One of my favorite parts about blogging is getting to interact with really smart people. I’ve learned so much [more] about personal finance and budgeting during my 4 months of blogging. My recent post about adulting advice that bloggers wished they had received in their twenties was so well-received that I thought it would be fun to do a similar post around personal finance. I reached out to some bloggers asking them to share budgeting advice every millennial needs to hear in their twenties.
Here are the top submissions that I received. From advice on net worth to budgeting, these are all things we need to hear in our twenties, thirties, and beyond!
Budgeting Advice Every Millennial Needs To Hear
1) “We are big fans of the “anti-budget”. We divert as much money as possible into our retirement and savings accounts so that only a portion of our paychecks goes into checking. From there, we pay our bills, buy our groceries and use the buffer money for additional spending or fun money. This keeps us on track with our savings goals without the structure of a strict budget approach, which we tried but ended up failing at due to the time and effort to keep everything updated!” – Adventure Rich
2) “If someone offers you free money, take it! One of the biggest mistakes I made when I was younger was not taking advantage of retirement matching from my employer. It’s not like I didn’t like free money, I just didn’t understand what a pension was. Make sure you understand all the employee benefits available to you and max them out if you can.” – Barry, MoneyWeHave
3) “It’s up to you how far your dollar stretches; some people know how to stretch it and some people don’t. But everyone can learn, and get better, so use the infinite resources there are and arm yourself with habits and exercises that will save you money, and make your money work for you.” – Raggedly Rich
4) “Constant fighting about a couple of dollars here and there can damage your relationship with your partner. Just agree on the big goals and let go of the small stuff.” – Frugal Asian Finance
5) “Keep living like a college student as long as possible, and then invest the savings. No, you don’t deserve a sexy-looking 1-bedroom apt just because you graduated college.” – The Luxe Strategist
6) “It doesn’t matter if it’s negative or positive or just a penny, include your total net worth into your budget so you can see the long-term moves and gains. Seeing the full picture can help you keep a clear perspective and stay motivated to stick to your budget.” – Lily, The Frugal Gene
7) “Track the money your friends pay you back! It is one of the hardest things to do yet one of the most essential. Who wants to see their budget at the end of the month saying they spent $600 at restaurants, when actually their friends paid them back $300 worth of that? Additionally, save, save, save! Losing your job happens. It happened to me and when it did, I was so happy I wasn’t trying to get another job as well as worrying about how I was going to pay my next credit card bill or rent check!”- Jing, Millennial Money Diaries
8) “Track! Track! Track! Read your credit history/charges and make sure you keep up with payments. And if you really want something, try to make a folder or a place of safekeeping labelled with the thing that you want.” – K.M. Mosley, The No Boss Life
9) “The biggest thing is avoiding eating out. I try to make most of my meals at home to avoid the unnecessary expense of a restaurant. It also tends to be healthier!” – Kailey Wilderman, Rays Of Soul Shine
10) “I don’t drink at bars (I don’t really drink much anymore) but if you do drink, the key is to drink before you go to the bar because it’s cheaper. Of course, not drinking at all is the cheapest! Also don’t pay to have a gym membership if you’re not really going to use it – I wasted so much money having gym memberships and I would just work out at home or go running outside.” – Catherine Chicotka
11) “Avoid lifestyle inflation as you [hopefully] earn more money throughout your career. When you receive a raise, don’t automatically upgrade your life. You could end up saving even less than you did before that raise! Set up an automatic transfer and commit to moving that surplus money from your checking account to a high yields savings account, retirement fund, etc. Out of sight, out of mind!” – me, Navigating Adulthood
Now it’s your turn: What budgeting advice does every millennial needs to hear in their twenties?