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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:
- Recent article written by my fellow CFP Board Ambassador, Akeiva Elliott, CFP® for more budgeting tips.
- 3 Tips to get young people excited to invest
- Wealth help for your family
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.
