THREE FINANCIAL TIPS FOR MILLENNIALS

Getting into the working world for the first time is an exciting process even though it can be a bit overwhelming. Instead of studying for the next exam or picking out what to wear at the next social event, suddenly it�s rent payments, making out a budget and cooking at home. Let�s not even mention setting the alarm clock to go off each morning. But what can�t be lost in the mix for those in their 20s and 30s is finances. Here are three tips millennials can employ to establish a secure financial future.

Set a Budget. Make sure you know where your money is going and why. Open up a new spreadsheet and make a list of required expenses. Rent is probably the most expensive but line out all the bills you must pay every month. Your utilities should be on the list as well as your mobile phone, food and gas to get to work. Does your job require you to pay for parking? That goes on the list as well. After you write down the items you must pay each month, whatever is left is your residual amount.

Write it Down. For those who ask, �Where did all my money go?� each month, and even for those who do not, open up your smartphone or keep a notepad close by and record each time you spent money for the next 30 days. Without a doubt you�ll be surprised at what you spend your money on each month. But without a physical recording of where your money is spent, you might not think twice about it. Do you get a gourmet coffee each morning on the way to work? At the end of 30 days, you�ll be surprised that you spent about $100 just for coffee. If you�ve having trouble saving, looking at this list provides some ideas where you can cut back.

Credit Check. While you may not be ready to buy your first home, before you do you�ll need to establish a good credit history. By now you�ve probably already received a credit card offer in the mail and this is a great starting point to build a solid credit history. However, keep the credit cards in check and only use one or two cards each month. Charge something and begin making monthly payments and keep your balances approximately one-third of your credit line. This balance-to-limit ratio is ideal for building a good credit score.

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