No one knows everything there is to know about money. And so, when it comes to money, there’s always something new to learn and in this day and age, young adults need all the financial advice they can get.
Here are 5 simple money lessons every millennial will find helpful:
1. You will make mistakes. No one is perfect, once in a while you will mess up and spend money you should have saved or invested. Don’t beat yourself up too much, just correct your mistakes before they get worse.
2. Have an Emergency Fund. This can help make up for your mistakes and keep you covered on the ‘rainy’ day. The Pettysave Locked In Save feature is a great one for this.
3. Make Your Money Work for You. A quick hack to this is to save and invest at least 30% of your monthly income. On Pettysave, you can save a fixed amount daily, weekly or monthly at an interest rate of 10% per year. You can also invest in real estate with returns as high as 21%.
4. Budget. Know the difference between your needs and wants and plan your finances accordingly. As the saying goes, ‘cut your coat according to your size.’
5. Self-Care. In the midst of all the ‘adulting’ responsibilities, look good, eat well, hang out with family and friends, attend events, pamper yourself and be happy!
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Oyin from Pettysave