Wednesday, September 20, 2017

5 Priceless Personal Finance Tips for Millennials

Since 2008, with the economic crisis hitting hard worldwide, many people have been struggling to make ends meet. 

Nowadays, these battles await millennials who are faced with different and bigger challenges compared with the previous generation. One of them would definitely be dealing with their financial future, e.g. paying off college debt or becoming independent.

Here are some simple tips for all the brave millennials on how to handle their finances and get ready for their future:

Make Your Budget

First things first, make your budget and don’t ignore your bank account. In case you are receiving any payments from abroad, find out which banks are the most profitable for you. 

Some banks offer good deals for student bank accounts such as freebies or low fees for unexpected spending. Therefore, if you are a still a student, take advantage of these privileges. 

In case none of them is to your liking or fits your budget, turn to e-banking. Many companies offering digital online services have affordable fees like Payoneer. In addition, paying your bills online is less time-consuming, so you will be saving your time and money.

Get Around

Unlike the previous generations, millennials have had a great advantage throughout childhood i.e. an easy access to information by Internet. 

Don’t forget that it can also come in handy for your finance, not only for your posting tweets. So get around! Consider searching for stores that can offer you products for domestic use at a bargain price. 

They could be right around the corner. Discounts and vouchers will help you cut expenses. Not to mention that numerous free apps can help you sort out your budget.

A Plan B Just in Case

Regarding job opportunities, for most millennials the future remains uncertain. Whether you are ahead of your class or not is no longer the most important question. 

The requirements of getting a well-paid job have changed and it’s getting harder to get one. The question that you need to ask yourself is ‘’Do I have a plan B just in case?’’. 

Many people are turning to their B plan that sometimes becomes their main source of income. Getting a part-time job as an online language tutor or making a passive income by writing e-books, blogs or launching tutorials can also help your finances increase.

Stick Together

By working as a freelancer, you will definitely earn some money and get experience. However, working at your home can often be frustrating. 

Consider calling up fellow freelancers and renting a co-working space together to cut the expenses. Having an office will help your productivity and working with other freelancers will get you some valuable connections. 

Moreover, make the co-working space a real workplace. Getting notice boards or whiteboards can be useful for announcements. Promote your common workspace by getting brochures holders and displays from office suppliers, e.g. DisplayMe. Your professionalism will attract more co-workers and clients.

Turn Bad Habits Into Gold

If you have a bad habit of overspending, it’s high time you changed. Think about the extra expenses that you make and ask yourself whether it is worth your while. 

It is always good to invest in yourself, but do you really need pay so much money for brand new clothes? Instead, wouldn’t you rather save some money and get a new laptop? 

The public transport is cheaper if you get a season ticket, cycling can be a good alternative as well. In the end, by simply turning off and unplugging some electrical appliances, you will save money and won’t need to pay so much on your monthly bills.

Find a Balance

In the end, your future is in your hands. Whether you choose to take action concerning your financial future now or later, you will see that there are many options that you can profit from. 

Of course, you cannot control what is inevitable in the market, but you can take these few steps that can help you balance out your life and your bank account.

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