Do you want to buy a home or car in the near future? Are you planning to have children soon or are you already preparing for what their education is going to cost? All of these financial necessities are on the minds of millennials but they don’t have to be a burden. Central Federal is here to help. Continue reading for 4 financial mistakes millennials shouldn’t make.
Procrastinating on Paying Off Debt
According to CNBC, millennials ages 25-34 have $42,000 in debt. A majority of this debt comes from student loans and credit cards. While typical student loans take years to pay off, credit card debt can be dependent on the spender. Don’t wait! Learn more about how you can pay off your debt faster.
Avoiding the Idea of Saving Money
While being a millennial in debt, it can be difficult for you to save for short-term or long-term goals. However, tracking expenses can be an easy way to bank more money. Include any loans, monthly payments, and weekly expenses like gas and groceries. Compare it to your monthly income and you’ll see what you’re making and where you can afford to save.
Sacrificing Retirement Plans
Continuing off the dilemma of when to save and how much, retirement is another important investment to make for anyone. Why? If you have any interest in not working past the age of 65, you’ll want to build a security net of money now. CNN Money illustrates how saving at the age of 25 can net $338,000 over 40 years!
Going It Alone
When dealing with your money alone, it’s easy to get caught up and make financial mistakes. That’s where a financial advisor comes in handy. They’ll work with you to strategize and reach your goals. Do your research to help you find someone who is knowledgeable and invested in keeping you on track to be financially secure. There are plenty of reputable financial advisors out there.
You’re only human and are bound to make a mistake here or there. When it comes to your finances, trust our personnel at Central Federal to have your back. Find out how to work with us today here or give us a call at (573) 364-1024.
Central Federal was founded in 1952 to provide home loans in Phelps County, Missouri. We continue to make the necessary changes to be competitive with our services and products while providing excellent service to our customers. Profits are used to enhance services, deepen our above average reserves, and give back to the community.