Being a working millennial definitely has it’s perks, but I’ve come to know the financial struggles that come with it as well. Simply put, I wasn’t financially prepared for the health struggles that hit me at times that seemed the most difficult to get through.
The 2014 Aflac WorkForces Report found that only 15 percent of millennial workers agree that managing health care expenses is an important part of their financial plan, and 19 percent say they don’t consider health care expenses a part of a financial plan at all.
I once fit into that 19%.
Until I was “One Emergency Away From Financial Disaster” and then that financial disaster rocked my life.
It’s never to late to start financially planning for the future. What once was a fun paycheck for me where I could splurge on all my wants and desires turned into my last resort to cover expenses and bills for my needs. I also have learned the hard way that financial planning, especially for health related emergencies, is important. Extremely important! And there is NO wrong time to start.
Don’t wait until you’re at the ER because of your health.
Don’t wait until you have to find a way to afford the medication prescribed to you to feel better.
Don’t wait until the medical and hospital bills pile up on your desk.
Don’t wait until you’re ready to pull your hair out because you simply don’t know what to do anymore.
Don’t wait. Start now!
Did you know that 35% of millennials have less than $500 available to pay for out-of-pocket expenses associated with an unexpected serious illness or accident? That’s another statistic I’ve fit into.
Through learning from my experiences and mistakes, I have started to truly focus on a financial plan for my future so that worrying as much as I do now can be a thing of the past. Here are three simple tips I follow to help me get through it all without losing my mind.
1.) Make a budget and stick to it!
Take a step back and examine your life. Figure out what things are the most important to you and break it down into a list of your wants and needs. Budget to fit all of your needs and then take a look at your wants. If you’re budget doesn’t allow for you to enjoy all of your wants, take a deep breath and cross them off. Remember a budget isn’t set in stone and if things become financially better for you, you can reevaluate. The most important thing is that you follow your budget and find a system that works best for you.
2.) Pull out the piggy bank and start saving!
Saving money has always been a bit of a problem for me. It’s just not something that I considered important as I entered my adult years. I now know that saving up money is essential to planning and providing for yourself in the future. I didn’t save and then had no other options available to me when I needed it the most. Give yourself the gift of financial stability in the future by saving now.
3.) Get out of debt!
It’s scary to think about especially in times like these, but becoming debt free will provide you with some financial freedom and should be an important part of your financial plan.
Have you set yourself up to handle the financial ups and downs of life? If not, it’s never too early or too late to start. “Invest in the future because that is where you are going to spend the rest of your life.”
I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.