Everyone in their 20s to 30s – the
generation that we call the millennials, are very much tired of being called
the spoilt generation. It’s as if the world around us, looks at the Millennials
as if they were from a different planet.
We’re not aliens.
In fact, studies show that our generation
is smart and conscious with spending money compared to the ones before us.
1. Open and Straightforward
The millennials are more upfront than any
other generation. They know how to talk about their finance and are quite clear
in the goals that they have set for themselves.
Interestingly, this straight talk attitude
is not found only in money matters, but also in their relationships. They
discuss finances with their partners and are open to supporting each other’s
They’re not embarrassed with sharing their
financial status with others, whether it’s student loan debt, credit scores or
Young adults are skeptical of most
institutions and the traditionally slow way of doing things.
For example, they don’t like banks – most
of the millennials are comfortable and safe with using online banking
facilities. With the piles of innovation coming up, the millennials are certain
about making their existences in the future comfortable.
With Paypal, Paytm, etc, they are finding
easier and more creative ways to manage their money.
3. Happiness Oriented
Long-gone are the days when the ideal
lifestyle was to have a steady nine to five job. The millennials are more
happiness oriented. They want to follow their passion, and are perhaps the
first generation that has been true to its heart.
Millennials are driven by a desire for
meaningful experiences rather than just plain, blatant materialistic goals.
WRITTEN BY: BALAKARTHIGA. M
READ ALSO: Getting
financially independent from your parents
All of us have
bad habits. Some ruin our mind, while some others ruin our fitness.
But the lesser
known of all bad habits are the ones that ruin your wealth. Just like the bad
habits, there exists a great deal of good habits that can help maintain and
nourish your wealth as well!
So, here are
five habits that you need to nurture so that your finances are well managed.
Tracking your income and expenses
We have already
stressed this in previous posts, it is very much essential to be aware of where
your money comes from and where it goes.
Clearing Bills on Time
This begins by
opening your bill as soon as it arrives, and paying it on time. It is even
advised that you use online portals to make this quicker and swifter. One of
the deadliest sins of personal finance is to accumulate late fees and
Try and make
cash payments wherever and whenever possible. Remember that credit cards aren’t
easy money, they’re loaned money.
Retirement Plans and Emergency Funds.
Having a lush
retirement plan is very essential. So is having a rainy day fund. It’s never
too early to start saving and being always prepared is the first step to
staying financially fit.
The more assets
you have or the more people you have depending on you, the more crucial it is
that you get insurance. Remember, the insurance is a safety blanket on your
wealth and your loved ones, and it protects them from sudden misfortunate
Just like bad
habits can get you into financial trouble, good habits can
help keep you out of it. When you spend wisely, save well and, most important,
plan strategically it helps you reach your biggest financial goals faster.
WRITTEN BY: BALAKARTHIGA.M