help you decide what to cut back or eliminate.
Eat Out Less
Dining out is fun and convenient, but it’s also expensive, even at fast-food places now. Making your work lunches and eating dinner at home most of the time will save you a lot of money.
Drink Less Alcohol
If you’re a moderate drinker who has, say, two drinks a night, that will easily run you $1000 or more over a year. That more than doubles if you regularly hit the local bar for happy hour with friends. Bonus: cutting back on drinking is also better for your health.
Only Buy Clothes You Need
Buying clothes impulsively is easy to do. Before you head to the counter or the checkout page, stop and assess whether you need that item or not. If the answer is that you don’t, you’ll probably be spending money on something that will mostly sit in your closet or a drawer.
Invest Whatever Money You Can
When you’re young and just scraping by, it can be hard to save. Here’s an idea: if your job offers a 401K program, take advantage of it. Pre-tax, you can have money automatically deducted from each paycheck. That money grows in a big way over time.
Reduce Your Debt
For most of us, debts like car payments and mortgages are pretty much unavoidable, but we can avoid going into debt for things like furniture, electronics, etc. For the debts we can’t avoid, we can commit to what meets our needs, not our wants.
Shop for the Lowest Interest Rates
When you do have to buy something on credit or take a loan, look around for the lowest interest rates available. This can save you thousands of dollars in the long run.
Buy a Reliable Used Car and Keep It as Long as You Can
When you buy a brand-new car, you lose thousands of dollars in value the moment you drive it off the lot. Buying a reliable used car will save you thousands of dollars, and keeping it for as long as possible will save you money as well as long as you’re not pouring money into it for repairs.
Beware People Selling Secrets to Success
A few of these people are for real. However, it’s hard to separate them from the many whose “secret” is getting people to buy their books or sign up for their courses.
Always Keep an Eye Out for a Better Job and Your Resume Polished
Loyalty and paying your dues are no longer reliable ways to move up. Don’t feel you have to stay stuck in a job that’s getting you nowhere.
Learn From Successful People
Get to know successful people at work and in your life. Observe what they do, ask questions, and learn from them.
Don’t Let Money Define Your Life
Money is important. It pays the bills and provides some security. However, don’t let your life be defined by how much money you make. There’s a lot more to life.
Learn What Skills Are in High Demand
A way to keep yourself marketable and qualify for good jobs is to know what skills are in high demand. This can help you choose a rewarding educational and career path, and it can help guide a career change.
Don’t Use Your Credit Card for Anything You Can’t Pay off When the Bill Comes Due
Credit cards are convenient, and reward cards are great deals for people who use them responsibly. When you let balances carry over, though, you’ll pay interest on them, which is like throwing away money.
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