I’ve mentioned in some previous posts that my main goal for 2017 was to bring my finances to the next level of “adultness”. To read more tips and what I’m doing in that department you can find more posts here. I know that wrangling finances is a big goal for a lot of millennials and often it’s difficult to know where to start. So, to help get you moving here are 5 easy action items you can take to start gaining control of your money!
1) Open an emergency savings account
Let’s be real. There’s a lot that can go wrong in life and a lot of instances where a large chunk of money might be needed. What if you (or a pet) have a medical emergency? What if you lose your job and need time to find a new one? Or if your car or home needs a costly repair? Like I said, lots of situations. An emergency fund is a big part of moving towards financial independence.
I’d recommend the Discover Online Savings Account as they have a current APY of 1.01% which is AMAZING for a savings account.
My goal is to save $10,000 to my emergency fund by February 2018 (1 year timeline). If this sum sounds like a good goal to you then head to this post to see the weekly breakdown of how much you should be saving!
2) Start investing
This was a step I personally struggled with. I knew nothing about investing and sought the advice of family, friends, and people in the field to try and learn a bit. I’m still no expert so I will not be giving advice on what you should or should not invest in.
However, I can recommend Motif. Motif makes it easy to build an investment portfolio that aligns your financial goals with your personal values and there are advisers to help answer your questions. If you use my link (HERE) you will receive 3 free months to try this out.
3) Learn about retirement accounts
I cannot stress enough that the earlier you start saving for retirement the better but for some reason many MANY Americans have failed to see the value of saving for retirement. You can read more about this trend on Time and the Washington Post.
If you are interested in learning more about the traditional ways to save for retirement you should contact HR at your job to discuss the options that they offer through the company but I would also suggest heading to this post from The Frugal Mermaid. It gives an extremely thorough breakdown on 401k.
4) Save money on your shopping
This one should be super easy since I already did a bit of research for you! When you head over to this post you’ll find a list of different money saving aps/sites that you can sign up for or download today to start saving. It’s as easy as just a couple clicks. However, Ebates has been my absolute favorite. You get cash back on your online shopping from just about any store! Ebates has been by far the most lucrative for me (plus you get $10 when you sign up using this link!)
This is probably the easiest option in this list since you can save money on purchases you already make!
5) Empty your wallet/couch cushions/car cup holders
Start looking for change people. It may sound ridiculous but these coins can add up real quick, and let’s face it, they’re doing no good just making your pockets jangle. Collect that change and take it to the bank. You’d be surprised to find out how much you have!
Right now the sir and I have an old glass jug that collects our coins. When it gets full enough we’ll take it to the bank and use that money for something the two of us can enjoy. Maybe a vacation or starting a fund for a down payment on a house?
What are your top tips for managing your money like an adult? Comment below!