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FRIDAY Five: 5 Tips for Money Conscious Millennials

Each week in our Friday Five, we provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to

This does not constitute advice and advice should be sought in all instances before acting on it.

Millennials often get a bad rap – they even get blamed for the death of entire industries! But it’s not that young people are at home squirrelling away all their money. Quite the opposite, actually. They can let loose, have a good time, and spend money with the best of them. With that said, here are five things that millennials should consider to make sure their finances are in order for the future.

1. Follow a budget

Creating and sticking to a budget is perhaps the most important advice one can learn to follow. It puts you in control of your finances and it can be updated as and when you need it to. You’ll be able to clearly see where your money goes each month, it will help you prioritise bills, debt, and savings, and let you know the areas where you may be spending too liberally.

2. Start small

If you set yourself an unrealistic goal – no matter what it is – it will be daunting and feel unattainable. So start small. Make sure you pay your credit card off each month, start putting away a little bit of money at the end of each week or month to start a savings pot, or even something as simple as making your coffee at home, rather than buying one on the way to work each day.

3. Give yourself some credit

You might not be thinking about vehicle loans or mortgages right now, but what you should be thinking about if you ever want to own a car or home is your credit score. This number tells banks how reliable you are with money and will affect whether or not you get approved to borrow money in the future. It’s easy and free to check your score, so there’s no excuse to not know it.

4. The differences in debt

It may be surprising, but there is such a thing as good debt. It’s money that you borrow to help you become more financially independent. Whatever you’ve bought should be something that increases value over time and provides you with an income. Bad debt is basically wasted money. Even though millennials might not view clothes, holidays, and nights out as “bad”, getting into debt over them certainly is. They won’t provide any income or financial stability and can have the opposite effect.

5. Make it interest-ing

Just like debt, there’s two types of interest: simple and compound. Simple interest is basically the cost of interest on money you borrow and usually pertains to debt. Compound interest can actually help you when it comes to savings, but it can be applied to debt as well. It’s basically interest on the interest, which means it builds and builds each year. Great for a savings account, not so much for a loan.

Mastering these five tips is a great way for money-conscious millennials to get their finances in order for now and years to come.

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