in this day and age it's almost impossible not to go broke at some point in life especially
when you're a millennial our lives are based on a lifestyle which no other generation can
quite understand once the new iPhone is released will queue in line for days just to be the first
ones to have it whatever your favorite celebrity is promoting we want that too and we'll also be
the first to try out that new restaurant that opened down the street just so we can post it
on Instagram hashtag my life is amazing with pressures to keep up with what's trendy and
the pressures from social media we often have no choice but to open our wallets or swipe our
credit cards to feed our desires if you're not careful you'll probably end up broke or heavily
in debt so in today's video we will share with you 18 tips every millennial should follow to
avoid this dreadful financial situation but just before that make sure you press that subscribe
button and enable notifications now let's begin 18 have a budget if you live alone then you probably
pay your own bills you'll find that most of these bills are recurrent either daily monthly or yearly
the very first step is to know what you need to pay by listing down all your bills and expenses
then setting aside the relative amounts next to each bill you need to pay by doing this you'll be
able to know exactly what you need to live off and plan your money accordingly a deeper understanding
of your needs and expenses is crucial to managing your finances and accumulating wealth 17 keep an
eye on discounts I know it might sound ridiculous but chase every coupon code and discount available
they can really save you a lot of money you may have heard this a lot before but brushed it off
and that's why you're broke we're not telling you to go all extreme like the cheapskates on
TLC who hoard newspapers and magazines for coupons but instead why not buy major items when they're
on sale for example if you need to buy or change your sofa do it win IKEA or whichever other store
is running a sale you'll find that the same item can have a discount of up to 50% sales like Black
Friday and Cyber Monday are meant for you so take advantage of them 16 build your career do you have
a career plan do you know where you want to be in the next 5 years well if you don't then this
is the right time to start planning especially if you're broke depending on the career path you want
to take whether it's to become an entrepreneur or climb the corporate ladder you need to sit
down and build it the first step is to determine what resources or skills you need then identify
ways to acquire them once determined you can now proceed to either applying for your dream job or
starting your business the only way to get out of your broke situation is to build your career which
will in turn pay you back and relieve you from your broke situations 15 start a side hustle in
The Times we're living in it's almost impossible to solely live off one income stream that's why
you need to create or find another source of income especially if you're broke whether it's
walking dogs or babysitting or any other paying psychic you have to take up an additional source
of income today it's even easier to get a side gig with all the available freelancing platforms such
as up work and freelancer the options are endless 14 go on a cash diet the cash diet is the sort of
term for juicing for the financial world in fact anyone who isn't financially stable should try
it this diet involves walking around with cash and paying for everything in cash there's only
so much cash you can have at any given point meaning your spending will be limited in this
day and age of digital money and instant loans you can get everything you set your eyes on instantly
this leads to impulse buying and unnecessary expenditures I know you're probably thinking oh
how will this be possible I buy everything online but guess what that's the reason you're broke do
yourself a favor and cut your credit cards up you can thank us later thirteen why take this
one with a grain of salt lying isn't right but in some life-and-death cases it is really necessary
to avoid the impending death of your financial being and you ending up in debt you need to be a
creative liar say you're planning a wedding come up with creative ways of saving costs call the
venue you're hiring for the event and say you're organising a family gathering instead do the
same with the decor and other service providers you'll be surprised with the cost difference and
potential money saved 12 start saving put aside the little you have make sure you set aside part
of what you have however little they say saving is the golden ticket to financial freedom and
is indeed but what matters most is building that savings muscle you can save this month and maybe
the next then end up spending everything by the third month and breaking the cycle however when
you build a routine you end up saving consistently over a long period of time this pile of money
stashed away will build a foundation to grow you financially 11 start investing once you've saved
for a while it might be time to start investing you can seek a financial advisor at this point
to help you determine the best opportunities around you create a small portfolio made up of
your investments and watch your money grow this is the only way you can multiply your little savings
into a lump sum 10 take financial courses you may not have all the time in the world with a 9 to 5
job in a side hustle but you can still make time to learn something new especially if it's about
your finances today there are so many financial gurus offering courses for as little as a couple
of dollars however before you start find out who the course creator is read their profile and find
out if they're certified there are so many crooks out there looking to make a quick buck so be wise
and do your research diligently 9 watch your money just like in business how you should know your
