Nifty finance tips for millennials that change the way you view your money

You can use these nifty tips to change the way you manage your finances.

Updated on Feb 26, 2022 01:46 AM IST  |  458.4K
Nifty finance tips for millennials that change the way you view your money
Nifty finance tips for millennials that change the way you view your money
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As millennials who are new to adulting, the onslaught of expenses with rent and utilities can seem like a sudden burden when you get your first pay check. Then there is the lure of exciting trips with friends and vacations you’d like to take along with the temptation of shopping for a whole new back-to-work wardrobe. Well, such endeavours can be heavy on the pocket and limit you from creating a nest egg with emergency savings. Nevertheless, the pandemic has made it clear that it is now more important than ever to have a good chunk of savings for a rainy day. So, you can use these nifty tips to change the way you manage your finances.

finance tips for millennials

  1. Assign at least 20% of your salary toward savings

Many believe that they will start to save more once they earn more. But it is never too early to start to build up your financial reserve. And your first pay check or first job is a great time to begin. Set aside merely 20 per cent of your pay check toward savings. This can be in the form of a recurring deposit, an SIP, or even liquid balance resting in your account. Steady savings are the perfect way to a secure and solvent financial future.

  1. Chart out a financial vision board

Vision boards are a great way to go from where you are to where you want to be. You needn’t rely on simply manifesting your future, for you can actively work towards it. All you require is the motivation to begin wiser spending habits. So, create a vision board where you specifically mention the tangible financial freedoms, assets, vacations or savings and investments you seek. This will help you keep on track.

finance tips millennials

  1. Decide on a shopping mantra

We all have temptations throughout the month, so the easiest way to deal with this is to decide on a spending mantra. It can be a positive phrase that helps you decide whether or not it is a necessary expenditure. For instance, you must ponder, “Is buying this item better than a foreign vacation next year?”

If a glitzy vacation isn’t on your vision board, then replace the question with an item that is. Be it a new car, sizeable savings or any other motto, the idea is to ensure you expend only on necessities to meet your long-term financial goals.  

Also Read: 12 Signs that indicate you’re dealing with toxic relatives

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