4 Tips for Managing Your $$ as a Millennial

SO MONEY. It’s a touchy subject for some. Some people really don’t like to talk about money in any capacity, some people like to flaunt their money, some people shy away from the subject because it’s something they were told to never bring up in a conversation.

One thing I know is that as young woman who is living on her own with student loan debt, credit card debt, and a car payment, sometimes money can be really really stressful! I totally understand people who joke about crying over the stress of having to figure out how they are going to pay rent, people my age (I’m 23) are already joking about how behind they are on their student loans. I know other people who bring in so little income, however they refuse to acknowledge this so they do as my dad says “Live a Champagne lifestyle on a koolaid budget” and lets be honest, that kind of lifestyle is never good for the long term.

I bring in exactly $2000 a month after taxes, That’s working a 40/hr week. I also work a seasonal position and as such, I don’t get benefits like health or dental insurance. Also because I’m seasonal, I don’t get overtime if I work OVER 40 hours. Last year during the ski season, it wasn’t uncommon for me to work 65 hour weeks, and I didn’t get a single drop of overtime for those extra 25/hrs a week I worked.

I am however working in an industry that I love at a place I grew up at. I’m literally living the quote “Get a job you love and you will never work a day in your life.” I honestly love my job, so it doesn’t really feel like work, and fortunately, even tho I don’t get benefits or overtime, I am working my dream job and I’ve somehow managed to get it to work for me financially. HOWEVER, it takes a lot of hard work to make sure that I don’t stress about money. I thought it would be a good idea to share my tips and my strategies I use to make sure I never really have to worry about not having enough money to pay my bills.

1. I know when my paychecks are coming, and I know what bills I am paying with each paycheck. This works out for me. Every month I get 2 paychecks around $1000. With the first paycheck I pay my car payment, car insurance, credit card, electric, and student loan. With my second paycheck I pay my rent and my health insurance (I’m fortunate to still be on my dads health insurance, I just pay him to keep me on it).
2. I try my hardest to not use my credit card, EVER. I see the dangers of credit card over-usage with other people. My family is pretty open about how we are doing financially, and credit cards are one thing that I’ve seen take a few people off guard.  As a result, I adhere to a few rules when it comes to my credit card. That will be an upcoming post, so keep an eye out! Overall, I go with the rule of if I can’t pay for it in cash or with my Debit card, then I can’t afford it at all. Using credit would just be borrowing money that I’d have to pay back anyway PLUS interest. Worth it for that redbull or $20 pair of pants? No.
3. Bills come first, always. When I get tempted to buy something but I’m close on my bank account to the amount for my bills i think:what do I value more? Do I want to eat out and pay 40? Because that $40 will make me unable to pay my electric/car payment/ internet bill. Worth it? NO. Prioritize your bills over EVERYTHING unnecessary. You need a car and you need your home.
4. Limit your Luxuries. I only have one thing I would count as a luxury, and thats my wifi. I don’t pay for any streaming I have YouTube. I don’t pay to go out and eat everyday, I have food at home. When I bought my car, I didn’t get all the extra bells and whistles, I don’t need them, what I need is a car that runs, base line does that. Only a few things are real necessities. Food, water, heat, shelter, credit card bills, student loans, and in today’s age: phone/wifi. Everything else is extra.

These are my 4 biggest things that I do so that I don’t really have to worry about my finances. Because I follow these rules, I have a few hundred dollars worth of wiggle room a month in case of emergency.

What are your biggest tips on staying financially stable? I want to hear them!