I can hardly believe we’ve done 100 episodes of Millennial Money! It feels like yesterday I started the podcast, all with the hopes of spreading some money wisdom. We’ve had over 200,000 listeners in 150 countries around the world. That makes me so happy because I’ve always believed that we can create a millennial money movement and inspire everyone to take charge of their finances.
I can’t wait to see what the next 100 episodes contain. Until then, here is my ultimate list of the top 100 Millennial Money tips.
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Money is Personal. Learn from others, read articles, store up tips, and then make your own game plan that works for YOU!
Budgeting Rocks. Learn how to budget and your finances will soar!
Credit is Key. Make a calendar reminder to check your credit at least once a year!
Always Negotiate. It’s not easy the first time, but you can save a ton of money by just asking a few questions.
Travel on Any Budget. You don’t have to wait until you are “rich” to travel.
Credit Card Points. They are kinda the best thing since red velvet cupcakes. You can score free trips, discounted rooms and even fly first class the Millennial Money way.
Re-think Debit. Debit cards are great, but not very secure. Use your credit card for hotel, travel, and car reservations.
Save. Just plain save…save a lot…save it smartly.
Don’t Retire, Have a Life. You shouldn’t want to retire, but you should want to enjoy your life and do the things you are passionate about.
401(k), IRA, Roth? Make sure you know what is what and how to maximize what you’ve got.
So You Want to Save Money? There are so many tips…pick a few and start saving.
Emergencies Can’t Stop You. Create an emergency fund with 3-6 month’s worth of expenses so you will always have cash to pay for those stupid things that come up.
Savings is Fixed. Make your savings a fixed expense and pay yourself before anyone else.
Ask Questions. If you don’t understand something ask someone who does and then make your own mind up about it. (AKA, don’t just make the money moves your friends are marking.)
Be Original. Choose wisely how you spend your money and don’t be afraid to be original.
Invest Last. Investing should come after you have a solid money foundation and have some play money that you don’t mind losing.
Savings Includes Retirement. Any money you are savings is part of your savings pot even if you can’t touch it right now.
Don’t Do Credit Card Debt. Pay it off each month before your bill is due to avoid interest charges.
Choose the Highest Interest Rate or Lowest Payment. Pick one of these methods to pay off debt and stick with it.
Get a Money System in Place. Get a flow and go with it.
Stop Fighting Over Money. Be open and honest with your partner and set weekly money check-ins.
You Get a Bonus at Work. Save it or pay off debt.
We even got a new Podcast Logo for our 100th Episode!
Negotiate Your Rent Deposit. Don’t give your future landlord the whole deposit. Negotiate 24-50% off before you sign the rental agreement.
Use Apps. There are so many good money apps. Use them. Get rid of the ones that don’t work for you.
Don’t Always Buy New. You know that car you want…buy one at least 6 months to a year old to get the best deal for your money.
Get Your Personal Finances in Check Before You Start Your Business.
You Need a Will. Don’t think just because you are young you don’t need a will. It’s important if you’ve got stuff you need a will.
Don’t Leave Your Job To Start a New Business Unless You Are Making Money at the New Business.
Learn From the Best. Check at One Up On Wall Street – a classic book for beginner investors.
Save for Yourself First. Then Pay off Debt. Then Play (real estate, stocks, investing, etc.)
Be Humble. Life has a way of showing you who’s boss. Don’t get cocky because your job is great or you make a lot of money. Life ebbs and flows and you should be prepared for it.
Negotiate For Other Things Than Just Your Salary. Negotiate for extra vacation time, that corner office and a clothing allowance, to name a few.
Hire a Certified Financial Planner. Sometimes hiring a CFP for even just a couple of hours can help you sort out your finances and get you pointed on the right track.
Know Your Numbers. Know what you’re spending each month and what you’re spending it on.
There Are Only 2 Ways to Better Your Budget. Save more. Spend less.
Sign up for the Free Course below to build your better budget.
Fly Free. Use signup bonuses on credit cards to wrap up serious points that you can use for free airfare and hotels.
Keep Your Credit Card Utilization Below 30%. This is one of the best ways to boost your credit score.
Invest in an Advanced Healthcare Directive. If something happens to you, the health care directive is your voice for how you want to receive care if you can’t make decisions for yourself.
Do a Savings Challenge. An easy one is the 52-week challenge. Save $1 the first week, $2 the second and so on all the way to 52 weeks. You will save over $1,000 in one year.
Never Close a Credit Card. This is a quick way to lower your credit score. Keep the card open but out of your wallet so you want use it.
Get an Airline Credit Card. If you fly a particular airline all the time, get the credit card and save on those silly baggage fees.
Break Your Savings Goals Into Chunks. If you want to save $5,000, break it down into monthly, weekly, and even daily savings amounts so you can be sure to reach your goal.
Create a Money Star of the Month. Pick one area of your finances to focus on.
Create a 2- Column Budget. What I think I will spend (your budget column), and what I did spend (complete this one at the end of the month).
Tell the Truth in a Relationship. 1 in 5 Americans have secret debt. Don’t keep your debt secret in a relationship.
