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3 Personal Finance Tips for Millennial Moms

By: Brittany Engelmann-- 2017-01-09 3:01 pm --

The millennial generation is waiting much longer to start families than all generations preceding them. This is, in large part, due to the struggling economy, lack of jobs, and rising cost of living. Many millennials just don’t view themselves as financially able to start a family. For the millennial moms already raising children, finding ways to make ends meet can be a perpetual challenge. Here are some easy tips to implement this year to improve your family finances and help your monthly budget extend a little bit further.

Focus on Getting Out of Debt

If you’ve yet to make your New Year’s resolution, perhaps you should focus on decreasing your debt. Debt costs families in a number of ways. Firstly, the interest you pay is high, and the longer it takes you to repay your debt, the more money you’ll be wasting in interest. Secondly, having excessive debt can damage your credit, and low credit can result in costlier car and mortgage loans later on, or may even result in being denied a loan altogether. Create a plan this year to gradually reduce your debt each month, even if it requires scaling back in other parts of your budget. In doing so, you’ll be creating a healthier financial future for your family.

Always Have a Backup Plan

The hardest part about navigating today’s economy as a millennial is the constant unpredictability of it all. With so many people employed by startups, your company could go out of business or be bought out. Your cost of rent could skyrocket when you renew your lease, as landlords try to keep up with the market. Millennials are faced with far more economic variables than preceding generations. A critical factor in planning your personal finances is having a plan in place for any unexpected turn your life could take. Having an emergency savings on hand, having a backlog of other jobs you could apply to if the need arises, or having people you could turn to for emergency financial help, are all realities of surviving the economy as a millennial.

Save Money on All of Your Household Shopping Needs

The average family is spending about 25 percent of their income on food and supplies for their home. It composes a major part of every family budget, and the more dependents you have, the more you’ll be spending. Families can benefit tremendously by purchasing all of their household supplies in bulk, as it enables you to access the lowest price per item, while stocking up on everything you need and reducing your trips to the store. To further that benefit, bulk online shopping allows you to conquer your entire shopping list online and have it shipped directly to your door.

At DollarDays, we offer all of the standard household supplies and nonperishable foods that families depend on every day. From baby products to cleaning supplies, we’re a one-stop shop for all of your family’s needs. Visit our store today to see how much money you can save.