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6 Signs You Are Better At Money Management Than You Think You Are

6 Signs You Are Better At Money Management Than You Think You Are

We know millennials have a strange relationship with money, not only because they lack them, but also because they grew up seeing the effects of economic hardships on a strong nation. The simple thought of money is enough to make millennials’ heads ache. They have a huge debt for their studies, they have no perspective of buying their own house, they have troubles landing a good job and many of them are forced to move back with their parents, when they can’t afford to pay the rent. This is why crowdfunding for your wedding is now millennials’ only option for affording a wedding.

As a millennial myself, I know how shattering it can be to wonder how are you going to live in retirement years or what will happen if you get fired.

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But experts in finances say you are probably better at money management than you think you are, if you are doing these things. I know I read this list breathlessly and I rejoiced at the end, when I realized I had checked multiple items off the list. I hope you will also score well!

1.You think about saving for retirement

As millennials are now in their 20s-30s, we have a lot of time until retirement. If you are thinking of your retirement years, despite this, you are on the good path towards proper adulthood/money management thing. According to money management expert Holly Perez, take advantage of your 401K and look for opportunities to maximize your savings, as well as finding reductions for your taxable income. You use recurring payments for the monthly bills

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In order to keep your credit score high, it’s very important to pay your bills on time. The most convenient way to do it is activating your recurring payments option. This way, you won’t need to remember paying the bills, as the bank will do it for you, automatically. If you are using this option, your financial status is not endangered by delays in payments and you are able to live off the rest of your money. The best time to set the automatic payments is right after payday, when your account has enough resources.

3. You also made automatic payments to your savings account

One of the best ways to ensure you do get to save money for your retirement fund is setting up automatic payments to your savings account. You can do this online, via online banking, at the end of each month, after you’ve paid for all the bills and groceries. If you are afraid you are not going to do this each month, ask your employer to direct part of your pay towards your savings account. For those of you who don’t like either of these options, simply set up another automatic payment, just like you did for your bills. If you already direct money to your savings, you know this is a great way to prevent overspending.

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4. You use financial apps and you value safe banking

If you are using financial apps to know the status of your account at any time, you are on the right track. People who are proficient in money management never leave their accounts to fate: they use financial and budgeting apps or strategies to make sure every dollar is spent wisely.

5. You are using your credit and debit cards wisely

All the previous things do suggest you are using your credit and debit cards wise, but this is so important, I had to reinforce it. Having a credit card and using it at providers who accept credit cards is a good thing, as it helps you build your credit history. This will enable you to get loans and benefits from low interest rates. However, you need to make sure you are not keeping debt on your cards!

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6. You have an emergency fund

The ultimate sign you are doing good is having an emergency fund. When you have to pay for something unexpected, you won’t have to take a loan, rely on crowdfunding or borrow money, which is going to make saving almost mission impossible. Having an emergency fund allows you to have peace of mind, as well as a base for future savings.

You don’t have to have millions of dollars in hidden, offshore accounts, in order to be financially stable. Money management is about knowing how to handle the payments and make the most out of your monthly revenue. If you recognized yourself in any of these signs, you’re more financially-savvy than you think you are, so congrats!

Featured photo credit: Good Vibrations Images/Elitedaily via cdn29.elitedaily.com

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

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1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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