Written By Own Your Destiny Team
Our world revolves around money. We all have learned that from a very early age. We are told that we cannot be happy and successful without money. Millennials probably know that better than any other generation right now.
Although millennials did not live through the Great Depression, they have seen plenty of financial hardship throughout their lives. Parents’ losing their jobs, the housing market crash in 2008, and many other personal experiences have placed the millennial smack dab in learning the importance of saving.
Although millennials are concerned about saving money and having money for the future, they are not necessarily educated on the best ways to save. Harris Poll completed an online survey in 2017 which was commissioned by NerdWallet. This study showed us that of women between the ages of 18 and 34, 56% of them are not saving for retirement. This is why womens financial counseling is so important.
For millennials who are concerned about saving money for the future, there is no need to panic. With the right tools, we can ensure you that financial worries will be a thing of the past. Here are three tips about womens financial counseling for the millennial trying to put money away for the future, given to us by Forbes.
Get Rid of Your Debt
After you have nailed down budgeting for the essentials — food, shelter, and clothing — it is time to start paying off your debt. Creating a budget can be tough, but if you take a few months and really track your spending, you will understand how much leftover cash you have to throw at your debt. Getting out of debt will allow you to save even more money and plan for your future.
Start as Early as You Can
If you’ve never heard of compounding interest, here’s a quick rundown. Every year, you make a small percentage off of the money you put into a savings account. It grows every year because the amount of money in the account increases with the interest every year. So without depositing more money into the account, you are still growing the account. The earlier you start doing this, the more potential the account has to grow.
Take Advantage of a 401(k)
Many companies out there today offer a 401(k), so it’s actually much easier for millennials to start saving. Many employers also match contributions made to the account, so it would be wise to take advantage of this type of plan. 401(k)s also have interest growing potential.
No need to feel worried about finances anymore! Let these tips for womens financial counseling help your self esteem and confidence when it comes to preparing for the future.