Hi All,
In today’s post, I am going to discuss “Spending Habits for Canadian Millennial Professionals”.
My top 3 tips for Spending as a Canadian Millennial Professional are:
1. Only spend on what you need
How do we spend money only for what we need? We dedicate the majority of our funds to necessities.
By spending only on what you need the majority of the time, this will put you in the best position to borrow funds in the future.
2. If you don’t have the money save for it
If you don’t have the money available for what you need save for it.
Saving for what you need versus taking out more money on your credit card and lines of credit will show your lenders excellent repayment history.
Credit is available to those that adhere to financial discipline.
You must be disciplined with your finances and keeping your credit score high to be able to borrow money in the future when the need arises.
The best way to keep your credit score high is to use your credit products seldomly (only when needed) and use your savings and cash the majority of the time for purchases.
3. Spend less than you make
The final tip for Spending Habits for Canadian Millennial Professionals is spending less than you make.
Spending less than you make now is easier said then done, but it will allow you to do more in the future.
Keeping your spending to a minimum below your overall income is very important to your financial future.
Being disciplined with your spending will allow you to invest more of your money to what truly matters to you.
By spending less than you make you will be able to save for:
-Your education
-A vacation
-A Wedding
-Building your own business
-Buying your first home
-Home renovations
Summary
I hope you all enjoyed this post on Spending Habits for Canadian Millennial Professionals.
I feel that this particular topic for my blog post/video series will be very beneficial for Millennials.
Financial literacy is often the last thing people would like to think about but it is essential for your financial health and well being.
Being more educated in your financial decisions will help you be better equipped to make the right choices when the time comes.
If you enjoyed this post, please comment, rate, and subscribe and stay tuned for my weekly blog posts, youtube videos, and podcast episodes.
Cheers,
Alex
Content Schedule:
Blog Posts– Wed & Fri each week
Podcast Episodes- Mon each week
Cheers, Alex
Blog:
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DISCLAIMER:
All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.
