Millennials Are Sharing The Money Advice They Live By, And Several Aren't Exactly "Boomer-Approved" (2024)

"My advice is get a credit card as soon as you can and use it at least a little to build your credit history. Lenders like seeing debt is paid, not that you have no debt. I waited, partly because it was hard for people to get one without credit when I was younger, but I probably could have gotten one a lot sooner than I did. Not getting one really made it difficult for me to get some things later on.

I've had a decent-paying job for a long time, and don't really struggle with money, but my credit was nonexistent for the longest time because I didn't have debt. No car loans, no student loans, no credit card debts, no credit history. It really prevented me from a lot of things. Even after getting a couple of cards and having a great credit score, number-wise, I'd get turned down for simple loans due to lack of credit history."

—spacedazee

"Don't assume you're fixing your credit by not using it. I made mistakes with a card at 18. I thought I was doing the right thing by not using a credit card and paying for purchases outright. Come to find out that was a huge mistake. You can't improve your credit if you don't use it."

—mrsmuld

"I got a job in a call center for a large insurance company at 19. They paid up to $5,000 a year toward school at the time. I stretched out my education over a few more years than the traditional four years but saved so much money."

—michaelo4df613fd3

"Here's one I wish I had understood earlier — once you start making and saving money, INVEST. Letting it sit in a savings account is actually letting it lose its value, because the interest you earn in those accounts is pitiful and absolutely NOTHING compared to rate of inflation (the value of the dollar is going down so the money I made 10 years ago and 'saved' for the future doesn't go as far today)."

—brittanybethpaulson

"Do the number amount method. If you bought a top for $20, you have to wear it at least 20 times to get the value for the top. Same with any other item of clothing. Get your dollar a day worth in your clothes."

—baebumblebees

"I do a similar thing with 'how long do I have to work for this.' If an item is let’s say $20, that means I have to work for it for little under an hour. It often puts things into perspective."

—eklimen

"Take the time and energy to learn about things you know you don’t understand. When I did my exit counseling from college, I had no idea what questions to even ask — you don’t know if you don’t know. After I missed a payment and had to borrow money from family to help pay a loan, I sat down and educated myself as much as possible so I never had to do that again."

—12345678a

"Don't rely on your bank to balance your checkbook. Balance it yourself, and only use your online banking tool as a means to double check for errors. You never know what's pending and for how long, so you may think you have more money than you do."

—elisabethefergusone

"I’ve been a recruiter for 10 years, and my number-one piece of advice to women and minorities is negotiate when you get an offer, even when it’s a good one. The pay gap is real, and our culture has taught us to just be grateful instead of asking for what we want or deserve. Practice negotiating a salary talk with friends or family to get comfortable with it. Get paid what you’re worth!"

—veemac

"A 401(k) match is HUGE. It’s free money. If your employer offers a 5% match, that is the same as getting an instant 5% raise. You just have to take it in the form of retirement savings and contribute the same percentage out of your paycheck. But it’s still free money. Don’t leave free money on the table!"

—caroliner4f34a2a95

"I just want to add that if for some reason you can't afford the full percentage to get the match (I've been there as a single mom) just put ANYTHING toward it that you can spare. There were years I put 1% or 2% in. After a few years, I squeaked it up to the full 6% match, but I'm glad I did 1% at the beginning. I needed that money to buy diapers, and it was a good use. Now I can do the full percentage and then some. If you can't hit 5% without hurting, that's OK; just work toward it as you get raises or other costs go down!"

—tonig14

"There’s no reason to stay loyal to a company that doesn't offer a good retirement plan. Always keep an eye out for a better opportunity. Companies don’t reward loyalty anymore, but a new company will reward your previous experience."

—marissakroppw

"Here’s a tip I wish I learned in my early 20s. Any and every time you get a raise at work, notify your credit card companies. Usually if you’ve paid on time and have a relatively low balance, they’ll increase your credit limit. Don’t use it!

Larger credit limits lower your credit usage, which will increase your credit score super fast. Especially as you pay off debt over time. I’m 29 and have an 805 credit score now, so it was easy to get approved to buy my house with a super-low interest rate."

—taylorw42f280661

"The best advice I ever got from a career coach was that you need fertile soil to grow, and not every company is going to be fertile soil for you (even if it is for others). No matter how long you've worked there, or how good you are at your job, if the company doesn't value you, you'll be stuck. Job searching is soul sucking, but writing that resignation letter from a sh*t job after accepting one where you'll actually feel valued is SO worth it."

—maggiem45481cd39

"I did not get my life together until my early 30s when I pulled myself out of $10,000 in credit card debt. Reading Bad With Money by Gaby Dunn changed my financial life. I HIGHLY recommend it to anyone who is about to start college to avoid the financial pitfalls of your 20s.

Another piece of advice is do not let your parents manage your finances once you are in your 20s. Just don't."

—annabelg4224873ce

"Also everyone, ladies especially: Listen to Farnoosh Torabi’s So Money podcast. Half-hour episodes giving long-term finance advice. It has really changed my relationship with money. I learned a while ago that unfortunately the school system doesn’t take the time to teach financial literacy, but living in the 21st century, we have all the tools at our disposal for self-teaching."

—joljah21

"Don't pay fees to banks, and score benefits when you can. My mom helped me open my first bank account with her old bank just because, but there are so many credit unions and online banks with easy-to-avoid fees, overdraft protection, and even things like legit interest (3% interest on a high-yield savings account vs. .00001% from a brick and mortar bank). Shop around and bank with someone that won't bleed you dry."

