As a Millennial, you're probably tech savvy, but are you financially savvy?

March 18, 2016 | Mission Fed

Millennials are Americans born between 1980 and the mid-2000s, and as the largest generation in the U.S., their financial and career health is already an important engine of the economy and will continue to be for decades to come. If you are a millennial, you’re part of the first generation to grow up with access to the internet and smart devices. But being tech savvy doesn’t necessarily mean you’ll have financial success.

As the oldest Millennials were just 27 years old when the recession began in December 2007, many found it hard to gain and hold employment. As a result of coming of age during a difficult time in the U.S. economy, many adult Millennials opted to pursue advanced education, making Millennials the most formally educated generation with 61% having attended college. While there are many perks to having a formal education, a college degree can also come with a high price tag and debt.

Being financially savvy is not something necessarily learned in a classroom, but in your day-to-day activities and experiences. The eight tips below can help you begin the process of having financial health now and in the future. Visit a Mission Fed branch to get started today!

  1. Your future’s calling—can you afford it? Meeting your financial goals doesn’t just happen, it takes consideration, planning and investing to achieve long-term success.
  2. Automate Your Savings. Set it and forget it with direct deposit. Work with your employer to put aside some of each paycheck into your savings account.
  3. Dad? Mom? HELP! Make finances an open discussion with the people you trust and financially admire. Discuss goals, expectations and ask for advice on how to manage spending habits.
  4. Don’t get caught up in keeping up. From gourmet coffee to tech gadgets to designer handbags, ask yourself what extras you spend money on and limit the ways you treat yourself.
  5. Be a mobile banker. Organize and pay your bills online and schedule recurring payments to avoid late fees.
  6. Effectively pay down debt. Student loans and credit card debt may seem daunting. Ask yourself if it makes sense to consolidate your debt and then create a payment plan you can stick with.
  7. Be on the prowl for low rates. If auto loan rates are lower than the rate you currently have, see if you can refinance your car to lower your payment and save money each month.
  8. Know your worth. Research your dream job’s salary range so you can apply and negotiate with confidence.

Millennials are skilled with technology, determined, diverse, and more educated than any previous generation. And with the physical and digital resources available to you, your financial health has the potential to surpass previous generations too.

Click the infographic below to view the enlarged version.

Photo of infographic of 8 Finance Tips for Millennials.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided.

Mission Fed

Mission Fed

More Blog Posts

5 tips and an infographic for buying a new (or used) car

There are many things to consider before buying a new or used car. Consider these five tips and...

Whether your current car is ready to retire, or you’re looking to purchase your first car on your own, there are many things to consider before cruising into a dealership. Consider these five tips and take a look at the infographic below that provides a road map for...

Best places to explore in San Diego

San Diego offers many beautiful sights and adventures, ranging from trendy new brunch places to...

San Diego offers many beautiful sights and adventures, ranging from trendy new brunch places to historical landmarks like the Cabrillo National Monument or Gaslamp Quarter. And with over 45 museums, the San Diego Zoo and Safari Park, Petco Park and Aquatica San Diego there’...

Best places to explore in San Diego

San Diego offers many beautiful sights and adventures, ranging from trendy new brunch places to...

San Diego offers many beautiful sights and adventures, ranging from trendy new brunch places to historical landmarks like the Cabrillo National Monument or Gaslamp Quarter. And with over 45 museums, the San Diego Zoo and Safari Park, Petco Park and Aquatica San Diego there’...

Surviving the Home and Office Climates

What’s going on with San Diego weather these days? Here are some tips to stay comfortable while you...

What’s going on with San Diego weather these days? Here are some tips for managing your own climate comfort while transferring funds from your accounts, writing your next blog and more, from home, work or while running errands around the county.

Branch/ATM Locator

Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide