30 finance tips for Gen Z
There are so many positive things about being Generation Z: you were born with technology in the palm of your hand. But, for as savvy as you are, there is still much you can learn from those before you. This is especially true when it comes to finance.
Having healthy finances isn't about making more money; it's about learning to live within your means and saving as much as you can. More than anything, this takes discipline.
For Gen Z, immediate gratification is all too common. It's important to learn strategy and long-term satisfaction when it comes to your money rather than spending it quickly on material goods. Credit cards and loans have made lavish lifestyles too accessible. That combined with social media, which portrays a lopsided view of people's lives, promotes a "keeping up with the Jones'" attitude.
It's tough to say no to all of that. Bucking the norm of living with debt is actually harder than it seems, even though it's obviously healthier.
Spending is a culture, and it's one you have to pull away from if you want to be successful in your finances.
Here are 30 finance tips for you, Gen Z.
Limit the number of credit cards you have to 3 or fewer
Apply for scholarships
Get a job, even while you are in college
Buy things second hand
Get a roommate to cut rent costs
Track your spending
Pay your credit cards on time each month
Check your credit every few months
Stick with your credit cards instead of bouncing around
Open a Roth IRA
Set small finance goals each month
Learn about passive income
Buy the car you need, not the car you want
Learn to cook
Build an emergency savings account
Don't loan money to friends
Never spend more than 50% of your income on rent/mortgage
Check your credit cards monthly for fraud
Cash in your credit card perks
Turn off lights and electronics when not in use
Protect your personal information and passwords
Avoid fast fashion and low-quality clothes
Find a side hustle you enjoy
Invest in dumbbells instead of a monthly gym
Learn to do your own taxes
Swap clothes with friends instead of buying new
Spend time creating a great resume
Save until it's almost painful
You will find that most of your friends and peers accept debt as a part of life, but it doesn't have to be that way (and it shouldn't be that way!). The biggest costs tend to be housing, education, and credit card debt. Focus on keeping those in check and you'll do better than average.