3 Best Financial tips for Millennials and Gen Z to build a strong financial future

Thanks to affordable smart mobile devices, accessibility to cheap internet and the high supply of finance-related educational content over the internet, one may argue that millennials and Gen Z are comparatively better informed than their predecessors about financial planning. However, there are certain time-tested ideas that will remain constant across generations.

3 Financial Tips for Millennials and Gen Z to build a robust financial future

Set concrete goals and invest accordingly

Depending on the kind of lifestyle you want to have, decide on your short-term, medium-term, and long-term goals. This will allow you to come up with separate investment buckets for the same and keep you at peace knowing that you have a plan that you’re executing to get to where you want to be.

You can consider investing in products like the HDFC Life Sanchay Plus, a saving plan from HDFC Life.This plan will not only help you create wealth and plan for milestones but also ensure that your loved ones remain protected in case of any unfortunate event.

Be prepared for rainy days

More than 33% of Indians live paycheck to paycheck. This leaves most people in a terrible place where, unfortunately, if they lose their job, they struggle to make ends meet. As soon as you get your first job, it is highly recommended that you start building an emergency fund.

Such an emergency fund must have an amount equivalent to at least 6 months worth of your outgoings (expenses+savings). The sooner you get yourself prepared for rainy days, the stronger your future becomes.

Avoid impulse purchases

The notification of your salary hitting your bank account is one of the best feelings ever. In this age of push notifications, it is super easy for online brands to lure you into checking out their best-selling products, delicious meals, etc.

According to a survey, more than 90% of respondents admitted that they are impulse buyers, where they get tempted by an offering but regret their decision later. When making a purchase, it is a good idea to wait for 24-48 hours and see whether you still feel the need to get the item.

Start early and build good money habits to ensure a secure future for your family and you.

ARN: ED/01/22/27173