Money Smarts Blog

Being financially secure is such a good feeling. Unfortunately, many of us millennials don’t know how to get to there. Day-to-day finances can be complicated, then add in $60,000 in student debt. Can you see where millennials are having issues? Luckily for you, we’ve put together 10 articles to get you started on the path to financial success. Happy reading!

Creating a budget

Having trouble creating a budget? Bev O’Shea from Nerdwallet has you covered with her article, “How to Create a Budget”. It walks you through the process of creating a budget step by step and gives tips on how to be successful. For example, the idea of a 50/30/20 budget can be so helpful for people who are starting to create their first ideal budget! After reading this article you’ll be able to put together a budget specifically tailored to your needs, and know how to stick to it.

Understanding student loans

 Congrats, grad! You made it through college. Next hurdle:student loans. Debt.org has an article called “Paying Back Student Loans” dedicated to helping students fresh out of college understand the ins and outs of paying off their student loans. By the end of this article you’ll have all the tips and tricks needed to pay off yours.

How to juggle financial commitments

Being an adult is difficult. Being an adult with lots of financial obligations is even more difficult. Carla Fried with CNBC has put together an article called “How to juggle financial goals when you’re starting out” to help you get started on your financial journey and make having obligations a little bit easier.

Financial goal management

Should you have more than one financial goal? Katie Brewer with Your Richest Life goes into depth with her article, “A Millennial’s Guide to Balancing Multiple Money Goals”, and teaches you how to tackle your goals head on. If you’re a millennial juggling student loans, a wedding, cars, or a house, this one’s for you!

Common financial mistakes made by millennials

Having troubles deciding where your money should go? Kelley Long with Forbes.com shares her journey as a student fresh out of college, with multiple financial obligations deciding where to put her money. Her article “The 5 Biggest Mistakes Millennials Are Making With Their Money” points out common mistakes made by millennials and how they can easily be avoided.

How to make important financial decisions

So, you have a job. You get paid. Now what? Bob Sullivan from Credit.com has created a simple guide titled “The Most Important Money Decisions 20-Somethings Make” on how to manage your hard-earned money and make sure you are your most successful financial self.

How millennials can live a frugal life

Welcome millennials! The age of paying off your student loans forever is officially here. However, that doesn’t mean you can’t get what you want in life (material wise). Leeanne Brennan from Huffington Post is here to prove that. In her article “6 Ways for Millennials to Live Frugal”, Leeanne walks you through how to set yourself an allowance, make progress on your loans, and still get your “wants”.

5 ways to save money and feel great

Saving money can be difficult! Leeanne Brennan with Huffington Post is here to break it down into bite size pieces that not only help you save money, but feel great while doing it! Her sequel to the previous article “5 Millennials Power Saving Tips – Ways to Live Frugal Part 2” is for anyone that needs a little pep talk in their saving routine.

Is the economy hurting millennials?

I’m sure we’ve all heard by now that millennials are already financially behind because of student loans, but is the economy contributing to this trend? Jonathon Todd from Nerdwallet discusses the potential new goal for retirement because of the downturn in the economy and how to prepare. His article, “Study: Millennials May Have to Save 22% of Yearly Income for Retirement if Market Returns to Drop”, is something for millennials to pay attention to. Millennials, it’s time to bust out your overused (because when doesn’t the back of the spiral fall off?) school spiral and take notes.

Millennials, ready to buy a house?

You made it through college, started a career and are now ready to buy a house. Or are you?  A common misconception among millennials is that their credit won’t be good enough, they can’t afford the down payment or have too much existing debt. However, these issues won’t hold you back! Kamran Rosen from Nerdwallet wrote  “Millennials and Homebuying: Myths and Reality” to debunk these myths in home buying and give you the tools needed to start the home buying process.

Now that you’ve read all the articles (because we’re all A+ students, right?), I hope you feel more confident in your ability to live a financially successful life. If you need a financial institution to help you get started, IHMVCU will be there to answer any questions you may have. You can visit our website at IHMVCU.org for more details.

