5 Money Tips For Millennials

In the world of millennials, it often times seems hard to look forward because of the mountain of student loan debt and credit card balances that consume much of a monthly budget.

But the fact is, it is extremely important to look ahead – five, even ten years – because like it or not, time is moving that direction. Having a plan and taking some steps now is better than doing nothing at all.

Here are some things to consider:

  1. Save For the Future – Put away something now. Anything. Start with $5 or $10, and keep adding to that amount when you can. Or put away a certain percentage of your paycheck, even if it is 1% to start. Automate your savings to make it a more bulletproof part of your budget.
  2. Start Paying Off Your Student Loans – Even though terms of student loans are often favorable, it still is a loan and it does carry interest. It is important to start paying off as much as possible to get this debt behind you.
  3. Explore Different Repayment Plans – If your student loans are federal (and most are), you can usually have your payments lowered based on your income. These are called Income-Driven Repayment Plans. All it takes is a call to your loan officer to get this plan set up.
  4. Don’t Be Afraid to Negotiate Your Salary – If you are interviewing for a job and it’s one that you really want, don’t be afraid to negotiate for a salary that you think is fair. A job has to work for both you and your employer, so make sure your needs and expectations are met as well.
  5. Find Out What’s Realistic to Ask For – Talk to friends, family members, or people you trust, and ask them what is realistic to ask for regarding your salary demands. Then add 10% to this number. Odds are an employer will counter, but the goal is that you can meet somewhere in between.

The world is certainly a different place for millennials than it was for previous generations, but these tips are a good starting point to apply to get your financial life on track.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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