Millennials – 4 Top Tips for Managing Your Money

​Millennials, we’re awesome, we’re humble and modest (the most modest generation ever – duhhhh!) we’ve been born at the crossroads of the information technology revolution. We are socially responsible, critical, strive for work life harmony and we know what we want. All that is standing in our way of all worldly possessions is smashed avo toast!  

Ok, ok, we know that reference is like, soooo 2017.  We all know that stagnant wage growth, huge student debts, a slowing economy and a ridiculously inflated housing market, may also have something to do with us not reaching the asset class of our parents. While it is fun to poke at the boomers and blame them for our many woes, that’s not the mentality that defines us. We CAN take control. And while we will eat as much avocado on toast as we please, perhaps we should strive to manage our money habitually….
 
Here’s a few tips that will make money management a seamless addition to your life, incorporating some healthy habits with your spending.
 
Credit = History
Think of all debt as bad debt. There was a time when getting into debt was just the societal norm, “everyone does it”. Those days are gone! The only debt that is mostly unavoidable today are home and student loans. Afterpay, personal, car and higher purchase loans may seem like great ideas and the only way to get something. They aren’t. If you’ve got debt, it happens, don’t beat yourself up over it. But you should try and see it as something that needs to be paid off ASAP. 
 
Segregate your finances
How often do you do really well at saving, only to dip into the account on a night out or for something that caught your eye? Guilty….? Knew it! We are all creatures of convenience and to be honest, even the strongest of us can succumb to temptation (been there done thaaaat). That’s why you just need to remove the option. Having a savings account that you cannot access via card, internet or phone banking will save you from that guilty feeling the next day. You can’t spend what you can’t touch!
 
Cash Money
Leave the bank cards at home and go old school. Waving your card over a machine and having it beep doesn’t quite have the same gravity to it as counting out crisp 50’s and handing them over. Turn those numbers on a screen into cold hard currency and see if you don’t spend less. 
 
Why?
German philosopher Frederich Nietzche said, “he who has a strong ‘why’ can bear almost any ‘how’.'' Give yourself a strong why. A series of strong goals that you want to realise through financial discipline. These could be a vacation, a new home, a new car, a new pair of golden gumboots! Anything, as long as it’s something personal, you really want.
 
Need help getting started with some new habits? It’s not easy and often you need a bit of support and help to get going. Talking to your favourite financial advisers at Visia Financial Services. We can be the first step to creating habits that will lead to lifelong financial empowerment (AWWWW YASSSSS!).
 
Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.
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