Fourth of July is coming up and we’ve got independence on our minds — the Founding Fathers kind and the financial kind. For members of the Millennial Generation just starting out on their own (no parental assistance… sigh), financial independence might seem like a hard-to-reach enigma.
We’re here to tell all of you Millennials out there that financial independence is easier to achieve than you might think. Here’s how:
- Make Saving Your Number One Priority. Like, now. Whether you just have a basic savings account, or your company offers a 401(k), start contributing to those different ‘funds’ for emergencies, retirement and other future expenses.
- Create a Budget For Yourself. The basic of all financial basics, budgeting is always going to be one of the most important financial tools you can use to your advantage. Strive to set yourself a budget – but also go a step further and attempt to understand your budget and personal flow of money.
- Stay on Top of Your Debt. Most Millennials have accrued some debt from student loans, car loans, credit cards, etc. – the key to financial independence is managing it. Start with high-interest credit card debt that can affect your credit score if not paid off quickly, and move forward from there.
- Be Forward Thinking. Sometimes it’s difficult to plan ahead and escape the present, but when it comes to your finances, thinking about the future, setting financial goals for yourself, and basing your financial decisions off of these can have a large impact on your financial future.
Just as our Founding Fathers fought to earn independence for our country, so too can you for your own financial independence. Especially if you’re just starting out in the world without the financial support of your family, keep these essentials top of mind and you’ll be managing everything smoothly in no time.