Brandon Goldstein, ChFC®, Financial Planner with Prudential, offers his tips to help millennials manage their finances.
As a millennial, Brandon Goldstein, ChFC®, Financial Planner with Prudential Financial knows how tough it can be to balance financial responsibility with having a social life. Here are his tips to help his fellow millennials assess and prioritize their financial goals:
Confront monthly spending: “Start writing down all your expenses — including debt — in a given month. It can be eye-opening to see where your money goes, but being armed with this knowledge is the first step toward creating a formal budget and outlining spending and savings goals.”
Create a budget that works for you: “Your financial situation is unique to you: Whether you have student loans, you’re planning for milestone moments like a wedding, or preparing for retirement, no two people have the same set of financial circumstances.”
“Create a formal budget that fits your goals and spending habits. Be sure to account for various savings and expenses related to those major moments to limit surprises (and don’t forget to put a little away in an emergency fund).”
“I just recently redid my budget this year to account for the number of weddings on the calendar, needing to factor travel, gifts and tuxedo rentals into my budget.”
Always tackle debt: “Turning your attention — and dollars — to tackling debt is an important course of action. Whether you’re carrying a balance on credit cards, or you have student loans, it’s more important to have (and execute!) a plan of action to chip away at that debt and avoid paying even more in interest.”
“For those applying for student loan forgiveness, it’s a great time to think about where you can allocate that newfound money in the future.”
Leverage the help of a professional: “Find a local financial planner and set up a free 30-minute consultation. We meet with clients at any life stage, regardless of income, to talk about financial goals and budget framework to help tailor a path forward toward financial security.”
Find a local financial professional or schedule an appointment with a financial professional via Zoom who can help you achieve financial security.