It’s not a big secret that most entry level jobs, like the ones you get as a student or recent graduate, don’t pay well. And if you’re just starting out, you probably have more bills than you’re used to, things like rent, tuition or student loans. Plus food, gas, and all the extra things like dates and nights spent out with friends, the newest gadgets and trends… The list goes on.

And it can be really difficult to balance all of this — especially when you don’t make very much money. But being responsible with the little cash you do have can save yourself the pain of being buried in debt. Because it’s a lot easier to prevent overspending than to get out from under it.

Find Balance

The little things you do can add up to big savings. Budgets can sound intimidating and restrictive. That’s why we prefer “spending plan”, because really it’s like a checklist for your paycheck. Spending plans are really a way for you...

Whether its the local ice cream shop or a popular retail store, a first job is an exciting experience that brings with it new kinds of responsibility and freedom. It is also the perfect opportunity to start teaching yout child about managing money, regardless as to what their paychek may look like or what their expenses are (if they have any). 

We’ve put together three financial tips to teach your child about to get them to start thinking about their money and how they manager it. The younger they learn about financial responsibility and money management, the smarter they’ll be when it comes to more serious financial decisions down the line. 

Open a bank account 

Most banks offer great incentives to teens when they open their first bank account. Some banks will offer a bonus for opening a checking account and most banks waive monthly maintenance fees and don’t require a deposit minimum. 

After opening a bank account, see if your child’s...

April is finally here with warm weather, sunshine, spring, and Financial Literacy Month! Raise your hand if you're celebrating. 

However, for the last twenty years financial behavior has not changed for the better among young people. In fact, it's worse.

• More consumer debt
• More student loan debt
• Little to no investing
• Increase in financial stress

What can we do?

Stop talking about it and do something about it!

If you are someone that is having financial troubles or if you know someone that is having troubles, take our Do Money Differently course and see the difference it can make!

Let’s start talking about it in the right way.

As humans, we're wired to be SUCCESSFUL at something. So, let's change the month of April to Financial SUCCESS Month.

At Young Money University, we believe traditional financial literacy is mediocre at best.  So we want to give you confidence to start investing in YOURSELF with learning how to do money differently. 

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Step 3 of my 5 step plan to Do Money Differently focuses on how to spend your money differently. So many people hate the word “budget”. So, do yourself a mental favor and call it your “monthly spending plan”. Sounds much better right?

Now you will create a monthly spending plan that is zero based. This will give you the control you ultimately desire over your money. 

As an example, let’s say your net monthly income is $2,500 per month. Before each month starts you will assign each dollar of your monthly income to a fixed or what you value expense.  These are the only two expense categories you will have going forward.   

Fixed expenses will include your rent/mortgage, utilities, grocery, cell phone, car payment, car insurance, renters insurance, student loans, subscriptions (Ie...Netflix, Hulu), gym membership, etc. 

What you value expenses might include eating out, a new hobby like photography,...

Many of us were indirectly taught growing up to have an account at your bank or credit union called “savings”. It made perfect sense because you knew you needed to save money for future use at some point.    

However, I’m here to tell you to ditch your single savings account and open up multiple named savings accounts that have nicknames to reflect your needs and your “what you value” expenses. 

You and I both know that it’s super simple and tempting to spend money out of your “savings account” on a whim for something you desire. When you give into those whims, it always seems to come back and bite you when you have an out-of-the-blue or emergency-type of an expense (think of a car repair). 

One way to reduce this stress and have more control over your cash is to open up various “digital envelopes” of cash for things like car maintenance, new car, travel, hobby,...

Hands go up all the time on my speaking tours when I ask, “how many of you have a fear of failure?” It doesn’t matter where I speak because it's consistent among many Millennials and Gen Z today.

I’ve been there too. Thinking that if I dream too big then I will look like a failure if I don’t get to where I want to go. It’s a nasty cycle of thoughts that can feel overwhelming.   

The best medicine for overcoming fear of failure is to take action toward the dream or goals you have for your life.   

After you finish reading this article, I challenge you to write out some of your life goals or dreams. 

• Where do you want to live? 
• What kind of house do you want to live in? 
• Do you care about the kind of car you drive or are you more interested in traveling on a regular basis? 
• Do you want to start a business someday? If so, what kind? 
• What about helping others who are in real...

We all know 2020 was a year like no other. Dating back to pre-pandemic, financial stress was the number one stressor for Americans. But pre, during, and post-pandemic financial stress still takes the top spot for Americans. This year it’s time to DO MONEY DIFFERENTLY.

Doing money differently begins with taking on a new mindset about money and your beliefs about achieving real, long term, financial success.   

Before you attempt to save, spend, or invest differently, focus on your WHY. WHY do you ultimately want to be financially successful in the first place? 

• Do you want to erase all your debt? 
• Do you want to have less stress for years and decades to come unlike your parents?
• Maybe you want to take part in experiential living - traveling on a regular basis down the road?   

Whatever your WHY is make sure to get it out of you by writing it down and put it where you can see it daily. 

Your WHY will be...

The term “financial literacy” slowly came on to the scene about 15 years ago. Before that there was little discussion about the need for financial literacy for today’s youth, millennials or the general population at large. Man, have things changed.

Since that time there’s been billions of dollars spent on financial literacy efforts by non-profits, financial institutions and government entities. All well-intended but with little change in financial behavior.

The ROI is not there because traditional financial literacy is missing the mark big time.

Traditional financial literacy is boring. The two words “financial literacy” are two words that should never go together. It sounds like and is education. There’s a big emphasis on credit scores, APR’s (annual percentage rates), budgeting and how to be a good spender. Today’s financial literacy is a cause for yawning, leaving a workshop early or not showing up at all.

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