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GEN Y: 6 Ways to Live Without Financial Stress

by on July 11, 2012

By Samantha Savory

Now that you’ve graduated college or established a descent track record at the bottom of the corporate latter, you may feel like you are doing pretty well in life but do you know how to be successful when it comes to your money? Many 20-something-year-olds find themselves failing at managing their personal finances because they simply were never really taught the basics. They don’t know where to start. They know they don’t want to end up like their parents, still paying off student loan debt or working until they are 70 because they don’t have enough saved for retirement. Following a few important financial principles throughout your life can make the difference between living a financially free lifestyle and struggling to pay your bills. For all the Gen Y’ers out there, here are 7 key tactics you can implement into your life so you don’t find yourself stressed over money issues.

1. Live within your means – If you only make $2,000 a month, don’t acquire bills that exceed that amount. Simple, right? This is where many people make their biggest financial mistake. They live outside of their means, usually not on purpose, because they don’t plan well, or even at all. And then they find themselves stressed out living paycheck to paycheck or unable to pay all of their expenses.

2. Pay your credit cards off each month – First of all, don’t charge what you can’t afford to pay back within 30 to 60 days. Start improving your credit now, so in a few years when you want to purchase a home or new car, your credit will be in great shape! Try to pay your credit card(s) off in full every month — this will help you reach a great credit score!

3. Stash some cash – Even if it is just a small amount each paycheck, it’s very important to have a savings fund that you can rely on if something terrible happens like the need of a new tire for your car or a dental emergency.  Always be prepared because an unexpected expense is bound to happen!

4. Open a 401k – If you start saving in your 20’s, you will be able to comfortably retire when you are in your 50’s. By giving your money more time to sit in bank, it has more of a chance to earn more money!

5. Invest – One of best ways to eliminate financial stress is to make more money! I know, not rocket science, but learn about how you can invest in the stock market or start your own business on the side. Add additional revenue streams to your income so you have more money to work with!

6. Budget the easy way – Visit www.powerwallet.com and start budgeting and planning smarter. There really is no excuse – it’s free, easy to use and very secure.  The best part? Not only do you get to budget from any remote location on your Smartphone or tablet, you can set spending alerts, bill reminders and save money with our customized coupons and deals!

7. Stop wasting – Wasting money in general on things you don’t really need or really even want is a great way for staying stress free when it comes to money! Don’t buy that new photo sharing app that all your friends have! Don’t buy every cute blouse you see on sale. Simply use restraint and eliminate wasteful spending whenever possible.

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From → Frugal Living

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