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Millennial Money educates millennials about the fundamentals of personal finance. The column is written by staff members who fall into the millennial generation and who are themselves grappling with issues ranging from budgeting to buying a home to saving for long-term goals.
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The average monthly premium for renters insurance is about $17 a month for $40,000 in personal property coverage, according to Insurance.com.
See More On: Home Insurance | Family Finances
Paying for expensive medications is especially painful if you’re in a high-deductible plan.
See More On: Health Care & Insurance | Smart Buying
You’re not necessarily throwing your money away when you rent.
See More On: Buying & Selling a Home | Family Finances
Don’t forget that your time has value, too. Volunteering is the best way to see if you like how the charity is run.
See More On: Budgeting | Family Finances
Pay off debt with the highest interest first, stick to a schedule and automate payments.
See More On: Getting Out of Debt | Family Finances
Merging households and finances is a major step. Be sure to have an open and honest dialogue about each other's income and spending habits beforehand.
See More On: Family Finances | Financial Planning
Branching out and investing in a mix of funds can give you a portfolio that’s cheaper, better diversified and more in line with your needs.
See More On: Mutual Funds | Stocks & Bonds
It’s a daunting prospect. In 18 years, attending an in-state public college for four years will likely cost a total of about $233,000.
See More On: Paying for College | Saving Money
Even if you have to pay for tax software, it’s cheaper than hiring a tax preparer.
See More On: Tax Prep & Filing | Tax Planning
Your savings can bail you out of a situation you may not think of as an emergency.
See More On: Family Finances | Saving Money
The game plays into millennial stereotypes, but in reality we’re not much different than other generations.
See More On: Family Finances | Business Costs & Regulation
No excuses. You don’t need a 401(k) or employer match to save.
See More On: Saving for Retirement | Saving Money
Many people choose a business that takes advantage of skills they’ve developed at a 9-to-5 job.
See More On: Careers | Financial Planning
While they're still active and healthy, you should broach the subject of what assistance they'll expect from you as they age.
See More On: Caregiving | Family Finances | Financial Planning
Even if you're unmarried and without dependents, you should still have a will.
See More On: Estate Planning | Wealth Management
When you're just starting out with investing, you first need to build a diversified core before betting on individual stocks.
See More On: Stocks & Bonds | Tech Stocks
Self-employment comes with extra flexibility—a trait that millennials prize—but it can also complicate your financial life.
See More On: Small Business | Business Costs & Regulation