credit & debt

How Millennials Can Get Ahead Financially

Tips from personal finance bloggers about how young adults can pay down debt and take charge of their money.

Kiplinger's Personal Finance Editor Janet Bodnar recently shared tips in her Money Smart Kids column for parents who want to help their adult children improve their finances. In Money Advice for Millennials, she recommended sources and tools parents can use to provide their kids with trustworthy advice. And in The Right Way to Help Your Adult Children, she offered guidelines for parents looking to motivate their millennials to move on.

To complement Janet's advice, I rounded up tips from personal finance bloggers to help millennials themselves take control of their finances.

The Millennial Debt Sentence: Will They Ever Escape? [Credit.com] "Instead of enjoying their youth, millennials are losing sleep over their high debt levels, bad job prospects, low incomes and dim futures."

What Can We Learn from Gen Y’s View of Money? [Get Rich Slowly] "The way people are challenging traditional measures of success is an indication that we’re adapting. Yes, that might mean moving back in with your parents for a while so you can build an emergency fund. It might mean that you decide that renting is okay, because you don’t want to be house-poor."

The Conservative Generation? Recession Creates New Type of Millennial [ReadyForZero] "This risk-aversion in Millennials doesn’t just prevent them from growing their money – it’s also preventing them from moving forward with their personal lives."

6 Out of 10 Millennials Really Need to Get a Credit Card [Broke Millennial] "As with nearly all money-related topics, the debate about whether or not to own a credit card could go on indefinitely. There are numerous factors to consider, and each person's level of responsibility and psychological relationship to money plays a huge role. But in the end, owning and responsibly using a credit is a simple way to build and maintain a strong credit score and report."

How One Young Entrepreneur Paid Off $40,000 in Student Debt by Age 24 [Wise Bread] "To reach her goal and pay off her debt, Schroeder took three simple steps. Read on to discover how you can follow in her tracks."

Why You Must Make Peace With Your Financial Situation [Blonde on a Budget] "I’m still learning that success isn’t just what you see when you cross the finish line; it’s every morning you wake up in a slightly better position than you were in the day before."

Most Popular

2021 Child Tax Credit Calculator
Tax Breaks

2021 Child Tax Credit Calculator

See how much money you'll get in advance under the new child tax credit rules for 2021.
April 14, 2021
Monthly Payments of the 2021 Child Tax Credit Will Begin in July
Coronavirus and Your Money

Monthly Payments of the 2021 Child Tax Credit Will Begin in July

After doubts about whether it was up to the task, the IRS says it's on schedule to start sending monthly child tax credit payments this summer.
April 13, 2021
Child Tax Credit 2021: Who Gets $3,600? Will I Get Monthly Payments? And Other FAQs
Coronavirus and Your Money

Child Tax Credit 2021: Who Gets $3,600? Will I Get Monthly Payments? And Other FAQs

People have lots of questions about the new $3,000 or $3,600 child tax credit and the advance payments that the IRS will send to most families in 2021…
April 14, 2021

Recommended

Social Security Earnings Tests: 5 Things You Must Know
social security

Social Security Earnings Tests: 5 Things You Must Know

If you’re still working and claim Social Security early, your benefits could be reduced, at least temporarily.
April 14, 2021
What NOT to Do with Your TSP: 8 Thrift Savings Plan Mistakes to Avoid
retirement planning

What NOT to Do with Your TSP: 8 Thrift Savings Plan Mistakes to Avoid

Many federal workers saving for retirement in TSPs get tripped up by these common pitfalls. To help maximize your own savings, make sure you steer cle…
April 14, 2021
How to Retire Well During Difficult Times
retirement planning

How to Retire Well During Difficult Times

When the financial environment is challenging (like now) it’s important to plan ahead and avoid some all-too-common retirement mistakes.
April 11, 2021
Don’t Make the Same Mistakes in 2021 – Keep Your Retirement Plan on Track
retirement planning

Don’t Make the Same Mistakes in 2021 – Keep Your Retirement Plan on Track

Looking back at 2020 gives retirement savers a good perspective for how to proceed going forward. Staying flexible and being prepared to change course…
April 11, 2021