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Money tips for the Gen Y – Knowing the importance of saving money
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Posted On :
Jul-22-2011
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Article Word Count :
450
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The young generation is bleeding in debt and they might be in real danger if they don’t take some solid financial steps. Though the financial blogs are full of best finance tips that can be followed, you must make sure which one suits your personal financial condition.
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Although everyone makes financial resolutions, how many of us do follow them? Very few people in the US are true to the promises that they make every year. This is not just a game of making promises that are meant to be broken as this is the most probable reason of the increase of the financial worries within the nation. You must follow the best finance tips that are advised by the financial experts in order to get a grip on your personal finances. If you’re belonging to the young generation, it is most likely that you’re using your credit cards impulsively, and you need to rein in your finances in such a manner that you don’t incur debts in the future. Have a look at the best financial tips that the Gen Y must follow if they want to keep debts at bay.
1.Pay yourself first: The first step that you must take is to pay yourself first. Nothing can be worse than being underpaid. Whatever job you do, you must make sure that you pay yourself. Save money so that you may build an emergency fund that can be used during an emergency. Paying yourself is the best way to stay on top of your finances.
2.Stick to a frugal budget: As you’re young, you might get tempted to use your credit cards whenever possible but this may drown you into credit card debt cycle. Stick to a frugal budget instead so that you can keep track of your personal finances. Know where your pennies are going so that you can easily track them when you need.
3.Repay credit card debt: Credit card debt can take a toll on your financial life as this is high interest debt and it will hurt your credit score. Since you’ve just started building your credit report, it will be foolishness to take any wrong step that can hurt your score in the very beginning. Get help from a professional company and ask your financial counselor to give you some best finance tips that can be used to manage your money.
4.Contribute to a retirement plan: If you’re already working, you must contribute money to your retirement plan. Don’t get laid back while saving money in your retirement fund as this has got a particular benefit that you may reap in the post-retired life. Even though your employer does not match a contribution, you must still contribute money to this fund to build it.
Therefore, if you’re struggling with your personal finances, make sure you follow the best finance tips mentioned above. Don’t get impulsive as this may aggravate your financial worries. Repay your debts to lead a financially fit life.
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Article Source :
http://www.articleseen.com/Article_Money tips for the Gen Y – Knowing the importance of saving money_68125.aspx
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Author Resource :
Fiona James is a contributing financial writer of Best Finance Tips. She provides Information on debt related issues and has also written many articles on topics related to finance.
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Keywords :
best finance tips,
Category :
Finance
:
Finance
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