The high cost of living and low salaries for millennials makes saving a little hard task in 2020. Millennials love spending on lifestyle rather than do savings for their Future. Their main focus in this Technology generation is buying gadgets on No cost EMIs or Low-cost EMIs. The mortarboards tossed in the air, college graduates are staying up till late at night, uploading their resumes to every job opening they can find on the various job portals. It’s not just the anxiety of invading the workforce and desperately endeavoring employment that keeps modern millennials exhausted. The idea of getting unaccustomed off from their parents is enough to frighten even the most fearless graduate awake at night, flooded in a cold sweat. As they are into working for a company, one can suddenly feel excited with Cash after signing the Offer letter.
Lavish living and expensive buying are dangerous for every working Millenials. Excessive borrowing at high interest drives to the debt trap. If they want to meet life goals like good marriage and stay away from the debt trap, millennials have to save money and also invest in FDs or Insurances. These simple methods help millennials live a stress-free life.
Every Millenial Should know about Financial planning as Time can be on your side now, but it won’t stay for longer. Building the emergency funds will help you in accomplishing your life goals. The sooner you start saving, the better it will be in your Future. You have to save and invest too much if you wait too long until your 40s or 50s.
As career advice is necessary for every millennial, Financial suggestion also plays a much important role.
Saving before Spending: The primary principle is to pay your bills first. Save some part of your monthly income before spending it on unnecessary things. Follow the 50-20-30 Rule, where 50% of salary goes towards living expenses such as House Rent and Food, 20% on Mobile bills and travel, and 30% in mandatory savings.
Stop living paycheck to paycheck: Track your monthly spending like where all you are squandering money and figure out where you can cut your spending even if it is a few rupees a week. It will allow you to start saving money right away without having more money.
Save at least 3 to 6 months of emergency fund: Saving up to 3-6 months of living expenses in the form of an emergency fund can help you combat financial emergencies such as medical emergency, Job loss, Vehicle wreck, etc.
Invest in Health Insurance: Expensive Hospital Bills can blow away your finances. So it is advised for millennials to save their income and invest in having a health insurance plan to cover their Hospital expenses.
Need more advice about personal finance for FREE?
Give us a missed call on : 022 – 6140 3611 and request a call back from our advisors.
or Visit our website : www.nationlearns.com