Millennial Money Expert Shares 5 Tips to Feel Financially Adequate
By [Name], Contributor
If you’re one of those individuals who regularly reflects on whether they "feel" financially adequate, you might be in good company. According to recent surveys, nearly two-thirds of young adults are dissatisfied with their current financial situation and often feel like they need to "achieve more" to be truly successful.
Fortunately, there’s someone here to help: an expert in the millennial money space who has distilled actionable advice into five key tips to combat feelings of financial inadequacy. Here’s how you can take control of your financial well-being:
1. Set SMART Goals
- Forget vague resolutions like "be more generous" or "save more." Instead, break your goals down into specific, achievable targets.
- Categorize your goals: career-related (e.g., a promotion), financial-related (e.g., retirement contributions), and personal-related (e.g., travel plans).
- For example, if you want to save 50% of your income for retirement, allocate at least 10% of that amount into experiences that bring you joy—like eating out or traveling.
2. Stop Comparing Yourself to Others
- One of the biggest sources of financial stress is comparing your situation to others. Instead, focus on what truly matters: your unique achievements and the positive moments in your life.
- Acknowledge that not achieving everything you set out to do is completely normal. Six months later, if you’ve achieved even 50% of your goals, you’re still ahead of the game.
3. Refine Your Budget
- When setting aside money for savings or investments, be granular with your budget. Look for areas where you can cut back without sacrificing your lifestyle.
- If saving to bolster retirement is a priority, allocate more than necessary into high-priority expenses (e.g., paying off debt) so that the remainder can go toward your goal.
4. Allocate Happiness in Your Budget
- As tempting as it may be to focus solely on career and financial goals, remember that money is ultimately just a tool for achieving things. Focus on what truly brings you joy.
- For instance, if saving 50% of your income into retirement is the goal, allocate at least 10% toward activities or experiences that excite you (e.g., eating out, traveling, or spending time with loved ones).
5. Accountability Is Key
- To ensure you stay on track with your goals, create a vision board to track progress and set a schedule for achieving each goal.
- Share your goals with a trusted person or professional—they can provide accountability and motivation.
By following these tips, you can reduce feelings of financial inadequacy and build confidence in your ability to achieve long-term goals. Remember, it’s okay to feel stressed about money—it’s an indication that you’re doing something meaningful!