Update Your Beneficiaries. Anytime you have a life event – marriage, babies, divorce – make sure you update your life insurance and retirement account beneficiaries.
If Your Company Offers Matching Funds in Your 401(k) Contribute Up to The Max. It’s free money!
Don’t Combine Finances When Dating. Save that for after marriage to avoid any nasty situations in case you break up.
Budgeting Makes You Sexier Because You Are in Control of Your Finances.
You Also Look Freakin’ Smart if You Have a Budget.
If You Have an HSA Account Fund It. You can use this to pay for certain medical expenses and whatever you contribute will be deducted from your taxes.
Check Out Blooom to Help You Better Position Your 401(k).
Put Your Retirement Savings on Auto Draft.
If You’re Going to Donate…Get a Receipt…and Keep It.
Pay 13 Mortgage Payments. This is a surefire way to pay off your mortgage quicker.
Leasing a Car Sucks Unless Your are Self-Employed.
Choose Fixed. Variable payments can be devastating to your finances on student loans and home loans.
Know Your Vesting Schedule. If you have a 401(k) with work, make sure you know how long it will take to vest your benefits. Make sure you don’t leave the company before you are fully vested.
Sprinklebit is a Great Way to Test-Drive Investing.
Use Your Credit Card – Don’t Buy Extra Insurance on Rental Cars (unless you are in Europe).
Password List. Create a password list that contains all your passwords and login information. Keep that password protected and share it with someone you trust.
Secured Credit Card for Bad Credit. It’s easy to get a secured credit card and in six months of steady utilization, you can boost your credit score.
Sign Up for Alumni Discounts. Some alumni discounts are worth a ton of savings to you on all sorts of things.
Say Yes to Renters Insurance. If you’ve got valuable stuff (which I know you do), then invest in an inexpensive renters insurance policy.
Raise Your Deductible. This is an easy way to lower your monthly payment on car insurance, home insurance, and renters insurance. (Just make sure you can afford the deductible if you have to pay it.)
Purchase Your Plane Tickets on Sunday or Tuesday for the Best Deals.
Bring Your Own Drink. As long as alcohol is under 3oz, you can bring your own on the plane and save some cash.
Invest With the Extra. Make sure whatever money you use to invest in the stock market is extra money that you are OK with loosing.
Don’t Forget to Include Exchange Rates in Your Travel Budget.
Do You Need Life Insurance? That depends on where you are in life. Some great tech companies offering easy life insurance are Haven Life and Policy Genius.
Use a 30-Day Spending Break to Recharge Your Savings.
Get Pre-Approved. Before you start shopping for a house purchase, get pre-approved with a mortgage broker so you know what you can afford.
Use Your IRA for Your Down Payment. You can use up to $10,000 for the down payment of your home purchase as a first time homebuyer. One of the great perks of an IRA.
Some Great Budgeting Apps. YNAB, Mint, Level Money.
How Much Should You Save? Easy answer…all that you can.
Don’t Want to Pay a Financial Planner to Manage Your Money. Check out Wealthfront and Betterment.
Put Your Passion in Your Career Always.
You Can Afford Adoption. There are grants, loans and crowdfunding opportunities to help you along the way.
The Three Biggest Wedding Budget Breakers are Food, venue, and Pictures/Video. Come up with creative ways to save on those expenses because you don’t need to have a $50,000 wedding to have a great experience.
Have Your Wedding on a Friday to Save as Much as 25-50%.
Pay Yourself Every Month if You Are Self-Employed.
Keep Your Tax Returns for 7 Years Just in Case.
It’s Easy to Budget in 20/Min a Month. You just need a good system and some discipline.
Know the Value of Your Perks & Benefits At Work. It’s quite possible your boss might be helping you retire and you just don’t know it.
Be Curious. Learn at least one new thing about your money each month and stay active reading articles and listening to podcasts.
Listen to Startup Podcast. Want to start your own business? Check out this awesome podcast.
Get a Good Credit Mix. Want to help your score increase? Get a good mix of credit – student loans, gas card, credit card, car loan, etc.
A Target Date Mutual Fund is a Fund That is Based on Your Expected Date of Retirement. These are good funds to check out if you’re new to investing. Do your own research though based on your risk tolerance.
Teach What You’ve Learned to At Least 1 Other Person.
Donating to Charity? Make sure it’s a legitimate 501(c)(3) organization.
Set Up Separate Savings Accounts for Your Goals.
Don’t Believe Everything You Read Online. With Facebook and such it’s so easy to start feeling bad about your financial situation. Don’t let social media tell you that you’re not good enough.
What Apps Do You Need to Manage Your Money? I’ve got the Ultimate List for you.
Don’t Commit These 6 Money Sins at the Airport.
If You Find This Guide Useful, Share it With 5 Friends.
“I’ve Paid Off Over $25,000 in Debt by Listening to Millennial Money.” What’s your story, I want to know? Send me an email and let me know what goal you’ve been able to achieve.
Starting Your Own Business? Here are some tips.
You Got This. You CAN reach your money goals.
Be Smart. Ask Questions.
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