Broke Millennial by Erin Lowry offers simple, practical advice for young adults to conquer financial fears and achieve financial stability through strategic budgeting, saving, and spending.
Main Lessons
- Start small to improve financial habits, like setting up automatic savings.
- Reflect on childhood money experiences to identify financial patterns.
- Choose a budgeting method that fits your lifestyle, like ‘cash diet’ or ‘track every penny.’
- Use percentage budgeting as a flexible guide, not a strict rule
- Switch to online banks for better savings account interest rates.
- Handle credit cards wisely; pay them off monthly to avoid debt.
- Pay yourself first by prioritizing savings from your paycheck.
- Create an emergency fund that suits your financial situation.
- Understand the psychological roadblocks that hinder financial success.
- Budget realistically based on personal goals and living expenses.
- Build a responsible relationship with credit cards for benefits.
- Save for long-term goals while balancing immediate expenses.
- Strategically use credit cards to build credit scores without accruing debt.
