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Are you making these mistakes?
If you were born between 1981 and 1996, you’re officially considered a millennial! Many millennials entered the workforce and started earning money during the Great Recession in 2008, they’ve learned hard lessons about finances.
If you feel like you’ve been making financial mistakes, you’re not alone! It’s always better to correct habits late in life than never to turn it around. A survey found that only 22% of millennials feel good about their finances. Are you making financial mistakes like many of your peers?
1. Overspending On Auto Insurance
Auto insurance is one of the most common ways millennials are wasting money. Chances are you can save over $1,000 annually if you shop around for alternative car insurance rates for the same coverage.
This new free tool called Cheap Auto Savings can tell you if you are overspending and what steps to take to start saving. The tool is completely free to use and will have a quote within minutes based on your needs.
All you need to do is enter your zip code and some other basic information to start saving now.
2. You Aren’t Investing Enough
Are you currently investing? Even if you do invest, most millennials are not investing as much as they should be to grow their wealth. The basic rule is to diversify your investments and choose safe investments to minimize risk.
Not sure where to start? Stash is a great place to start as they have a user-friendly, easy-to-navigate interface. They also have tools that you can use to make sure you are investing only what you can afford to.
Check out Stash here and start with a $5 bonus to kick-start your investment journey.
3. Not Negotiating on Bills
Did you know that you can ask for a lower price on a majority of your bills? Most Americans accept that their bills will remain the same and overpay every month.
An app like Hiatus can help manage your bills and subscriptions and find ways to save on them. All you have to do is create an account, and take a look at what goes out of your bank account every month.
A budgeting or money management tool is vital to building wealth, imagine what you could be doing with an additional $300 per month!
Bottom Line
The best way to build wealth is to save money and invest where you can. Millennials have had it tough. Taking these three steps can help you start your journey to building significant wealth.
