Many Millennials are dealing with debt (student loan debt, credit card debt), living paycheck to paycheck, and dreaming of a better financial future. It’s untrue that financial planning only benefits high net worth people. There are some basic strategies that you can implement, regardless of how much debt you have or how much income you’re earning. Read on for six steps you can take.
1. Create a Budget
Even as a young adult, budgeting is critical. How else will you know how much money is coming in and going out every month?
Although most 20-year-olds understand they should budget, the reality is that many don’t actually stick to one. Get a budgeting system in place as soon as possible, review how you are spending your money, and make the necessary adjustments to ensure that you are living within your means and able to save for your financial goals.