Being financially secure is such a good feeling. Unfortunately, many of us millennials don’t know how to get to there. Day-to-day finances can be complicated, then add in $60,000 in student debt. Can you see where millennials are having issues? Luckily for you, we’ve put together 10 articles to get you started on the path to financial success. Happy reading!

Creating a budget

Having trouble creating a budget? Bev O’Shea from Nerdwallet has you covered with her article, “How to Create a Budget”. It walks you through the process of creating a budget step by step and gives tips on how to be successful. For example, the idea of a 50/30/20 budget can be so helpful for people who are starting to create their first ideal budget! After reading this article you’ll be able to put together a budget specifically tailored to your needs, and know how to stick to it.

Understanding student loans

 Congrats, grad! You made it through college. Next hurdle:student loans. Debt.org has an article called “Paying Back Student Loans” dedicated to helping students fresh out of college understand the ins and outs of paying off their student loans. By the end of this article you’ll have all the tips and tricks needed to pay off yours.

How to juggle financial commitments

Being an adult is difficult. Being an adult with lots of financial obligations is even more difficult. Carla Fried with CNBC has put together an article called “How to juggle financial goals when you’re starting out” to help you get started on your financial journey and make having obligations a little bit easier.

Financial goal management

Should you have more than one financial goal? Katie Brewer with Your Richest Life goes into depth with her article, “A Millennial’s Guide to Balancing Multiple Money Goals”, and teaches you how to tackle your goals head on. If you’re a millennial juggling student loans, a wedding, cars, or a house, this one’s for you!

Common financial mistakes made by millennials

Having troubles deciding where your money should go? Kelley Long with Forbes.com shares her journey as a student fresh out of college, with multiple financial obligations deciding where to put her money. Her article “The 5 Biggest Mistakes Millennials Are Making With Their Money” points out common mistakes made by millennials and how they can easily be avoided.

How to make important financial decisions

So, you have a job. You get paid. Now what? Bob Sullivan from Credit.com has created a simple guide titled “The Most Important Money Decisions 20-Somethings Make” on how to manage your hard-earned money and make sure you are your most successful financial self.

How millennials can live a frugal life

Welcome millennials! The age of paying off your student loans forever is officially here. However, that doesn’t mean you can’t get what you want in life (material wise). Leeanne Brennan from Huffington Post is here to prove that. In her article “6 Ways for Millennials to Live Frugal”, Leeanne walks you through how to set yourself an allowance, make progress on your loans, and still get your “wants”.

5 ways to save money and feel great

Saving money can be difficult! Leeanne Brennan with Huffington Post is here to break it down into bite size pieces that not only help you save money, but feel great while doing it! Her sequel to the previous article “5 Millennials Power Saving Tips – Ways to Live Frugal Part 2” is for anyone that needs a little pep talk in their saving routine.

Is the economy hurting millennials?

I’m sure we’ve all heard by now that millennials are already financially behind because of student loans, but is the economy contributing to this trend? Jonathon Todd from Nerdwallet discusses the potential new goal for retirement because of the downturn in the economy and how to prepare. His article, “Study: Millennials May Have to Save 22% of Yearly Income for Retirement if Market Returns to Drop”, is something for millennials to pay attention to. Millennials, it’s time to bust out your overused (because when doesn’t the back of the spiral fall off?) school spiral and take notes.

Millennials, ready to buy a house?

You made it through college, started a career and are now ready to buy a house. Or are you?  A common misconception among millennials is that their credit won’t be good enough, they can’t afford the down payment or have too much existing debt. However, these issues won’t hold you back! Kamran Rosen from Nerdwallet wrote  “Millennials and Homebuying: Myths and Reality” to debunk these myths in home buying and give you the tools needed to start the home buying process.

Now that you’ve read all the articles (because we’re all A+ students, right?), I hope you feel more confident in your ability to live a financially successful life. If you need a financial institution to help you get started, IHMVCU will be there to answer any questions you may have. You can visit our website at IHMVCU.org for more details.