We all know that Gen Z is ahead of the curve in fashion, pop culture, and pretty much everything else. Without them, we would never have learned about the existence of baggy jeans, the meaning of the phrase “it gives,” or how to find a duck in a luxury product. We Millennials may be older, but that doesn’t necessarily mean we’re wiser, especially when it comes to finances. After all, there is always more to learn.
a Recent research conducted by financial institution SoFi Gen Z is more financially savvy than we think, with 21% of them saying making money is their top goal. In addition to having the ambition to make money, they also have tactics that help them achieve this goal. What’s next: 5 financial advice you can learn from Gen Z.
Supplement your income with a side job.
Despite the soft-life trend spreading rapidly on TikTok, Gen Z hasn’t completely abandoned girlboss culture. Another research report 43% of Gen Z have a side hustle in addition to a full-time job to supplement their income. Meanwhile, only 33% of Millennials have a side hustle. Whether you have credit card debt you’d like to pay off or a savings account you’d like to grow a bit more, earning extra money can help you reach your financial goals. There are plenty of easy ways and side hustles to make extra money, like taking online surveys, selling clothes on Poshmark, or working at a retail store on the weekends.
Use your manifesto to attract money.
While not everyone may experience symptoms, it certainly does occur in Gen Z, who are more likely to experience it than other generations. use affirmations To help them realize their goals. With just a few changes in your mindset, you can set yourself up for success and improve your relationship with money. Is there another way to practice money expression? Money diary. This combination of reflection, planning, and affirmations can help you reshape your beliefs about money.
Cherish your life after retirement.
Gen Z may be the youngest generation in the workforce, but they’re already thinking about retirement. According to a SoFi survey, 37% of Gen Z participants want to retire by the age of 50 (also the same). This was 12 years before he was given severance pay. Social Security Administration It’s never too early to start planning for retirement. If you haven’t started saving yet, now is the time. If your workplace has a retirement plan like a 401(k), consider using this opportunity to make monthly contributions. If that’s not possible, use an online retirement calculator to determine how much you should save each month and create a separate savings account so you don’t want to spend that money. We recommend high-yield savings accounts, which earn more interest than regular savings accounts.
Don’t forget to have food at home.
There’s nothing better than picking up a little treat for yourself while running errands. From your morning coffee to your afternoon lunch, these small purchases add up over time. Gen Z is well aware of this struggle, with 43% of Gen Z surveyed. american bank Admit to cooking more at home to save money. Why not treat yourself once in a while by eating out or enjoying coffee from your favorite shop? Why not flip through the pages of a Gen Z book and remember that there is food at home?
If you’re not a professional chef, or you just don’t want to go through the hassle of making complicated meals, there are easy ways to make meals at home. We love One Pan His recipes using Trader Joe’s favorites and prepping Sunday lunches and dinners to free yourself from chef duties for the rest of the week. The best thing about shifting to a mindset that prioritizes eating at home (besides saving money, of course) is that eating out with your partner, the girls, or your solo date every few weeks feels more special. is.
Discuss family planning with your partner.
In addition to retirement, Gen Z is already thinking ahead about what will happen to their families. recent articles Even Gen Z and Millennials say they worry they won’t be able to afford to start a family because many of them are living paycheck to paycheck. First of all, and with all due respect to those who are taking this seriously, Gen Zers need to know that it’s never too early to start thinking about what they want when it comes to their children. I’m proving it. Whether you’re dating, engaged, or already married, set up a meeting with your partner to discuss what role you want your children to play in your future. Do I need to start saving money now to support my family? Is it better not to have children? There are no right or wrong answers. Make sure you make the decisions that are best for you and adjust your finances accordingly.
