A&I Wealth Management > Blog > Creating A Budget? Here’s What to Consider

For Gen Z and Millennials, the lack of budgeting has left them feeling anxious about their financial goals. According to a 2020 NerdWallet study, 83% of Gen Zers and Millennials have experienced regret about their spending decisions.

Even though budgeting may seem daunting at first, with the help of a financial planner, Gen Zers and Millennials can create a budget that enables them to achieve their financial goals.

To help get Gen Zers and Millennials feeling confident about budgeting, here are four tips to consider while creating a budget:

  • Choose Words Carefully: To some, the word budget can be intimidating. For many young adults, the thought of budgeting leaves them feeling like they are cutting out the things that make them excited for life. A better way to look at it is that they are navigating spending to accomplish their goals.
  • Understand Values: When creating a budget, prioritize items that are critical and non-negotiables. Having a “why” to their spending helps make decisions easier.
  • Practice Makes Perfect: Just because they have a budget does not mean they will achieve their goals right away. It takes time to optimize finances, so don’t give up when it does not go as planned at first.
  • Find an Outline: There are many budgeting tools out there. Find one that works best for the individual and be willing to adjust it as time goes on.

To learn more:

Ready to work with a CFP® professional to help you set up a budget? Find a CFP® professional near you today at www.LetsMakeAPlan.org.

 

About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.