Mariam Youssef 
We (millennials) live in a Gen Z social circle despite being a late millennial. We've discovered that Gen Z is among the best generations when it comes to questioning norms and asking why everything is the way it is. The days of taking the response "that's just the way we do things" and dressing in stuffy, professional workplace clothing are long gone. Gen Z, typified by their adoption of social media, mainly depends on social media and financial influencers for financial guidance. This is a guide on personal financial planning for Generation Z written from the viewpoint of millennial experts. That said, here are some millennial financial tips to help Gen-Z in their 20s.
Essential Financial Advice for Gen-Z's Journey through Their 20s
Your plan should be as unique as you are
Write out your financial objectives, be as detailed as you can, include illustrations, and arrange them in order of importance to take control of your financial future. This will serve as a vision board for finances. Make time to review those objectives at least twice a year to monitor your progress and make necessary adjustments. To stay on track, think about collaborating with a certified financial planner (AKA your older sibling or your parents) if you struggle with discipline.
Smart work not hard work
When we talk to many members of Generation Z, they are thinking about how to work more efficiently rather than harder. Gen Z is starting to use a fashionable term called "soft saving," which refers to maximizing lifestyle in the present moment while saving as little as possible for the future. Although the term "soft saving" is new, the idea behind it is not. For many years, many people have put almost all of their extra money towards living expenses and very little towards savings, but this practice could be bad for your long-term financial plan.
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You can do without credit cards
Never be seduced into accepting a high-interest credit card offer just because it comes with a free gift—whether it's "points" or vouchers. In the long run, the costs will be far higher than those of the temporary incentives. High-interest credit cards are something you should only get if you have no other way to pay for your needs.
Lower your monthly expenses
Since inflation has reached a record high, most individuals are worried about their own financial situation. Reducing temptation and adhering to a strict budget are frequently simple places to start. This can be achieved by reducing your internet buying habits and uninstalling convenience apps. In addition, you should carefully review your spending plan and cut out items like subscriptions, eating out, and travel that aren't truly necessities. These few adjustments can result in hundreds of dollars in monthly savings.
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Keep track of your spending habits
Make a written log of all the money you spend. Finding areas where you can reduce your spending is practically hard if you don't know where your money is going. To be precise, everything includes the 10 pounds you spent on a soft drink. You'll be forced to consider whether you really should incur that expense just by doing this. Use a spreadsheet, notepad, or financial app. You'll have the data you need for the following stage of the procedure if you do this for at least one month—two months is preferable.
Create a reasonable budget
To put it simply, creating a budget involves three things: figuring out how much you make, figuring out how much you spend, and planning to spend a smaller amount than you make in order to save the difference. The benefit of budgeting is that it allows you to set spending priorities in order to reach your objectives after you are aware of your income and costs.
Eat at home!
When you're out, you must eat! But dining out is not necessary. We understand that eating out or ordering takeaway is more convenient and often tastes better than cooking. It is, nevertheless, far more costly. Even if you can’t cook, for beginners, there are a ton of YouTube videos and cookbooks available. Prepare multiple portions of your favorite dishes and store the leftovers in the freezer for later use. Purchase nonperishable goods. Make use of grocery coupons. Purchase store-brand or generic canned products rather than those with well-known labels. Reducing the amount of coffee you purchase can also help you save money.
Finally, with all the wonderful developments that Gen Z's getting into the workforce has brought about, we hope that this well-educated generation can find the resources they need to attain financial security. It's critical to identify reliable information sources, design a plan that suits your needs and learning style, and manage your finances.
