SPRINGFIELD, Mo. – With the youngest millennials almost turning 30, now is the time to start building your financial future.
Local financial professional Brad Pistole from Trinity Insurance & Financial Services shares four money mistakes millennials make and how to fix them.
Millennials Are Falling Behind on Their Savings Goals!
“Millennials have faced unique challenges like rising college costs, slow wage growth, working during a recession and experiencing a pandemic,” said Pistole. He said 81% of millennials have said they have had to delay key life milestones because of their student debt, but Pistole believes they can get back on track by avoiding these mistakes:
Mistake #1: Not Using a Spending Plan
- Using a spending plan will help you stay on track. The goal is to have more money coming in than expenses going out.
Mistake #2: Accumulating Too Much Debt
- Being debt-free is important because it will only continue to get more expensive as you accumulate more interest.
Mistake #3: Not Prioritizing Savings
- Saving for retirement when you’re paying down debt may seem hard to do, but it’s critical to make it a priority.
Mistake #4: Forgetting About Healthcare Costs
- Healthcare will likely be one of the biggest expenses in retirement, and it pays off to purchase long-term care insurance when you’re young.