08, 03, 2017

I Get Money | 5 Financial Tips for Millennials

*This post contains affiliate links*

About a month ago, I got together with fellow blogger Naakie Nartey and we did a not so quick Facebook live video chatting about money. If you’re not sure who Naakie is, let me give you a brief rundown. She’s a finance and lifestyle blogger and YouTube content creator. At 25, she’s a first time home buyer and passionate about helping others build wealth. She shared so much good information on the broadcast and I realized that you guys never got a chance to see it. Now I couldn’t let ya’ll be out here without the money secrets. What type of friend would I be? So here are a few takeaways from the broadcast.

1. Make goals for your money.

As with anything, it’s important to set goals for your money. Consider how much money you want to save and how much more money do you want to make when creating your financial goals. Write them down and review them weekly. It’s also beneficial to have an accountability partner: a close friend or financial mentor. Share your goals with them and check in with them periodically. Make sure to find someone who can truly hold you accountable; someone you don’t want to let down.

2. Keep track of your credit score.

Your credit score is your financial GPA. Understand why it is important and how your everyday financial decisions are impacting it. Actions, like buying a car or paying bills late, can cause a change in your score. Use a service like Credit Karma to find out your score and ways to improve it.

3./4. Budget and save.

[Read: 3 Ways to Score Quality Clothes for the Low]

Create a monthly budget to help you map out your money. Naakie suggests creating a fun fund, a set amount of money used for “fun” – eating out, concerts, shopping- each month. After the money is finished, your fun for the month is finished. Another way to save is by opening a savings account that is not easily accessible. This allows you to save without being tempted to take withdraw the money. Research high-yielding savings accounts (like Ally) with higher APYs to gain more on your money. Apps like Digit, which I personally use, can help you save money easily by withdrawing small amounts from your account over a long period of time.

5. Scared money don’t make no money.

Build multiple streams of income by investing in yourself or your business.

 

 

A few books to help you on your journey to great money management:

 

 

I really suggest you watch the video or listen to the audio because we provide in-depth financial information and resources.  Catch the video or the audio below.

 

 

 


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Taniqua Russ

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