Financial freedom is considered to be one of the cornerstones of adulthood. Just like any other generation, millennials often depend on their parents’ good mood for anything they might want to buy.
Millennials across the world are thus inclined to become independent from their parents as soon as possible.
Studies have shown that a whopping 88% of millennials live in urban areas. As such, their necessity for financial independence is that much clearer.
Even so, the path to financial freedom isn’t easy – everything and anything in this world costs money.
To that end, let’s take a look at several guidelines and tips which can make millennials (and other youth) financially independent with less difficulty.
Finding Your Own Path to Financial Freedom
1. Draw the line
The first step toward the path to financial freedom is to draw the line on all your expenses. It’s important to stop all expenditures and think about the flow of money currently on the table.
Are you spending more than you hoped you would this summer? Do you find yourself in need of more money than ever before and ask your parents for higher allowance?
These are only a couple of signs that something needs to change in your everyday.
2. Map your incomes and expenses
A financially free millennial pays close attention to his or her expenses.
Every penny that comes your way and goes away should be on paper. The path to financial freedom begins with simple notes about your expenditures.
A piece of clothing here, a coffee there and the sum will become clear. Surveys have shown that millennials don’t care about brands and that 56% of them are ready to change purchase habits based on added value.
This means that you will be able to spend less money in the future and buy more if you choose to follow the trends of your millennial generation. However, once you have the expenses on paper, you should also take a look at your incomes.
How often do you get an allowance and what does it amount to? Do you ever have leftover cash after a month is over or do you find yourself scouring for more? Put all the zeroes on paper and you will have a very clear image of how important it is for you to become financially independent.
3. Create achievable goals
Since you are a part of a very tech-oriented generation, you are entitled to certain discrepancies when it comes to learning.
Data has shown that 70% of millennials use YouTube and equivalent platforms to learn new skills. These skills are then used to get an employment, become financially stable and otherwise achieve personal development.
You can use the same logic and set small goals for your development in the future. Learn new skills in order to stabilize yourself as an independent young person.
Millennials also often turn to some of the largest translation companies and ask for help with their job applications or resumes.
This is a very popular and modern take on job hunting – something that millennials are in favor of.
You don’t need a college degree or lots of references to find stable work and earn a living. All you need is motivation and discipline to go through with your set goals.
4. Look for part-time work
First job applications can be scary. However, this is a necessary step to take on the path to financial freedom.
To that end, make sure that you have a resume ready for submission at any moment. Create a digital resume and send it to several employers around your neighborhood. Don’t look for work in other cities and don’t bite off more than you can chew.
It’s important to start slowly and use the fact that you are millennial to your advantage. Statistical data shows that millennials will comprise 75% of the global workforce.
Make sure that you are a part of the change by finding work early on. The more experience you gather during the first years of employment, the better your odds at being financially stable will be.
5. Lower your expenditure
The truth is that we buy the things we don’t really need in order to survive. Millennials are some of the most digitally-competent generations out there.
A majority of 92% owns a smartphone and is perfectly capable of using them. This fact alone should be enough to convince you that, yes; it is possible to cut down daily expenses.
Try to put your shopping expenses on paper and start crossing things off. Anything that doesn’t add up to your “survival” should disappear for the time being.
It’s smarter to steadily add things back to your shopping list as you get more financially stable than to struggle due to a lack of organization.
You will really like the result since most of the things we buy are for pleasure and personal enjoyment. This is a great start on the path to financial freedom since it will help you save a lot of money quickly.
6. Consult someone close to you
A stable support system can go a long way. This is especially true if you are on your way toward financial independence and feel the urge to spend some money.
A close friend, a colleague or a parent can be a great addition to your new and improved financial life. They can give personal advice, help you organize your expenses and save that little extra each week.
If studies are accurate, 25% of millennials speak more than one language and work hard to get out of their comfort zones. However, this is almost impossible for people with low self-esteem, motivation or support.
All you need to do is find that one person who will be your shoulder throughout the process. The entire ordeal is much easier if there is someone there to back you up and reassure you that you are doing the right thing for your future.
Patience is a virtue on the path to financial freedom!
In order to achieve financial freedom, one must commit to it completely.
Millennials are an energetic and adaptable generation of young leaders. Use the gifts given to you by fate and make sure that you take advantage of your spirit and energy.
Patience is the only thing standing between you and the financial stability you so desperately seek. Prove the naysayers wrong and think in advance. Become financially stable early on to ensure your future in this world we live in.
About The Author
Kristin Savage nourishes, sparks and empowers using the magic of a word. She does her voodoo regularly on the Pick Writers blog and occasionally contributes to other educational platforms. Along with pursuing her degree in Creative Writing, Kristin was gaining experience in the publishing industry, with expertise in marketing strategy for publishers and authors. Now she had found herself as a freelance writer.