How To Save Your Money as a Millennial
Turn your piggy bank into a biggy bank
Saving money should be easy but many of us weren`t taught by our parents on how to save.
I have witnessed my friends giving their kids a personal savings card as early as age fourteen. A freedom many of us millennials didn’t have growing up so we took out thousands of dollars in loans for college. The elder generations said going to college would free us , yet, millions of us young Americans are strapped by the interests.
Why wasn`t financial literacy taught to us in high school instead of algebra? No one uses algebra except the ratios and proportions.
We were institutionalized.
That’s the best way to describe it. Now, people with a trade school education are making more per hour than a teacher or entry level baccalaureate recipient. Why? We were set up!
Stop listening to your parents.
Because some of them don’t want you to do better than they did before they had you. Or, they don’t know what they’re talking about.
Unlike many millennials, I didn’t have parents do a four year education seemed like an escape. Nevertheless, I should’ve just managed money and time. At 25, I opened my first Roth IRA and 401k.
In less than ten months I’ve seen a $96 increase in dividends in my Roth. It’s not much but it’s a start for someone like me. Once I meet the annual maximum limit in investing ; there should be a growth spurt.
Save your income tax refund(if you can) and watch it stretch in a Capital One 360 savings program. You’ll get a better percentage increase than any normal bank program like a Chase account.
These are small steps , for me, but it’s a lot better than most . There are many Americans in their 40s that haven’t even started a retirement fund!
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