Being a millennial may not be all it’s cracked up to be. In fact, more than 70 percent of millennials have at least one source of long-term debt, and 30 percent have more than one. But if you’re a millennial, there is hope when it comes to your financial future. Here’s some straightforward financial planning advice for millennials that you can start acting on now–
Maximize Your Retirement Savings
If you don’t do anything else, you should try to maximize your retirement savings. This is because the more you save now, the more that you’re going to have at the time you retire. This is because your money grows over time, and the more time that you give it to grow, the more it will be worth. The difference in the amount you’ll have by retirement age if you start saving now vs. in 15 years is remarkable.
Adjust Your Lifestyle So You Actually Have Money to Save
You may be looking at the first tip–maximizing your retirement savings–and thinking that it’s an impossibility as you’re currently living paycheck-to-paycheck. If that’s your reality, change it. Use a money tracking app to see where you can make cuts to your spending, even small ones. The goal is to live below your means, even if that takes some adjusting.
Know What Your Goals Are
Many millennials worry that they’ll never have enough money to buy a house, start a family, retire, etc. The first step to changing this reality is to know what your goals are and by when you want to achieve them. From there, you can start setting money aside in a strategic way to meet those goals.
Meet with a Certified Financial Planner
For millennials, meeting with a Certified Financial Planner (CFP) can be a very smart decision. A CFP can help you to identify those goals and put a strategy in place for meeting them, can explain to you the best strategies and options for saving for retirement and how much you should be saving each month, and can help you to diversify your investments.
Call Harvest Financial Planning, LLC Today
If you have questions about what it’s like to work with a CFP and why doing so can help you to improve your financial situation, call Harvest Financial Planning, LLC today. Our team is here to provide you with the personalized financial planning advice you’re looking for, and the first appointment with us is always offered free of charge. Reach us today to learn more.