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HOW TO HANDLE FINANCES AS A MILLENNIAL

Growing up isn’t always fun. There are always certain expectations, are we going to get married, have kids, have a successful career? Even getting into an accident is complicated. As well as getting medical attention, you need to make sure you report and sometimes you even need competent personal injury attorneys.

We don’t even know if it is worth owning a car! And millennials are always thrust into the outside world without any training! And what makes it worse is finance, how does a millennial handle money now that they have it and earn it? How sensible are they? Well, here are a few tips!

Learn to Budget

The first step to properly manage money is to sit and create a budget. A budget easily stands out as one of the essential tips for savings. It’s the only tool that enables you to spend wisely.

Without a budget, you’re prone to spend on anything. So the best way to control it is to arm yourself with a budget.

List down your income streams and total them up to see how much money you make every month. Next, add up your expenses. You have to start with the compulsory expenditure. These include bills, clothing, education, and savings.

Pay Bills!

This is not a pretty situation, but it needs to be done. Paying bills is an important way of life, whether it’s paying rent, mortgage, even your phone bill! However, paying bills has changed over the years! You used to get a statement in the mail, write a cheque to cover it. However, now, you can receive and pay bills online, with direct debits set up. Or you get a notification from your service provider telling you to log on and download your bill. You can then pay it directly through the site, through your bank’s online bill payment portal.

To ensure this is done, keep calendar notifications of when each bill needs to be paid so you can set aside the money each month, or make sure they are paid automatically through direct debits! Once this is done, you can learn to cut bills and live sustainably!

Carry Insurance

No matter how carefully you budget, there will be some expenses you don’t expect and can’t handle! This is where insurance comes in and not just phone insurance!

There are three main types of insurance that most people need. First, home insurance – either homeowner’s insurance or renters insurance – protects you in case of fire, theft, or accidents in your home. Vehicle insurance protects you from loss caused by car accidents. Lastly, health insurance covers the cost of expensive medical care.

However, insurance is expensive, so you should shop for lower prices that cover what you want (comparison websites are best) and trim your coverage!

Cook a Meal

You can no longer rely on your parents and guardians to cook for you. It is time to fend for yourself! It can be tempting to eat out all the time, but this is costly. So what better way to improve your finances than by learning how to cook?

So, cook your meals, find some recipes you think you will enjoy, invest in useful tools, and practice! Once you get it into your routine, you will get more inventive and start to enjoy it!

How to Handle Finances as a Millennial