October 2, 2023

How To Handle Your Money – From A Millennial To A Gen-Z

They say being a millennial is the best generation yet so far. Although there are so many stereotypes about millennials, like, this generation is quite entitled and worse: lazy; don’t believe those stereotypes. It’s just that millennials do not like putting up with nonsense or have the courage to speak up for any maltreatments. Millennials are named lazy because we have begun the non-traditional way of living. This generation started the work-from-home or work-anywhere kind of lifestyle – which profoundly made realized that “it can be done” during the pandemic. That we didn’t have to stick to a routine nine to five job and slave ourselves to work. 


I don’t know about you, but I believe that the past generations have shaped what the present that we have now, and future that we still to experience. There were results that the past generations produced that became beneficial to the present; yet, sadly, there are still those that ended up being unhelpful. This is where that saying “we must learn from the past” comes in. Just like what George Santayana said, and I quote him “Those who cannot remember the past are condemned to repeat it.”

The generation that comes next might be in a constant state of panic and fear and it might actually be consuming them. Especially emerging from a pandemic that none of us imagine that we will go through in our lifetime, I think the main concern of the present and next generations is how to deal with money. Unless you are born to an old money kind of family, the current monetary or economic phenomenon might scare you and can be a hindrance to traditional way of living that the older generations wants us to live. 


So, from a millennial that experienced both the glorious, old school, conventional – that slowly transformed into a modern, conscious and technology-driven generation – best of both worlds, to sum it up, here are some things you should start doing to sail through the high-cost of living during these times. 

Live within your means. This might be a bit harsh because to be honest, the majority of the working population don’t really get paid off that well. So as not to give yourself any trouble when it comes to financial matters, make sure to spend only within how much money you actually earn. 

Learn to Budget. This is probably the most sensible thing that one should do, as not to go overboard with your expenses. Pay your bills first and see what is left with your money then from there you can allocate for the other things that you need to purchase like groceries and stuff. In my case, I usually use an Excel file to keep track of the money that is coming in and out of my bank account. But if you’re not patient enough like myself, there are online tools that can help you to manage your finances appropriately. One example is Calculator.me which is a site that offers a ton of different financial calculators (loans, savings, retirement, budgeting, education, mortgages, etc.) and a few health calculators as well if you also need to budget with the premise of medical bills. 


Learn to Save and/or Invest. In times of inflation, sometimes it is pretty hard to do some saving up, moreso, invest to make your money grow. But this is a hard pill that you must swallow. This is when you should make wise decisions to identify if you're spending your money for wants versus needs. Like, do you really have to buy new clothes or new pair of shoes or latest mobile phone? Think about it hard. If the answer is no, then put that money into saving or something that you can invest on. Try using a Savings Calculator that will help you to determine the future value of a monthly investment at various compounding intervals. Just try it and see how much your money can grow when you skip buying a material thing that falls under your “wants”. 


It's ok to reward yourself once in a while. Let’s be frank, we do not live in this world just to tire ourselves out without enjoying the fruits of our labor. But you must always prioritize the things that need to be settled or sorted out. Want to go on a holiday? Cut spending where you can and save up and definitely don’t borrow money just so you can go on a vacation. If you want set aside a portion of your salary and when you think you have enough, then book that trip and reward yourself for working hard.  Or perhaps you can try to earn from doing side jobs that don’t tire you out too much or something that you can do on top of your day job. 

I hope these simple things can help you manage your finances well. They have worked for me, I’ve lived longer enough than you to know the ropes. Try them and see if they might help. 

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