The Millennial generation — people who are now in their 20s — grew up in the financially unstable environment of the great Recession. Now that the economy is beginning to improve, this generation is unprepared to deal with money in order to prepare for the future. Here are three ways for Millennials to change the way they deal with money, to start improving their financial lifestyle.
- Create and use a budget. Learn how to divide a paycheck up, how to pay bills early or on time, and how to save small amounts for the future
- Use credit cards smarter. Added interest means paying almost twice as much for small items and purchases that can wait until the next payday. If you can’t afford it, try saving up for it instead of whipping out a card
- Buy life insurance. Everybody needs it, and you’ll never get it cheaper than the price you’ll be offered in your 20s
For more financial and insurance advice, contact the Bell Black Insurance.