Last night my "professional self" was facilitating a workshop on financial responsibility as a millennial. We talked about everything from financing a car, repairing your credit, retirement accounts, and the dirty word... budgeting. So many of the people in the workshop felt so lost when it came to financial responsibility, that I decided there must be other confused millennials out there looking for this info too (is that a right assumption? Would you be interested in a mini course on financial responsibility? Let me know in the comments or here.)
Learning how to manage your money is one of the most important things you can do for yourself at any age, but especially in your twenties. It may be hard to imagine not living paycheck to paycheck but it's totally possible and in your reach!
You got a job offer for a position in a new city that pays more than your current position. Everything seems great, but what other costs should you consider before quitting your job and moving to a new city? - The Confused Millennial
Between 2000 and 2013, the percentage of 23- to 34-year-olds living with family jumped a whopping 46 percent. Currently, 21 percent of millennials opt to live at home with parents, while a large portion of the generation splits rent with multiple roommates or cohabitates with a significant other. Despite the rising costs of renting, almost 9 percent of U.S. millennials live solo. Mid-size cities are significantly more palatable to a millennial budget, including Richmond, where 15 percent of millennials live alone. But is it possible to live alone in a big city on a young person’s salary?
Tired of “being broke” as a millennial? Especially in college, what with high expenses on textbooks, social activities and limited income? It's unusual to find a college student who isn't financially strapped in one way or another. While some things may not be in your control, managing your finances in an effective way may help you have a little extra cash, and keep you sustained through periods of heavy spending.
Here are four steps that will help you get your finances in order:
When I first began my entrepreneurial journey things we slow. I became obsessed with researching apps and odd ways to save money. I did everything from taking surveys for 25 cents to watching commercials for a penny! I probably tried out a million apps around that time as well. Below is a list of 10 popular money saving apps that I have tried over the years and my verdict on them:
Does the idea of Netflix, yoga pants/basketball shorts, and delivery sound all too familiar and awesome at the same time for date night? If anyone knows how to keep things interesting, while also staying on budget, it’s us. Keeping your relationship sparkly when you’re broke might take a little more effort but there are plenty of creative ways to make it happen and make it fun.
Interest is the money you pay to the bank for letting them lend you money. Interest is how banks make money. The interest rate you have depends on the kind of loan you have, how trustworthy of a borrower you are and how well the economy is doing. Why should you pay off your student debt fast? Because of your interest rate. That's money you are just throwing away to the big banks. By putting extra money towards your payment, you will pay less money over time and think about what you could afford instead.
The number one struggle couples have during wedding planning? Keeping the wedding budget in check. There are so many logistics involved and decisions to be made that it’s no wonder people get a bit stressed out while planning their big day. My best advice for avoiding a breakdown and going over budget? Get clear on your priorities and your numbers! Before you even start spending a penny, you have to ask yourself a few important questions first...
Becoming financially fit as a millennial is crucial. It doesn’t matter if you’re a financial rookie or consider yourself somewhat of a maven – we could all use a good cleanse from time to time. Luckily, this variety won’t leave you hangry or chugging cayenne pepper like Beyoncé. Kickstart your finances by trying one (or all!) of these five ways to get you in better financial shape.
Stefanie O'Connell is a millennial finance expert and published author of "The Broke and Beautiful Life". Stefanie shares her advice for twenty somethings on finances and life. Before becoming a financial expert, Stefanie was an actress, and during the height of the recession circa 2009, Stefanie had a wake up call and decided her life had a new mission: #BreakingBroke. Since then she has been seen on countless publications and uses her experience and wisdom to inspire and educate others. - The Confused Millennial, Inspiring Millennials Series
As a freelancer or blogger it can be tough to know when to say no to blog marketing and sponsorship opportunities. Most people are trying to figure out how to get sponsored, not how to say no to being sponsored. It starts innocently enough. You decide to create a blog and begin weekly ramblings about your awesome thrift-store-shopping skills. Suddenly, you’re getting offers to write for other outlets and do an occasional styling session here and there. Moneymaking opportunities seem to keep landing in your inbox. It’s hard to decide how to prioritize them or if they’re even a good fit for your brand.
Learning financial responsibility in your twenties can be a total game changer for your future. By getting the following six lessons before you turn thirty, you can set yourself up for more financial freedom and peace later in life.
How can college students profit in the sharing economy? By definition college students already live a flexible life compared to their traditionally employed counterparts. So why not embrace this and give college students a crash course in the sharing economy?