Millennials; they’ve been labelled quite a few things recently. Unable to buy diamonds, finding it harder and harder to get jobs in the field of their choice and struggling to get their hands on property, it can be hard for them to even stay afloat. Times have changed since Baby Boomers and Gen X ruled the roost, so the advice that they were given financially doesn’t exactly hold up today. Here is some realistic and up-to-date financial advice for millennials.
MyDeal Pro Tip:
Be smart when it comes to furnishing your home. Sure, you may want to live in that dream place from Pinterest, but realistically, that probably can’t happen overnight. Instead of just dreaming about your ideal home, slowly chip away at achieving it by buying key pieces of furniture from MyDeal. That way, you don’t have to spend a huge chunk of your savings on things you don’t need. You can even buy things second hand (as long as they’re clean of course).
Are All Millennials The Same?
Petra Zink | Impaccct
“Not all Millennials are born equal. Young Millennials are most often still in school and are not clear of how their careers may evolve. Without a job lined up, they are more fearful about their future and underperforming in their job. Older Millennials, however, usually had already 1 or 2 jobs and have had the chance to test their ideals against the reality of employment. Looking at some of the areas where gaps by age are widest explain trends in the workforce that are already clearly visible but will have an even stronger impact on deciding on the right talent strategies. Older Millennials classify challenging work as being involved in innovative work whilst younger Millennials think challenging work takes them outside of their comfort zone.” Find out more about Impaccct by following them on Facebook and Instagram.
MyDeal Pro Tip:
Try the 50 - 20 - 30 budget. It may sound like a fad diet, but it’s really a great way to save some money. Every month, rather than living on a budget that fluctuates and is unstable, aim to put 50% of your earning into household items, such as your bills, rent and groceries. From there, 20% of your earnings goes towards your savings and 30% goes to you, so you can spend it on whatever you want.
Peter Horsfield | Peter Horsfield
“1. “Fail to plan is a plan to fail”.- Winston Churchill
2. If you want to experience real results “you gotta get in the pool”. What we mean by this is that you can read all the books, do all the planning, have the right mindset, get the best advice and be the most informed; however until you physically get in the pool and experience learning to swim yourself and then master the skill only then can you say with confidence “Yes. I can swim!”.
3. Those who have experienced the greatest success in the shortest time; experienced the highest quality of life improvements, personal satisfaction and results; established and put in place their actions and activities to achieve their goals by aligning their personal/financial milestones to their core personal values.” Find out more about Peter Horsfield by following him on Facebook.
MyDeal Pro Tip:
Buy quality items, not cheap throwaways. Yes, buying some with a higher quality may be more expensive up front, but if you buy cheap and throwaway items, you’re going to end up spending more money in the long run. This isn’t just for fashion and shoes, it’s for appliances and household items too. Why waste your money on buying a cheap and crappy mattress that will do damage to your back and wallet? Instead, buy a good quality mattress from MyDeal, that will last you for years and keep you and your wallet happy.
Rachel Smith | Cycling Rachel Smith
“My best and most Realistic Financial Advice for Millennials is to spend less than you earn and save more than you spend. I recommend that all Millennials get a Waiting List. I write down what I think I want to buy on a ‘three-month waiting list’. I keep my ‘Want List’ in the notes section on my iPhone. I write down the date, a description of the thing I ‘want’, the price and why I want it. If I still want and need said item when the 90 days have passed, I buy it. Nine times out of ten, however, I no longer want or need it. 99% of the time I think “Why did I even write that down?” If 3 months is too long for you, try 14 or 21 days.” Find out more about Rachel Smith by following her on Facebook.