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According to a recentClever Real Estate report, 1 in 4 millennials have more debt thansavings.
Having more debt than savings is less than ideal.
You may be surprised to see how much you spend on miscellaneous items.
To avoid falling deeper into debt, you need an emergency fund, Kullberg said.
Make a list of all your debts, including balances owed and interest rates, Kullberg said.
Credit cards are often one of the biggest offenders for debt, Patel said.
When you pay with cash, you cant spend what you dont have.
This means you should plan ahead for major purchases.
If the bill is only a day late, most creditors will tack on charges, Patel said.
Not only is that expensive, but late payments can lower your credit score.
you’re able to also try the 70/20/10 model, which may be more realistic for millennial budgets.
The purpose of using these models is to change financial behavior and hold yourself accountable in meeting specific goals.
Every additional dollar earned can go to debt repayment or savings.
Negotiate raises or job-hop strategically for higher pay stagnant roles often leave millennials underpaid.
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