4 Financial Planning Tips for Millennials

4 Financial Planning Tips for Millennials

| March 29, 2020

4 Financial Planning Tips for Millennials

Building the resources you need to help accomplish what you want in life is better to be started now than later. If you wait too long, you’ll have to save and invest a much larger portion of your income to retire with confidence.

Here are four tips to help give you a boost of financial confidence:

Start an emergency fund. Save at least three to six months’ pay so that you have a cushion to tap into in case of an emergency. For situations like car repairs to unexpected medical bills, you will find comfort in having money prepared for the rainy days. 

Save the maximum you can in retirement accounts, up to the amount matched by your company, or up to the amount you can put aside tax-free in an IRA (Individual Retirement Account).

Build a budget. You should know how much money is coming in and where it should be distributed, to pay for things like bills, groceries, and other household items. To build your budget, write down your regular income and expenses. Take a look at your household spending so you can categorize where your money goes: to save, spend, or invest.

Build a relationship with CFP professional. A financial planner will be able to assist you on your financial journey – guiding you to make smart money decisions as a preparation for your future.

Get started where you are now. Your future self will be glad you did.