Personal Finance Tips for Millennials

If you’re in your early 30s and struggling to learn how to manage your money, here is a list of things you can do to put yourself on the right path. Financial freedom isn’t a mystical fairy tale that is unattainable. Financial freedom is the result of sacrifice and proper planning.

I am no stranger to being at the bottom. Flat broke, out of work, and living in my grandmother’s spare room is where I began my financial freedom journey. If taking control of your finances is on your to do list, I have broken down several tips to get you there.

6 Tips That Will Help Build Your Wealth

Save 10 to 15 percent of your salary each month.

Keeping track of your discretionary spending is important on this journey. The more you save, the easier it is to climb out of your hole. Saving is only hard when you don’t have a plan and reward system in place to go along with your savings plan/

Know your why!

Anything in life that you do, comes from some type of habit or motivation. While your on your financial freedom journey, write out why you are saving and what will be the benefits of accomplishing your goals.  

Save like a pro!

Making sure you use the right savings accounts when saving is key. You want to be sure that you’re getting a good interest rate on your savings account. There are also cash rewards and other incentives for customers.

Spending less than you earn.

Control your money. Make sure that you have no more going out than you have coming in. living paycheck to paycheck has to stop. Reduce your lifestyle expenses to make sure that you have enough cash to reduce your debts.

Know your expenses.

The first step to knowing how to fix your money issues is to make sure your you know where your money is going. Be sure to know, down to the cent, every reoccurring expense you have.

Create an emergency fund

The one thing I tell all my clients is that “bad situations aren’t as bad when you have extra money to cover you on a rainy day.” The fact is bad things happen. You can expect it. Make sure you’re able to handle it.

These steps are a good way to set yourself up for success when it comes to fixing your financial issues. Start today with paying down your highest debts first. Then keep it going until you’re completely debt free.