Gen Z wants to learn more about budgeting, credit, borrowing, and investing to manage their money better. You can find helpful tips below to help you become financially successful.
- Only borrow what you must. When going to college, many people need to take out student loans. To avoid problems later, only borrow what you need for tuition and books. Try to live within your means and search for grants and scholarships. Also ensure that your monthly payments after graduation are as low as possible so your student loans won’t hold you back from future goals.
- Make your degree work for you. Make sure your time and money investment in your degree will pay off by researching job possibilities and starting salaries for graduates of your chosen school and program. If it doesn’t make financial sense for you, consider a more practical or inexpensive program. Keep in mind that you can still pursue your passions outside of formal education.
- Use credit cards & use them responsibly. Using credit cards responsibly can help you establish a positive credit history and increase your credit score. Your credit scores determine your eligibility and interest rates for mortgages, loans, and auto insurance. Starting early with a credit card could lean towards a longer history of good credit and higher score.
- Pay bills on time. Paying bills on time can improve your credit score and save you money on interest and late fees. Create a regular payment schedule and use apps, text alerts, or your calendar to set reminders.
- Invest now. Invest early to let your money work for you. Compound interest is a powerful tool in investing because it earns interest on both the initial amount and the interest earned over time.
- Set financials goals. Having financial goals helps you spend money wisely on things like housing, car, and entertainment. Setting goals early makes achieving them easier. Plan now for what matters to you, whether it’s a house, travel, family, early retirement, or something else.
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