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Top Financial Tips and Tools for Millennials

Jan 13, 2017

Millennials comprise the generation of individuals born between the early ’80s and early 2000s. This group of individuals grew up with the internet and is comfortable with technology. Many millennials are burdened with debt as a result of paying for their educations. They are also relatively new to the workforce and are at the beginning of their earning potential. Millennials have the opportunity to begin healthy financial habits that can positively impact the rest of their lifetime. Below is a series of tips and tools millennials can utilize now to make better spending habits for the future.  

Track your spending digitally

Over the years, online banking has evolved to become as easy and efficient as stepping foot inside a brick-and-mortar location. Signing up for direct deposit is the first step to streamlining the savings process. Once you’re set up with a direct deposit, you can then simplify the bill-paying process with an Electronic Bill Payer. PFCU’s Electronic Bill Payer helps members securely pay bills and ultimately save time by reducing the bill-paying process to just minutes. Utilizing online banking also makes it easy to track spending with a digital record. Take a look at your average spending habits over a three-month period to get an idea of how your income is being spent. Use the resulting data to determine where you can cut back to save cash.

Monitor your credit with online tools

Most millennials have a relatively short credit history, but it’s important to get off on the right foot when establishing credit. Opening a credit card and using it responsibly are good ways to start building positive credit. Staying up to date on loan repayments also positively impacts your credit. There are more ways now than ever to check your credit. Sites like Credit Karma monitor your score without hurting your credit. Check in on your credit regularly to make sure your spending habits are sending it in the right direction.

Exchange money easily with mobile apps

Less than half of millennials reported preferring cash as a means for payment over debit or credit. While this is convenient for those that don’t like carrying change around, it can be troublesome when it comes to splitting the check. Fortunately enough, digital payments are more universally available than ever. The digital payment veteran is PayPal™, but in recent years apps like Venmo™ have sprung onto the scene. Those that are social media savvy can even send payments through Facebook and Snapchat – making it easier than ever to split the brunch bill.

Hunt for the best deal

Millennials are known for their comfortability with the internet, which makes them uniquely qualified to hunt for the best deal when online shopping. Airline tickets are easily comparable with Google Flights and finding one-of-a-kind and affordable accommodations is simple with room-share sites like Airbnb. Utilizing researching skills for making purchases on- and offline will yield the most savings. 

Millennials are quickly making up the majority of the workforce. They possess skills that are perfectly suited for making smart financial choices. Although these tips are targeted at millennials, they’re useful for all ages.

erin_elis

Erin Ellis
Accredited Financial Counselor
Philadelphia Federal Credit Union
eellis@pfcu.com
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