Financial Rules to Live By

posted by Malie D. -

No shame, it’s a fact: most of us are living paycheck to paycheck.

As millennials, those of us who are working steady nine-to-fives are pretty few and far between these days. We’re working from home, accepting less pay, and are ridiculed for spending too much money on avocados. (insert eye roll emoji here)

What’s a broke millennial to do? Here are some tips on saving money:

  • “Don’t spend more than you earn.” – You only have certain parameters to work within. Make sure you’re not blowing all of your money faster than you can make it! This is tough with you're throwing around that plastic.

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  • “Always pay extra on high- and moderate-interest debt.” – Some minimum payments on loans don’t even cover the interest! Make sure you’re ACTUALLY paying stuff off instead of paying forever. If you can, try to round up to the nearest $100 (depending on how large the payment is) and it'll help pay those things off faster as well.
  • “Always be investing in retirement accounts.” – Saving for the future is huge. When you have the opportunity, save, save, save!!! I do this by having a separate savings account that isn't electronically accessible and putting a percentage of each paycheck into it thru direct deposit.
  • “Don’t waste money replacing perfectly good stuff.” – If you have a little black dress, do you really NEED a new one?? While my answer will always be YES, try only purchasing a new piece of clothing/decor/tech when you can get rid of one (or more) before you buy.

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  • “Don’t accept a pay decrease.” – Remember: YOU are your own advocate! Speak up for what you deserve and what you were promised. Know your worth!!! 

Following these simple steps will help set you up financially for the future – and who doesn’t love a little financial comfort?!

Now... to take my own advice!

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