The stereotype that millennials cannot afford houses or property due to spending too much money on avocados and iced coffees seems to grow stronger with every passing day. However, this does not mean that they are bad with money. The truth is, there are many financial barriers that the millennial generation face that may mean that goals such as buying a property seem unattainable until much later in life than was previously considered normal. Despite these setbacks (and no doubt the oncoming financial after-effects of COVID-19), there are still plenty of ways in which millennials can start to improve their financial situation – thus eradicating these stereotypes completely.
With that in mind, here are five ways in which you can start to improve your financial situation TODAY.
- Turn your passions into profit by picking up a side-hustle. This is a great way to earn some additional income without stretching yourself too thin or dedicating too much time to the project. In fact, there are plenty of side hustles you can start while working a full-time job, such as DropShipping or working for a courier firm.
- Work with companies such as Wealth Alliance to gain a deeper understanding of your finances, and learn how you can make the most of them. For example, they can help you put plans in place for retirement, property management or even introduce you to the world of investing – each of which will drastically improve your financial situation moving forward.
- While setting up a savings account is essential, you should try to focus on breaking free of debt first. One way you can do this is by putting together a debt management plan that allows you to set aside a certain amount of money each month that can be used to pay off debts, providing you with greater financial freedom and peace of mind.
- Know your worth. While you may feel as though the job hunt is long and exhausting, you must know your worth in the workplace, especially when negotiating a salary. Do not accept low pay based on being desperate for work – as this is often indicative of how employers will treat you moving forward. Instead, keep an eye out for rewarding job opportunities that come alongside an attractive salary and benefits package. Remember – while asking for a higher salary may make you feel a little nervous or uncomfortable, you deserve to be fairly and appropriately compensated for your work, time, and effort. This standard applies even if you are not applying for a new job – as you could always ask your employers for a raise where appropriate.
- Set up a savings account (and actually use it correctly). Another way in which you begin to improve your financial situation is by setting up a savings account and adding a small amount of money into it each week or month. However tempting it may be, you should also ensure that you do not dip into your savings unnecessarily, as this goes against the point of opening the account in the first place.