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Financial Wellness for Millennials

By Amber Ledin, Branch Manager, Lincoln, NE

College tuition, car payment, rent.. congratulations, you are officially “adulting”. Now what? Let’s be honest, financial wellness means different things at different stages in life. I know you’re thinking, “save for my future? I can hardly get through the month!” With a few tips and tools, you can plan for the future while still enjoying and living in the moment.

Let’s start with investing in yourself.

You are at the stage where seeking the highest education that you desire and can afford is crucial. Education has a major influence on your earning potential for the future and will open doors that would have otherwise remained closed.

Make sure you have a vision and start saving.

If you don’t envision a future, you won’t know what you need to be saving for. You should contribute to your personal savings and retirement with every paycheck. Everything left over can then go into your checking account to pay for living expenses. This strategy will ensure you have emergency savings and will prepare you when it comes time for retirement.

Establish a simple budget and be mindful of creating debt.

Budget for savings, living expenses and fun money. Your goal is to stay within this budget each and every month to ensure you reach your financial goals long term. Credit cards are fun, right? Wrong. Keeping your debt under control will not only keep you stress free in the here and now, but it will help your credit score in the future when you are ready to purchase a home or other big ticket items.

Monitor and improve your credit consistently.

You should check your credit report at minimum, annually. You can do this for free by visiting annualcreditreport.com and viewing the three credit bureaus every year. Regular reviews of your report can help you fix errors quickly or get on top of a potentially delinquent account before it damages your credit. Make payments on time and avoid applying for new credit that you don’t absolutely need.

Remember, at different stages in life you will be able to spend your money in different ways. Right now, you might not have as much fun money as you would like, but if you stick to a financial wellness plan, your future self will thank you.

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