How to avoid financial stress: manage your finances cleverly 

 You can find lots of information about how to manage your personal finances. However, millennials – the generation born between 1980 and 1996 – face far too more challenges with high student debt payments, decreasing homeownership and wages. They especially need to plan their finances cleverly and skipping Starbucks now and again isn’t going to help.

This generation has experienced some of the most significant economic booms in history, along with the Great Recession. The first wave of millennials entered the job market shortly before or during the 2008-2009 recession. The younger ones are beginning their careers in a similarly bleak economic time.

The financial crisis from the coronavirus pandemic comes during their key asset accumulating years. According to 2019 PwC report, 76% say their financial situation is stressful. Here are some tips which will help you to reduce stress and build financial stability.

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Learn how to navigate a challenging job climate

If you are struggling to keep or find a job, try to be flexible and creative in your job search. Consider work outside your area of expertise or short-term work. While it may not be what you planned to do, the income comes in handy. Furthermore, it provides you with valuable workplace experience.

You can also prepare for remote interviews and virtual networking by practising mock video and phone interviews. That way, you will be ready for remote hiring. In addition, creating a professional social media presence on remote networking groups would help as well. Depending on your financial situation, you can try returning to school and learning new skills and training. However, be wary of educational debt.

Use employer help for financial support

Nowadays, employee benefits play a greater role in supporting financial wellness than they did in the past. For lots of employees, the core financial products that they need are found at their worksite already, such as insurance protection, a retirement plan, or a health savings account.

If you already have a job, make sure to take time to understand every financial benefit your employer offers, including health, vision and dental coverage, financial guidance or retirement plan matching provided by professionals. Retirement plan matching is essentially “free money,” so it’s better to take advantage of it, even if your early contributions are small.

The earlier you start saving free money, the longer it has to grow. Thanks to compounding interest and returns, you will be well prepared when you reach retirement.

Use new technology to budget and save your finances 

Technology advancements have given us resources never available to generations prior. For example, automatic deposits and transfers, tools like banking and savings apps, digital payments and self-service brokerage options. They all make it much easier to track income and ensure you’re spending, investing and saving wisely. According to Bankrate, when it comes to managing a budget, 34% of people ages 18-34 say they have at least one budgeting app on their smartphone. Use those apps. Many people think that nothing replaces the value of advice from a financial professional, but technology is one part of a holistic financial strategy.

Convert your money into meaningful investments

Financial wellness doesn’t mean just amassing valuable assets; It means using your finances in a way that helps you live a life full of value. Millennials often value experiences over “things.” Furthermore, there’s a growing body of literature that suggests that physical and financial health are often intertwined, thus making financial wellness a core part of our overall well-being.

Use a financial self-analysis as an opportunity to ensure that you are finding value and meaning in your life as a whole. Try to assess how your finances can help play a role in furthering the moments and activities that you value most.