{"id":2298,"date":"2022-12-27T06:00:00","date_gmt":"2022-12-27T14:00:00","guid":{"rendered":"https:\/\/humanitywealth.com\/?p=2298"},"modified":"2022-12-22T22:40:43","modified_gmt":"2022-12-23T06:40:43","slug":"budgeting-for-millennials-a-simple-process-can-help-you-achieve-financial-freedom","status":"publish","type":"post","link":"https:\/\/humanitywealth.com\/financial-planning\/budgeting-for-millennials-a-simple-process-can-help-you-achieve-financial-freedom\/","title":{"rendered":"Budgeting For Millennials \u2013 A Simple Process Can Help You Achieve Financial Freedom"},"content":{"rendered":"\n

If you’re a millennial, there is a chance you’re feeling strong financial pressure. From student loans, rising rent, and monitoring spending habits, it can be tough to meet your financial goals. <\/p>\n\n\n\n

However, don’t fret- budgeting for millennials doesn’t have to be difficult. As a matter of fact, with a clear financial plan and some budgeting tips, you can pursue financial freedom. Continue reading for tips on getting started!<\/p>\n\n\n\n

Budgeting and Why You Need it<\/strong><\/h2>\n\n\n\n

A monthly budget can help you save money and create more financial stability. By following a plan, paying your bills on time, growing a savings account, and retirement planning are made significantly <\/em>easier. A budget includes a summary of your income and expenses and it helps to ensures you are not living beyond your means in such a way that your expenses are higher than your income. <\/p>\n\n\n\n

A budget can help to put you in a stronger financial position over your personal finances for both the long and short term. <\/p>\n\n\n\n

The Basics of Creating a Budget<\/strong><\/h2>\n\n\n\n

To create a budget, you first need to keep track of all of your income, from your regular job to any side hustles. Next, you will need to keep track of all of your expenses. Now you need to begin to allocate your money in such a way that fits your needs and goals. Of course, you will want first to ensure that all of your expenses are covered, and then you can delegate money towards investments and spending money. <\/p>\n\n\n\n

Following some sort of budget framework<\/a><\/strong> can help. For example, many people use the 50\/30\/20 method. In this framework, 50% of your income goes to expenses and needs, 30% goes toward wants and spending money, and finally, 20% goes towards savings and any potential debt repayment. These parameters aren’t set in stone and can be adjusted according to your own unique financial needs.<\/p>\n\n\n\n

Sticking to your Budget<\/strong><\/h2>\n\n\n\n

Your budget won’t mean anything if you don’t stick with it. That will require discipline that needs to be exercised daily. Budget discipline can range from not overspending on dining out daily to being diligent about putting money towards retirement plans, such as a 401(k), or Roth IRA, on payday. <\/p>\n\n\n\n

As affordable financial advisors in San Ramon, we specialize in financial planning for millennials<\/a><\/strong> in the Bay Area. Our financial planners can help you develop a simple budget catered to your unique needs to help while you you work toward your goals.<\/p>\n\n\n

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Tips for Millennials Just Starting Out<\/strong><\/h2>\n\n\n\n

Budgeting, saving, and investing can be intimidating, especially when you are just starting out. Use these tips as a guideline to help you maintain your budget and financial discipline:<\/p>\n\n\n\n