If you were born between 1981 and 1996 then you’re considered a Millennial, also known as Generation Y. Between the ages of 26 and 41, Millennials have a variety of financial topics on their minds from retirement to savings. Therefore, we’ve compiled a list of our top 7 financial tips for Millennials.
1. Track Your Finances
Keep a spreadsheet of your income and expenses, it’s the best place to start. Getting the rest of your financial needs in order relies on knowing your current financial situation. Thus, we’ve included a monthly budget PDF for your convenience so you can better keep track!
2. Set Financial Goals
Whether you write them down or keep them stored in the Cloud, set some short and long-term fiscal goals for yourself. Surely you want to pay off your student loans, purchase a home, or want to travel more and it’s important to have those goals set to know what your next step should be.
3. Account for Health Insurance
Health insurance should be considered a necessity so if it isn’t offered through your employer, then we highly suggest purchasing your own coverage. The monthly expenses outweigh the potential catastrophic financial issues that could be caused because of an injury.
4. Know Your Investment Options
Keep a diverse investment portfolio to benefit yourself financially in the future. Even if it means only saving a few dollars a week, those savings can add up. With plenty of options such as stocks, bonds, real estate and more; you can get your investments on track. If you have more in-depth investment questions regarding life insurance, Brokerage accounts and more, then we suggest reaching out to our friend, Michael Fasulo, at Equitable. Click here to learn more about him!
5. Budget for Retirement
Start planning for retirement as soon as possible. If your employer offers a 401K option, be sure to take advantage of the extra contribution. Even if you’re contributing a small amount, it can add up later.
6. Start an Emergency Fund
We highly suggest starting a small emergency fund for those unexpected parts of life. We think three months’ worth of expenses is ideal. Keep these funds safe in a savings account where they are readily available. You can easily open a Club account within your current account at the Credit Union as your emergency fund.
7. Use Your Credit Score as a Financial Tool
Our new tool, Credit Sense, allows you to view your credit score when logged into Online Banking. Signing up is easy and you can check your score as many times as you’d like. Checking it does not affect your score, and it doesn’t cost any money. Learn more about Credit Sense on our website, here.
Remember, the Credit Union has multiple Certified Financial Counselors on staff to offer financial tips for Millennials and more. Just schedule a meeting with them to discuss your financial goals, improve your credit score, and more.