5 Money Management Things for Newly Employed Millennials

When his first paycheck "real" happens, a common reaction is to celebrate by buying a round of beer for your friends at your favorite bar Money Management. While this is not a terrible thing to do once, from financial adult life  Money Management should be considered as an opportunity to create financial security for the future.

According to the "Financial Stress Research 2013" Financial Report Finesse, 62 percent of those under 30 said they had "some" financial stress, and another 15 percent say they have a "high level" or are overwhelmed by financial stress Money Management.

However, with a little knowledge can maintain financial stress at bay. Here are some tips from the pros on how to start money on the right foot Money Management.

1. Living on a budget. Having a budget is an essential first step. This is the part that keeps your finances in place, says Alexa von Tobel Money Management, a certified financial planner and founder / CEO of LearnVest.com.

"At LearnVest, we love 50/20/30 budgeting method: 50 percent of your net pay (pay after taxes) goes to its basic elements (rent, utilities, food and transportation), 20 percent are in the future (debt, saving for emergencies and retirement and Money Management) Money Management, and the rest - 30 percent - goes to his lifestyle (eating, holidays, shopping, etc.), "says von Tobel.

Melody Judge, CEO of the management of income for life, says that young people need to avoid large car loan should seek cheaper apartment (safe and Money Management) Money Management, they may find when they start working.

Also, pay attention to seemingly small expenses. "Avoid slats - is a bad habit to get into," he said at $ 4 per day, five days a week, $ 20 per week multiplied by 50 weeks a year (if we consider that to get one. Stay for two weeks) is $ 1,000 you spend on coffee a year, he said. "Not your ridiculous How about $ 10 per day for breakfast Money Management, which is equal to $ 50 times per week, 50 weeks - which comes to $ 2,500 for lunch"

2.in the long run will save you money on your income taxes due.

Most professionals recommend saving at least 10 percent of their salary before taxes. If you do this from the beginning, you will not notice the difference in your pay. "If your employer offers a retirement benefit game, enjoy all you can," Money Management says von Tobel. "This is basically free money, so do not leave it on the table."

3. Automate your savings. "When you're at the age of 20 years, it is difficult to find the balance between living in the moment and planning for the future," said Scott Spann, resident financial planner with Financial Finesse in El Segundo Money Management, Calif. "Instead of falling in the mistake of having the intention to save all month and the money just to be there, automate savings through payroll deductions or automatic transfers at least 10 percent of their income. "

To be really serious about saving, the judge recommended diverting 10 percent of their salary into a personal savings account in addition to your 401 (k) payroll deduciton.

4. . Establish a "Freedom Fund" Having money saved for emergencies is essential to avoid a financial disaster, says von Tobel. "This is your safety net covers you if you are between jobs, and give you the freedom to leave a bad relationship or a job you hate Money Management, you can sleep better at night, knowing that you have given .. some financial security. "

Ideally, the release of funds should have enough money to cover three to six months of living expenses. You will not reach this level during the night, but do not let that discourage you just put aside everything you can each paycheck to reach your goal Money Management.

5. Pay off your debt. While it is important to build your emergency fund and retirement savings, there are some times when other things take priority Money Management. If you have a credit card debt with high interest, you should change your priorities a bit.