They grew together with technology and use it from the beginning of their day until they finish it. Smartphones and the internet are indispensable in their lives, so they are a generation that is used to immediate solutions. The applications of your cell phone are part of your routine and trust them to pay for example banking services or make purchases.
Millennials become increasingly independent early and tend to delay some key commitments of adult life such as starting a family. They prefer to spend on a car than to plan the purchase of an apartment since their savings periods are short; They plan that “extra money” for pleasures such as trips and purchases that they consider important. According to Forbes magazine, this generation does not seek to own material things but to live experiences.
If we speak of banking services, the immediate online loans are suitable for your lifestyle because they can be obtained between 2 to 24 hours, with few requirements and from your phone or a computer. However, it is enough that something fails in the process so that through social networks, let the whole world know how dissatisfied they are with the poor service received; (in fact, millennials are very aware that their opinion can lead to success company or contribute to its failure).
So, if you belong to the Millennial generation and need to pay for your independent life without incurring financial imbalances and planning for the future in terms of savings, we suggest the following:
Obviously you will not always be the age you are, in a few years it will be time to jump to the stage of getting ready to start a family and with it the challenges of acquiring a house, thinking about the future of your children and a pension that endorses your retirement. Start with a savings account that you must forget for “those gustitos”, it must be an account that only receives deposits. A good reason may be the down payment on your own apartment.
Put your real debts on the table
Stressed by your finances? Analyze the total of all your debts and focus on first get rid of the highest, monthly allocates a percentage of your income to cancel them.
Have the information in the palm of your hand
There are many applications that will help you order your finances and plan a savings or better yet, help you organize the payment of your debts. Exploit the technology that you know how to use.
Reduce your daily expenses, instead of eating on the street, prepare your own food and take it to work. Take less taxi and more public transport, get a roommate and pay half the bills.
Stop unnecessary debt
Keep in mind that there are good debts and bad debts. A good debt is for example asking for a mortgage or one for a master’s degree. A bad credit is borrowing money for a trip.