• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

3 Finance Hacks for Millennials

August 30, 2020 Leave a Comment

Share this:

  • Tweet
  • Email

Taking a close look at your finances may not be the most fun you can have on a lazy Saturday afternoon. However, if financial stresses are getting you down, taking the time to analyze your spending and saving habits may just yield some lasting dividends. But where do you start?

3 Finance Hacks for Millennials

 

These three often-overlooked and surprisingly easy finance hacks can improve your money outlook in the space of one studiously-spent afternoon.

Start Working With Known Quantities

One of the most common causes of financial stress is a simple lack of awareness about income and expenses. The classic tool you can use to fix this is — yep, you guessed it — a good old-fashioned budget.

Usually set monthly, budgeting is a process of establishing your income as a baseline, and then methodically listing out your expenses, broken down by category.

Typically, all those necessary outgoings like your mortgage, grocery, and utility expenses will sit right up top as fixed “must-pay” items.

Then, you can start listing out conveniences, followed finally by luxuries.

The obvious benefit here is that you’re gathering useful data about your financial situation and putting it to good use.

It side-steps one of the most common reasons people get into financial data: simple lack of awareness about where your money is going.

If budgeting is your Everest, consider using a budgeting app to smooth the process along.

Or if you prefer a more basic solution, the Federal Trade Commission website offers this bare-bones but handy budgeting worksheet.

Print it off, join the financial dots, and you have a good beginning.

Get Smart About Credit Cards

The next step is to take a fresh look at your credit card usage — in particular, honing in on whether you have the right card, and how effectively you use it. Let’s look at finding the right card first.

Not all credit cards are created equally.

There are annual fees to consider, but it’s also worth taking a look at the fine print for penalty clauses.

Some cards will impose a wide range of penalties for slow repayments, while other products will offer much greater flexibility.

Take a look at rewards as well, and find a card that matches your lifestyle.

For example, some USAA credit cards offer double points on gas and dining out, while the company gears other credit cards toward grocery shopping or military-base purchases. Find a card that fits with your life.

Take Willpower Out of the Equation

Good financial habits are a bit like good eating habits.

It’s all smooth sailing until the moment you’re hungry and see that big slice of chocolate cake lurking at the back of the fridge.

Saving is the same way. Opting to move a chunk of your disposable income every paycheck to a savings account can challenge anyone’s resolve.

So why not take willpower out of the equation, and use a savings tool or a recurring transfer option?

A savings tool can automatically analyze your checking account to identify opportunities for micro-transfers of as little as a dollar to your savings account.

These small and pain-free transfers can add up in the long run.

Alternatively, using a recurring transfer tool, you can decide how much you’ll automatically transfer to your savings, and adjust the amount as your financial situation changes.

The great thing about either of these approaches is that you can set it and forget it. Behind the scenes — and with no extra willpower required on your part! — your nest-egg slowly grows.

Not Bad For an Afternoon’s Work!

A bit of research and planning may make a world of difference to your finances, and these three simple hacks are a great place to begin.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« How to Do A Value Analysis Before Acquiring an Online Business?
Should I Take Out an Online Personal Loan to Pay Off Debt? »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media