Financial security is a common concern among millennials because they often have more debt obligations and complicated income streams than previous generations. However, it’s crucial to know how to grow your savings and maximize the financial tools available to you. Here are some suggestions on how you should handle your money and start planning for financial success.

Money Advice for Millennials

1. Avoid Accumulating Credit Card Debt

Take control of your credit card expenses. Aim to break the habit of paying only the minimum amount due, as this racks up your interest, making it harder to pay off the full amount. Keep in mind that paying on time and in full is also good for your credit score, which makes it easier to get a loan for a mortgage or new business venture.

2. Pay Off Student Loans

If you have student loan debt, extend your repayment period to lower the monthly dues. You can also explore other options, like student loan forgiveness programs and debt consolidation. To pay off the debt quicker, build your savings by eliminating unnecessary expenses, like ordering takeout or paying for streaming services.

3. Save

Get into the habit of saving and be consistent with every paycheck and monetary gift you receive. You should have at least three to six months’ worth of living expenses in your savings, which you can use during emergencies to avoid digging yourself into a financial hole. You can also contribute more money to your 401(k) to help you be more financially stable when you retire.

If you don’t have a savings account yet, open one with Estacado Federal Credit Union in Hobbs, NM. This credit union provides its members with checking and savings accounts, loans, and online banking services. To get more information about their offerings, visit the website or call (575) 393-1596.