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3 Money Habits You Can Learn from Millennials

Category: Trends

When it comes to good financial habits, it’s probably the millennials you least expect to carry sound advice. There’s this false idea that this generation is a bunch of lazy, overspending, avocado-crazed individuals. But many surveys show that millennials actually have good financial habits, in which you can learn from.

They Use Technology

Millennials are more likely to turn to the Internet and mobile apps when making big financial decisions, such as buying a house or a car. The Gen Y arms themselves with facts and figures that they’re able to make sensible decisions.

So if you’re thinking about buying a property, for instance, use available online tools to know the best mortgage rates in Utah. Experts also recommend tracking trends so that you can form better decisions before finally making that big purchase.

They Save Money

According to a recent survey, one in six millennials has at least $100,000 in his or her bank account. The reason they’re saving more? Millennials grew up at the time of the economic slump in 2007, and this instability drives them to establish a sense of financial security.

One of the ways millennials can bump up their savings is through budgeting. They have the habit of carefully planning the use of their money. So, take it from the millennials: draw up your budget and save as much as you can.

They Work Harder

Contrary to the lazy stereotype for millennials, they’re actually hard-workers. They believe working hard is key to being able to achieve anything. In other surveys, millennials are the most confident about starting their own businesses and asking for a raise from their employers. This gives them another opportunity for a financial boost.

Imitate the millennials’ work attitude. If you’re working harder than anybody else, don’t delay that talk with your boss about a salary raise. Better yet, get started on that company you’ve been envisioning for so long.

Learn a thing or two from millennials’ money habits. There’s no harm in trying them out.