Financial hacks for building financial confidence

3 MIN READ | #blog

Millennials face a triple whammy: inflation, soaring home and rental prices, and, for many, crushing student loan debt. Despite being the largest generation in the U.S. workforce, millennials hold far less wealth than previous generations did at similar ages. When baby boomers were around the same age as millennials today, they held approximately 22% of the nation’s wealth, compared to 7% for millennials.1

What you spend your daily dollars and cents on should also make sense in terms of building your financial confidence for the future. So, if you’re going to spend a little today, make sure it will bring you a lot tomorrow.

6 A.M. Rise and shine

Coffee? Hitting up a national coffee chain five or more times a week for a $3.00 cup of coffee will quickly add up. Consider turning your java habit into a weekly coffee date with someone you respect and admire. Behind the most successful people in every industry are mentors who helped them get there. 

7 A.M. Walking the dog

Millennials love their pets and care can get expensive. But Spike counts in the asset column, too. People with pets are happier, healthier and tend to live longer.2

8 A.M. Starting the day

You already know that buses and subways are a bargain and taking rideshare services can cut costs. Use your transit time to pick up a book that will not only help you grow, but inspire you, too.

9 A.M. Checking your calendar

Why not check your budget, too? Ask a friend you trust for app recommendations that will fit your lifestyle, and even compare budgets. Nothing like a little friendly competition to get you fired up to save more.

11 A.M. Need a break from the grind

Online shopping is tempting. How about boosting your mindfulness instead? Try a meditation app for 10 to 15 minutes and come back refreshed and more productive.

1 P.M. Considering lunch options

Eating out gets expensive. How about brown-bagging it and going for a walk instead? Putting some mileage on your activity tracker is always a good thing.

3 P.M.  Meeting about the 401(K) plan

Contribute to your company’s plan if you can, especially to a matching program. Consider other savings “buckets” as well. Diversification is important.

5 P.M.  Shopping for groceries

Be a savvy label reader. You may be shelling out a little more for organic, GMO-free or all-natural foods, but it may save you bundles in the long run on healthcare costs. Poor health can also be a major stressor.

7 P.M.  Happy hour!

Use time with friends and colleagues to get recommendations for your personal team: a good accountant, a trusted financial professional, and a physician you feel good about.

9 P.M.  Going through the bills

As you look over your monthly bills, you may be asking yourself how you can cut back on expensive extras and keep saving for your future at the same time. Not sure how to do that? A financial professional can help you maximize your paycheck and prioritize what to pay off first.

11 P.M. Winding down

Are you still paying for cable, but only watching one or two channels? Cut the cord, set up a streaming device, and purchase only the channels you watch. But before you binge, be sure you budget.

At the end of the day, financial confidence comes from getting educated, making a plan and a budget, finding a trusted partner to guide you, and putting the right solutions in place.

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