numbers the same applies to your finances you should know exactly how much you have in each
account at all times if you have any loans note them down always have a full record of what you
have the assets you own any loans and their values this can be done by opening an excel sheet which
is free and recording everything that you spend money on once you have a clear picture of your
financial status you can easily manage your money better 8 cut down on credit card expenses credit
cards are great but only if they're well-managed how you pay them off will determine your credit
score the credit score is important because it informs all financial institutions on your
credit worthiness and alerts them on the available loans and interest rates applicable to you so you
have no choice but to manage each card you have accordingly always pay interest when it's due
only use your credit cards for necessities never use your credit cards for any impulse purchases
and constantly check your credit score to review your performance 7 pay off loans if you're broke
chances are you have debt create a list of all the loans you have and the interest rates on
each of them once done arrange them from the one with the highest to the lowest then finally start
paying off the lowest first research shows that paying the lowest rated loans first gives you
the motivation to pay off the rest six cut off some friends you don't need to be friends with
so many people just keep a few friends who are closest to you here's why the more friends you
have the more birthday parties the more gifts to buy on Christmas and so on in short you'll
end up spending a lot more money to please a lot more people keep a few friends who you resonate
the most with trust us you'll thank us later five spend less time on social media studies indicate
that social media contributes to about thirty eight percent of all depression cases most people
don't post their true reality on social media in fact 80% of people fake it you may think someone
has the perfect life with designer clothes cars and fancy things but turns out they're just as
broke as you but in deeper debt instead of wasting your time wallowing over what you could have and
wish your life was this interesting and funnest there's limit your time on social media this can
be done with apps that monitor your screen time and block access to your social media accounts
but let's be honest if you're broke you shouldn't be wasting time on Instagram snapchat or whichever
other social media app you spend a lot of time on instead use your time to be more constructive
learn something new or find a side gig for plan for your babies children are a lot of fun but the
last thing you want is a broke millennial is to have babies at this time children are expensive
that's a fact from labor expenses at the hospital to insurance to other medical bills you'll cough
out a lot of money raising your child if you don't have your money right it may not be the
best time to have a child plan for this with your partner and when your pockets are no longer empty
you can now consider having a baby plus you don't want to bring a child into this world to suffer
right three identify trigger warnings find out what triggers you to spend money some people
end up making impulse purchases under stressful conditions for me when I get upset about anything
I used to go online and purchase unnecessary candy or expensive chocolates and my mind would be like
oh you're gonna spend fifty five dollars on a designer chocolate box that's probably not good
for your waistline or pockets once you identify your triggers find solutions that don't involve
money to solve them this may be the hardest thing to do but with time it gets easier to
move back home if you have parents or guardians who can accommodate you then it's a no-brainer
move back home you'll end up saving a ton of money which would have otherwise gone to rent and other
utilities don't be embarrassed about it just make the move and do it as soon as possible if this is
something you absolutely can't do you can always get a roommate who will split the expenses with
you one start a retirement plan when you're broke this may not be the first thing on your mind but
it should be part of your grand financial plan visualize yourself at the age of 55 yes years
into the future and picture in your mind's eye the kind of life you want to live how much money would
you want to have what type of house or houses would you want to own will you want to travel the
world or do anything else once you picture this determine how much money you would need to sustain
your dream lifestyle after retirement now open a retirement savings plan with a great interest rate
that will enable you to live the life you want the power of compounding interest plays a key
role in growing your wealth tremendously so that little $100 savings a month can go a long way in
increasing your money after a couple of years and finally you should at all times stay positive just
because you don't have money now doesn't mean it's the end of the world or that it's your indefinite
end keep your head up always and do what you got to do without positivity none of these tips will
work so in summary the 18 tips not to end up broke are one have a budget to keep an eye on discounts
3 build your career 4 get a side hustle 5 go on a cash diet 6 y7 start saving 8 start investing
9 take financial courses 10 watch your money 11 cut down on credit card expenses 12 pay off loans
13 lose some friends 14 spend less time on social media 15 plan for your babies 16 identify trigger
warning 17 move back home 18 start a retirement plan thank you so much for watching if you made it
this far I bet you enjoyed the video why don't you give it a thumbs up and save it to your playlist
so you can review it whenever you need to also share it with your other friends who might need
this advice your current broke situation isn't there's always something you can do about it