No one is trying to be insulting to any particular group here, but rather just to point out a common reality: Younger people may struggle a bit more with money management than some of their older and more seasoned peers. Millennials, for instance, have spent the last decade or so reaching adulthood and realizing very different money management needs, and a few common issues tend to arise here among this younger generation.

At 1st Choice Money Center, we’re here to offer assistance to clients of any age around Utah or Idaho as they manage their money, including millennials. We offer options like title loans, personal loans and other alternatives to predatory payday loans, which we refuse to offer for the good of our clients. In this multi-part blog series, we’ll go over some of the typical money errors made by millennials, plus how to steer clear of them and how services like ours can help if needed.

Lack of Future Investment

Broadly speaking, one of the most common money missteps millennials make is not investing for the future. Whether it’s an IRA or 401() plan, stocks, mutual funds or other, this age group is averaging less in retirement accounts than previous generations.

Compounding interest and dividend payments are essential to any financial plan, so this should be a priority as soon as possible. Of course, debt and other obligations may get in the way of this goal. But that’s what resources like ours are for: providing a short-term loan or other solution so that long-term investment can be made possible!

Problems With Student Loan Repayment

Another common misstep among millennials is with student loan debt. The average balance for this age group is $20,000, which can be overwhelming and paralyzing for some. To make matters worse, many don’t even know the terms of their loans and when payments are due, nor how much interest they’re paying or what options there may be for refinancing.

It’s important to take control of this debt as soon as possible, and that’s something 1st Choice Money Center can help with. We won’t refinance student loans, but we’ll work with customers to provide a loan or other solution that can make it easier to pay off the debt in a timely manner.

Being Too Casual

It’s natural for millennials to be more casual with their money, but this can lead to problems. Many don’t make the time for budgeting and tracking expenses, nor do they have an emergency fund set up in case of a financial crisis.

Rather than thinking of it as a chore or hassle, making a plan and sticking to it needs to become part of the routine. That way, bills can be paid on time and something will always be there for those times when money is tight and something unexpected comes up.

At 1st Choice Money Center, we’re here to help clients of all ages tackle their money management issues. If you are a millennial in Utah or Idaho and need a hand, contact us today! We’ll look at your options and come up with the best plan possible for you.

And stay tuned for our next blog post, where we’ll cover more common money missteps to avoid.