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Here are his four most pressing money questions, answered by a financial expert.
Also here are four tips forGen Zers to budget correctly during their first job.
Should I Save for a House or Pay Off My Student Loans?
Ive got $45,000 in student loans, but Im tired of paying rent, Elliot said.
What should I prioritize?
Look at your loan interest rates.
For rates 7% or higher, prioritizing loan repayment may be more beneficial, he said.
Lower rates might allow you to split your focus between loans and house savings.
Am I Spending Too Much on Food Delivery?
I know Im spending a lot on DoorDash, Elliot said.
But how much is too much?
Do you have along-term financial planin place?
Does this purchase bring joy and value to you?
Im definitely not saying never to usefood delivery services, Galici said.
But being intentional about your spending will help you enjoy these conveniences even more and guilt-free.
Should I Save for Retirement When I Can Barely Pay Bills?
Everyone says to save for retirement, but Im living paycheck to paycheck, Elliot explained.
Dont completely abandon retirement savings, Galici said.
This is essentially free money, he explained.
How Do I Budget for Mental Health Care?
Therapy is expensive, but I know I need it, Elliot said.
How do I make it work?
Gen Zs prioritization ofmental health and wellnessis wise, Galici said.
He suggested starting by tracking your spending and making strategic cuts.
Consider eliminating or reducing expenses that dont align with your priorities, he explained.
Also, explore cost-effective options.
find out if your employer or health insurance offersfree or discounted counseling sessions, he said.
Telehealth options can be less expensive than in-person visits.
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