Top 5 Financial Tips for Millennials

The Millennial generation grew up in world of social networking and all things electronic. They often get a bad rap from older generations for growing up in an “everyone gets a trophy” generation. However, studies show that most Millennials are optimistic about their future despite their crushing student loan debt and the fact that they are expected to be less economically successful than their parents. Combine that Millennial optimism with these top 5 financial tips, and the result can be financial success!

1. Spend Less Than You Make
This may seem like a no-brainer, but it’s worth mentioning. In my debt settlement law firm I have seen way too many people that haven’t taken the simple step to make a budget and stick to it. Making a budget will force you to see where every dollar goes and hopefully help you save money. The savings can be used for a number of things, such as paying off student loan debt.

2. Start Saving For Retirement
Your young and retirement seems like it will be years away. But you need to start putting away what you can into a retirement account as soon as possible. Contribute to your employer’s plan if available. If your employer doesn’t offer that benefit, consider opening up your own individual retirement account (IRA). Set this up so that the money is taken directly out of your paycheck. After a few pay periods, you’ll get used to the contribution being taken out.

3. Make a Financial Plan
Would you go into a new business venture without a business plan? Give yourself legitimate goals like getting out of credit card debt. Make a three-year plan and write it down. Refer back to it often to make sure you are following it. Once you’re used to a shorter plan, start making long-term goals.

4. Figure Out Your Student Loans
Student loan debt will continue to be a problem for Millennials If you’re not able to pay back your loans under the current terms, it’s time to get a plan in place to get your loans paid off under terms you can afford. If you have Federal Student Loans, you have a number of repayment options available. If you have private student loans, your options are more limited. Figure out who and what you owe first. Then look for assistance if you need it to get your student loan debt in order. Debt consolidation, refinancing or debt settlement could all be options to help lower your student loan debt payments.

5. Learn to Live Without Credit
It’s easy to rely on credit to help you out in a crunch. This is a slippery slope and should be avoided. Living beyond your means can push you deep into credit card debt. Use your credit card when needed to purchase a flight or rent a car. Use your credit card to make purchases you can afford to pay back immediately. Use your credit card responsibly, but don’t dig yourself into debt.

Millennials, you have been charged with the mantra “follow your dreams” via the media your whole lives. That enthusiasm and optimism can serve you well in life, but you need to be ready for life’s curve balls.

Daniel R. Gamez, an attorney focusing exclusively in debt settlement, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in La Jolla, CA. For more information, please contact Daniel Gamez at 858-217-5051, or visit

This article by Daniel Gamez first appeared on and was distributed by the Personal Finance Syndication Network.