Does Your Age Match Your Money Habits?
Since each generation had its habits and processes, it would be good to consider implementing some of their traits to improve your situation.
The Greatest Generation: Thrift Money Habits
So does your age match this generation? Suppose you were born between 1902-1924; the odds are that one of your money habits is that you are thrifty. Living through hard times and deprivation, people had to be extra cautious of their spending, ensuring checkbooks were always balanced and upcycling. Those of this “Greatest Generation” would repair anything they can before opting to buy new.
There are always ways to cut back on expenses and spending habits. How often are you hitting up the drive-thru for a $9 cup of coffee? That adds up quickly! That extra cash would serve you better saved for a rainy day; knowing a cushion to fall back on provides an immense sense of security.
Baby Boomers: Plan for Retirement Money Habits
So is your age match the Boomers? They are/were putting more into retirement than younger generations, but they will be/ were prepared for their elderly years. 80% of boomers contribute to their retirement plans and investments. Saving for retirement should be at the forefront of your financial planning. The younger you start, the more time you have to build up your retirement funds before retiring.
Generation X: Do Your Research Money Habits
Gen X gets the most credit for being informed about retirement and financial planning. This is because they like to do their research and have control of their retirement and investment decisions. Props to Gen x for being informed. Make it a habit to understand the terms and conditions of your accounts. Understanding the ins and outs of financial planning helped them reach their goals, why would we NOT want to have that for ourselves.
Millennials: Choose Debit Over Credit Money Habits
Millennials tend to shy away from credit card debt compared to the previous generations (ahem, looking at you boomers). A recent study showed that just 1 out of 3 millennials own a credit card. Millennials are wary of debt but they also understand the importance of good credit. (LINK CREDIT BLOG). Using a credit card is the best way to start your credit report, so remember to watch spending habits, look out for hidden fees, and pay the balance off monthly to jump-start your credit.
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So Does Your Age Match Your Money Habits?
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