Millennials face a triple whammy. High cost of living. Stagnant wages. And for many, student debt. Despite being the largest generation in the U.S. workforce, they make 20 percent less than boomers did at the same age, on average.1
What you spend your daily dollars and cents on should also make sense on building your financial confidence for the future. So, if you’re going to spend a little today, make sure it will bring you a lot tomorrow.
6 a.m. Rise and Shine
Coffee? Hitting up a national coffee chain five times a week will cost you at least $65 a month.2 Consider turning your java habit into a weekly coffee date with someone you respect and admire. Behind the most successful people in every industry are mentors who helped them get there. Maybe then you can track the ROI of caffeination.
7 a.m. Walking the Dog
Millennials love their pets and care can get expensive. But Spike counts in the asset column, too. People with pets are happier, healthier and tend to live longer.3
8 a.m. Starting the Day
You already know that buses and subways are a bargain and taking UberPOOL or Lyft Line can cut costs. Use your transit time to pick up a book that will not only help you grow, but inspire you, too — like one of these.
9 a.m. Checking Your Calendar
Why not check your budget too? Ask a friend you trust for app recommendations that will fit your lifestyle, and even compare budgets. Nothing like a little friendly competition to get you fired up to save more.
11 a.m. Need a Break From the Grind
Online shopping is tempting. How about boosting your mindfulness instead? Try a meditation app for 10-15 minutes and come back refreshed and more productive.
1 p.m. Considering Lunch Options
Eating out gets expensive. How about brown-bagging it and going for a walk instead? Putting some mileage on your activity tracker is always a good thing.
3 p.m. Meeting About the 401(k) Plan
Contribute to your company’s plan if you can, especially to a matching program. Consider other savings “buckets” as well. Diversification is important. Check out these tips on becoming a world-class saver.
5 p.m. Shopping for Groceries
Be a savvy label reader. You may be shelling out a little more for organic, GMO-free or all-natural foods, but it may save you bundles in the long run on healthcare costs. Poor health can also be a major stressor.
7 p.m. Happy Hour!
Use time with friends and colleagues to get recommendations for your personal team: a good accountant, a trusted financial professional and an M.D. you feel good about.
9 p.m. Going Through the Bills
Check out these tips for getting out from under student debt. And don’t forget to keep saving, too. Not sure how to check both boxes? A financial professional can help you maximize your paycheck.
11 p.m. Winding Down
Are you still paying for cable, but only watch one or two channels? Cut the cord, set up a streaming device like Apple TV and purchase only the channels you watch. But before you binge, be sure you budget.
At the end of the day, financial confidence comes from getting educated, making a plan and a budget, finding a trusted partner to guide you and putting the right solutions in place.
- iii http://time.com/5028171/health-benefits-owning-dog/
2018-55109 Exp. 02/2020