Millennials: Are you living within your means?
Here at N & Co. we have a number of “millennial” clients, business owners, children, and interns. We enjoy their unique perspective on the world, and as accountants, we are especially interested in their ideas about money. The millennials we know are discerning consumers and are concerned about where their money is going. Miriam Cross, of Kiplinger’s Personal Finances magazine, suggests millennials really review all of their expenses (the needs and the wants), as well as their savings, to ensure they are looking ahead at their financial future.
Cross suggests tracking all expenses for two or three months—without judgment—so that you have a candid view of your lifestyle. Once you have that information, you can begin to set realistic and specific goals. Maybe you want to save for a vacation or put more of your paycheck into a 401K, tracking your money flow will allow you to do that.
At Nichols & Company, we are happy to work with our clients (of any age) to discuss any of the tax ramifications of any decisions you are considering. Feel free to call our office at 614-891-5423 to make an appointment to discuss your personal situation.
For more details, including some budgeting apps, please see: https://www.kiplinger.com/article/credit/T007-C047-S002-the-power-of-living-within-your-means.html