Stretch Your Dollar: Tips for Millennials to manage their finances

Stretch Your Dollar

(WTNH) — Millennials are likely figuring out that “adulting” can be rough, especially when it comes to managing money.

But getting control of your finances now is important to your future. We are stretching your dollar with tips.

Ahh millennials. The y generation is often called tech-obsessed, lazy, and entitled. But what about finances?

Suntrust Bank looked at people between the ages of 21 and 34 and found one out of four millennials still depend on their parents for money.

The most common things parents pay for are cell phones, car and medical insurance and rent.

Problem is that about half say picking up the tab for their kids is causing them financial stress.

Experts say to have a conversation with your kids and set a date to cut the financial cord.

“It’s easier said than done. We love our children. But it’s really about doing those things in the interim, to set them up for success when you are out of the financial picture,” said Brian Ford, SunTrust Financial Well-Being Executive.

Millennials, if the word budget gives you nightmares, take a breath and look at your life.

“If they manage their finances well, everything else that they care about in life will be made better. But if they really look at their values, not just the big things but like everyday things like air conditioning in July, they will realize that they will have a first budget that actually works,” said Ford.

Set up three separate savings accounts. One for major purchases, one for emergencies and one for investing for an easy way to save.

“We’ve seen people go from, I’m a terrible saver, I’ve never saved before’ to ‘I’m crushing this savings thing’ because if you save first and do it automatic, it works every time,” said Ford.

Which means more money for you and your parents.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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