Note: This article is courtesy of Iris.xyz
By Taylor Schulte
According to a survey conducted by the Pew Research Center, the national unemployment rate for adults ages 18 to 34 has declined to 7.7 percent.
However, despite a six percent increase in weekly earnings over the last four years, 26 percent of Millennials are still living at home with their parents.
As young professionals work toward financial security and independence, below are my recommendations on what Millennials can do to put themselves in the best financial position:
1. Write Down Your Goals
It’s been said that goals are merely dreams until you write them down. So, what better way to start realizing your goals than identifying them and creating a plan for success?
Ask yourself where you’d like to be in five or even ten years from today. Then, create a plan that helps give you a baseline for measuring your goals. Remember, financial success doesn’t happen overnight. Along with proper planning, it takes patience, dedication, and consistency. Writing down your goals will help bring the vision of your future to life give you something tangible to review.
2. Cut Expenses
Whether you’re currently employed or not, you’re likely to have expenses. Consider creating a budget as a way to benchmark incoming revenues and outgoing expenses. By continuously reviewing spending, you can easily identify opportunities to reduce fees or cut expenses altogether. Maybe you don’t need the premium cable channels or the highest speed of internet. Cutting those costs are a quick and easy way to find dollars to pay down debt or reinvest into a savings plan.[related_stories]
3. Automate Savings
Automating a savings plan is one of the best ways to succeed in saving. If you have to manually log in to your bank account and transfer funds into a savings weekly or monthly, you are less likely to succeed. I recommend working with a bank or financial planner to automate the process so you don’t have to think about it. Start out with a small amount – even if it is just $20 per month – and increase it as you get more comfortable with the process.