Millennials are definitely taking advantages to lead a more balanced lifestyle in 2016. While some have a pessimistic outlook when it comes to personal finances due to the fiscal crisis, others are enjoying the given privileges to invest and be a better version of themselves especially when it comes to saving.
As 2015 is about to end and a new year is about come, we always hear people talking about their New Year's resolutions, from dieting to saving money. And since many of the millennials today aspire to reach their 2016 financial goals, here are 5 money-saving advices to help them reach their goals.
1. Stretch Your Dollar and Save Money
According to "Rich B-ch" author Nicole Lapin, who wrote a financial guide for young professional women, there are different ways to save money.
"Go on a spending freeze with your partner, colleagues or best friends," she said, as per Forbes. "Create a support system, and help each other. And, of course, make it fun! [But] instead of having a girls' night out at that new bar on Friday night for $12 cocktails, have an even better girls' night in. Eight-dollar wine from Trader Joe's, some snacks and some good company go a long way."
When it comes to shopping, Lapin has also an advice, "have a clothing swap where you shop in each other's closets; one woman's trash is another woman's come-up."
2. Stop Wasting Time in Dead-End Job
If your job won't take you where you want to be next year, stop wasting your time, New York Times bestselling author and "The Clark Howard Show" host Clark Howard said.
"My No. 1 tip for Americans as we approach 2016 is if you are in a job you aren't completely satisfied with, shop the market," Howard said. "If your employer is being cheap about giving raises, there are tons of companies out there that are offering great opportunities right now. So shop yourself in the market, and find a better job that's better for you and your family."
3. Take Advantage of Your Age
Millennials should take advantage of their youth as their biggest assets. According to Time Money, millennials should take advantage of their time and energy to make as much money as possible. Experts also said that all income should not only come from one source and advised the youth to find freelance opportunities.
4. Diversify and Make a Financial Plan
Every four years, a dip in the financial market is expected. Hence, it is important to diversify your investments. Examples of different assets are permanent life insurance, rental properties, emergency funds, cash holding accounts, primary property and nonretirement investments. You should also make and work on your financial plan. Set your goals so that it will provide some financial clarity.
5. Brave the Market
Investing can greatly help you save for retirement and if you're uncomfortable with the risks of the stock market, think again. USA Today reported that stocks can protect you from inflation. While cash savings can lose its purchasing power over time, stocks don't. As a young-adult millennial, it's really good to have at least 70 percent of your retirement accounts invested in stocks or equities. For starter, you can begin with low-cost, target-date mutual funds. So, meet a financial advisor to determine what asset allocation best suits your needs.
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