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Millennials have not had an easy go of it. Many were either heading into school or graduating when the Great Recession hit, saddled with some of the highest student debt graduates have ever seen. If you’re one of those 20-somethings or maybe even 30-somethings, you’ve probably experienced the struggles firsthand and felt the pressure it’s put on your finances. Over the past few decades, we’ve learned a thing or two about saving and wanted to share a few insights on how to make your money work for you.

Where You’re Spending Too Much
This isn’t an easy ask, but if you want to see your savings grow, you’ve got to focus more on the long term than the short term. Many millennials that we’ve come across have spent the past few years having their lives paid for with student loans, thinking of it as a payment or consequence that won’t matter until “down the road.” That money then goes toward funding travel, nights out with friends, or other experiences that benefit the now. A recent article from Forbes reported that 70% of millennials who responded looked at funding travel as a motivation for working, which wouldn’t be such an issue if the money that was being used for these excursions had been saved instead of borrowed.

Although we’re not telling you to give these things up—there are some experiences that only your twenties can provide—try to keep in mind that borrowed money always comes from somewhere or someone else. Eventually, you will have to pay off your loans at a higher rate than when you borrowed them. It may seem like dealing with these costs will be an issue in the distant future, but remember that payments will come calling much sooner than you realize.

Tackle Your Debt
The first step in taking care of your debt is first figuring out how much you have. Take a self-audit of where your debt is coming from – be it school, vehicles, or credit cards – and organize your debt into the categories of “good debt” and “bad debt.” “Good debt” is the debt that comes from school loans, mortgages, and certain loans. “Bad debt” comes from things like credit cards and auto loans. Once you can put a name and category to every dollar you owe, start figuring out how you can tackle it. Start with the bad debt, working on the cards or loans that have the highest interest rates. By budgeting out how much you are expected to make each week, you can assign a percentage of that check to pay off that one piece of debt. To keep yourself on track, set goals for yourself on when you’d like to have that debt paid off by.

Additional ways that you can keep tackling your debt is to ensure that you’re paying on the principal of your loans, and when possible, paying more than your minimum amount. That will only help you pay them off faster. If you still feel like you are struggling to take on some of your bigger debt, such as your student loans, you can look at other repayment options, which you can explore by talking to your loan’s agent.

It’s not easy tackling your debt, but as you work through it, take some moments to treat yourself. A little splurge now and again is a great way to celebrate your victories and keep you on track (but remember to not go over your budget).

Finding the Right Insurance
Whether you have your own insurance policy now or you will be getting off your parents policy soon, the options and coverages vary greatly between providers. In some cases, bundling options or choosing higher deductibles are just some things that can result in cost savings.

Let the experts at Doyle & Ogden explain the options and help you find the best coverage for the right price. They’re trained to help you find affordable policies that you can rely on as you work to get your finances on track. Give our office a call today at 616-949-9000 or request a free quote online today!

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