—frygrrl

"Consider banking with a credit union over a bank. My account interest rates are higher than what other local banks were offering, and my overdraft fee is $2. Credit unions are not-for-profit and owned by their members (account holders). If I need a car loan or mortgage, the interest rates tend to be lower than with a bank. The disadvantage with a credit union tends to be convenience. If you need to use ATMs or go into branches often, they may not be the best choice. Most are in some form of ATM network, so just do a little research on how big the network is in your area if ATM fees are of concern."

—lauren190

"I used to only apply for jobs if I matched or exceeded the qualifications. In my most recent job search, I applied for higher-level roles just to see what would happen. Of course there were rejections, but I got some surprising calls back. I start my first director role on Tuesday at a company I’m so excited about! Just remember the worst you’ll hear is 'no,' and you don’t have to be the first one to say it."

—alys4b4e83fd5

"Don't go to college until you're 24. Then, they use your income instead of your parents when determining financial aid."

—schulzemary214

"Sometimes going to college right out of high school isn't the best choice for you. I was in college at age 17, I had zero idea what I actually wanted to do with my life, and I've never used my degree in a professional matter in the 10-plus years since I got it. The experience and lectures were worth it, but I wish I were a bit older."

—pheebsgirl

"Get a credit card with points or cash rewards and never ever leave a balance. I have never seen a credit card bill; I go into the app every few days and pay the entire balance. Takes a few seconds. This makes my credit score awesome and also gives me a few free dollars every month. Do not ever use your credit card to finance anything. Pay it off every day if you need to. Definitely check it every day. And you'll see pending charges instantly in the app."

—myfirstnameisdanger

"I loved my community college experience. I never had a class with more than 12 people, and I knew all of my professors well enough for them to be references by the end of the term. Compare that to 200 people in my university classes and being taught by a TA."

—sarahs402d05f80

"I will sing the praises of graduating debt-free and going on to work in the field my degree was in. Community colleges get a bad rap, and I'm making it my goal to turn that around one person at a time."

—t49e12a934

"Community college also has grants and scholarships. My cousin only paid for his first semester and got a full ride for the last three due to his grades."

—pheebsgirl

"I was always good with looking after my money once I started working but learned a whole lot more once I moved out. I have four bank accounts: two savings with one that I tucked away so I wouldn't spend it and another as easy access for a rainy day, one checking for bills that I transfer money to every time I'm paid (I have all my bills planned out), and another checking as my main account. After transferring, it's easy to figure out how much I have to play with. Also, I split my bills so that I'm not totally broke after rent."

—mightchangelater

"Don't buy a new car when you get a new job. Don't trade in your car every few years. You can buy a good, reliable used car for under $10,000. I bought my current daily driver for $3,300 over eight years ago off Craigslist, and it hasn't had a single breakdown or real issue. I'm a mechanic, so I know better than average how to pick 'em, but talk to your local independent shop, and they can help you too. If you can, buy private party instead of from a dealer to avoid dealer markup, but MAKE SURE you get the car inspected by someone reputable first. There is a difference between an inexpensive car and a cheap car — you want the former. Do a lot of research about the reliability of the vehicle. And take care of it like you want it to last.

My husband and I easily spend $1,000 to $2,000 less per month on vehicles compared to many couples by having lower insurance and no payments. That's a LOT of money over time. People ask how we saved up for a down payment for a house, and that was probably the biggest factor."

—melissan40168c557

"If you find saving difficult because your friends keep pressuring you to come out to this bar or that restaurant, learn how to say no to them, or find new friends. Staying home because you want to save money may seem uncool when you’re younger, but trust me, being in your 30s and having no money and a ton of debt because of bad decision making and too much partying is way more uncool."

—joljah21

"I second this. However, don’t refuse a good time because you don’t have the funds. Oftentimes, I would go out with friends and just have a co*ke or water and tip the bartender a buck or two if I had it. Most times my sodas were free because I looked like the designated driver."

—taylorr24

"There is not a single job that you will ever do that is worth more than your family or your health. I've had jobs who wanted me to prioritize them over my dying mother. It doesn't matter what you think you're going to get out of it, like more money or connections in your industry. It's not worth it. Always put your life before your job. Every job you have is temporary, but your family and your health are for the rest of your life."

—turkeyinacan

"Don’t listen to what anyone says about not being a job hopper; that’s only true up to a point. You’ll make more money if you switch companies every three to four years because you’ll usually be able to negotiate a higher salary with a new company than whatever raise you negotiate with your current company. And no, this doesn’t look bad on a résumé. Whoever is hiring you likely has done the same."

—alicebraz

"Don’t be afraid to ask for a raise. It can be an uncomfortable topic to bring up, but no one else will advocate for you as hard as YOU will. Just last month, I had a sit-down with my boss to ask for a raise, and she ended up offering me a promotion. The wage increase was definitely worth the awkward conversation! Don’t be afraid to ask for what you’re worth!"

—theformermrsbutterworth

"Understand how pay and raises work at your organization. Some companies have very strict rules about when and how they’ll promote you within a role. For example, the place where I work only moves people into certain leadership roles after at least three years of managing others. In environments like this, you may need to leave to get a substantial bump in pay, regardless of how good your performance has been in your current job. Sticking around for years isn’t always worth it if you can get paid more for doing your same level of work at another company."

—chaosofthesun

"Get tips onfilling out your FAFSA(Free Application for Federal Student Aid)! No one helped me, and I qualified for ZERO public assistance even though my parents were at the poverty line. Now I'm stuck with these private loans that can't be forgiven or consolidated."

—brandybruin

"Don't transfer money from a credit card account to a regular spending account as a 'cash advance.' The bank will likely charge you a much higher interest rate than normal and maybe extra fees, and you can end up having way more to pay back than you expected."

—l4d615bb5a

"Never ever sign a financial document if you do not feel you can explain the basic concept(s) of it out loud to another person. We all think we get it, but until you can give a quick rundown to another person, you may be overestimating your understanding."

—happyhat