It’s the time of the year to make a list and check it twice. Only this list is specific to millennials, an age demographic that has worked long and hard to find financial footing in a world of monetary ups and downs. As the year winds down, there are a few key things that millennials can do to make sure their money is secure and ready to grow at the start of the new year.
When it comes to an end-of-year financial checklist, GOBankingRates asked some experts for what to focus on. Here are three tips for this generation to close out 2024, according to experts.
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Maximize Your Retirement Contributions
“I know, I know, retirement seems like light years away. But trusts me, your future self will thank you for it one day,” advised Kraig Kleeman, founder and CEO of The New Workforce.
“Many millennials have been in their career for over a decade at this point. If you aren’t prioritizing retirement by now, you’re falling behind,” warned Mark Henry, founder and CEO of Alloy Wealth Management.
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“If your employer offers you a 401(k) match, make sure you contribute enough to take advantage of it. Not doing this is like leaving free money on the table. Even increasing your contribution by 1% can make a big difference over time,” Kleeman added.
Take Control of Your Debts
In Kleeman’s professional opinion, Millennials need to take stock of their debts, whether they are student loans, credit cards or mortgages.
“Look for ways to speed up your repayments,” Kleeman advised. “Can you refinance your loans at a lower interest rate? Can you put an extra $50 a month on your credit card balance? Even small actions can help you get rid of that mountain of debt.”
Pay debt off completely if you can, encouraged Henry, and if not, pay them down as much and as fast as possible.
“When you carry credit card debt, you end up paying much more in the long run,” Henry added. “A lot of people are still paying off debt from last year’s Christmas, and we have to find a way to break that cycle.”
Review Your Financial Goals
“Life changes and your financial goals will change too,” explained Kleeman. “Maybe you had a baby, started a business, or decided that 2025 would be the year you finally took that trip to Italy.
The key to meeting your money goals is consistency and tracking progress, according to Henry. “No matter how old you are or where you are in your career, setting goals can help you stay financially healthy and set yourself up for long-term wealth. Before the end of the year, ask yourself if you met your 2024 goals.”
“Sit down and review what you accomplished this year,” Kleeman suggested. “Then, set clear and achievable goals for the coming year. Break them down into small steps and you’ll feel like you have a lot more control.”
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This article originally appeared on GOBankingRates.com: End-of-Year Financial Checklist for Millennials: 3 Tips To Finish Out 2024
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
