Personal Finance Advice for Millennials
Millennial Personal Finance was created to help solve the severe lack of financial literacy in our nation. Our goal is to educate millennials on the various personal finance topics that will affect their lives for years to come.
What Do You Need Help With?
Student loans are a massive problem for many young adults in today’s society. Nowadays, nearly 60% of college graduates have debt, each carrying an average of around $28,000. This debt is causing millennials to put off many of life’s major milestones. Some of these include saving for retirement, buying a house or car, getting married, and starting a family – among other things.
Here at Millennial Personal Finance, we are dedicated to helping the 44 million + student loan borrowers out there better manage their student loan debt. We want all young adults to know their options for both taking on student debt (as well as ways to avoid it) and the different repayment plans and strategies available. Studnet loan debt doesn’t have to be a massive burden if you take the right approach and do your research – and we have tried to do most of the legwork for you.
Below you will find our most popular and extensive student loan guides to get your started.
How Student Loans Work
Learn the ins and outs of how student loans work. Understand the types of student loans, how to apply for them, and everything you need to know about repayment.
Federal Student Loans Guide
Thinking about taking out federal student loans to pay for college? This guide talks about the different types, how to apply, repayment requirements for each, and more.
Private Student Loans Guide
Looking for money to pay for college? This guide highlights how private student loans work, the differences from federal student loans, and the best options available today.
Student Loans Without a Cosigner Guide
If you are looking for money to pay for college but don’t have a cosigner, this guide is for you. Learn about which loans do not require a cosigner and how you can qualify.
Guide to Paying Off Student Loans
Finally graduated and ready to start paying off those student loans? This guide talks about the tips and tricks you need to know to save the most and repay as efficiently as possible.
Student Loan Refinance & Consolidation Guide
This guide talks about what student loan refinancing and consolidation is, how it can save you money, who is eligible, pros and cons, and the best options available today.
One of the best ways to avoid student loan debt is to never take out the loans in the first place! How do you do this? Well, you may get lucky and have your parents or other relatives help you out. Another option, though, that won’t cost your parents any money is to try to win some free money to pay for your education!
Over $40 billion is given out in scholarship money each year to help students pay for college. This money does not have to be repaid and should always be the first option for students looking to attend college.
There are a variety of ways to qualify for scholarships. Many are given based on academic achievements in high school or athletic/artistic talent. Others may be given by organizations to individuals who are interested in what that organization does. Also, there are many scholarships out there for students who have done extensive community service.
Despite all of the scholarship money out there, it can be overwhelming to figure out which to apply for and how to give yourself the best chance at winning. Luckily for you, we have created some guides to help you specifically with that.
How to Apply for Scholarships
It would be pretty difficult to win a scholarship if you never apply for one! This guide talks about everything you need to know when it comes to applying for scholarships.
How to Prioritize Scholarships
With so many scholarships out there, it can be difficult to decide which to apply for? This guide goes into the best strategies for choosing which scholarships to prioritize and apply to.
Weird Scholarships Guide
One of the best ways to maximize your chances at winning scholarships is to apply for “weird” scholarships with unique eligibility requirements. Check out this guide to see if you have a match!
In your younger years, you most likely were not too worried about money. On top of this, middle schools and high schools rarely teach personal finance courses that can help students learn about managing money. Though this doesn’t doom you for life, eventually you will have to take it upon yourself to learn how to handle your money.
After graduation, most young adults will move to a new place, start a new job, and start paying back student loans. This can a financial shock for those who haven’t had to worry about money much in their lives. Once you start earning and owing money, it is crucial to learn the lessons that you may have missed out on earlier in life.
Some of these important lessons include budgeting, saving, investing, and more. The guides below will give you an introduction to managing your money. Click the bottom below these guides to see all recent posts talking about money to find even more advice!
Learn How to Budget
No matter where you are in life, it is crucial to create and follow a budget. This guide teaches the basics of budgeting and explains how to adjust it to fit your financial goals.
All About Emergency Funds
You never know when something unexpected is going to come up that requires you to fork over some cash. This guide explains what an emergency fund is and how to create one.
Saving for Retirement
Even though it may seem like ages away, it is never too early to start saving for retirement. This article gives some basic tips on how to get started. Your future self will thank you!
Apps to Help You Save
With new technology these days, there are many ways to automate saving so you don’t even have to think about it. See our top picks of mobile apps you can download today to help you get started.
Best Cities for Millennials
Many graduates never even consider how their financial situations will change based on where they live. Our study looks at a variety of factors to find the best places for millennials to move.
How to be Frugal to Save
Many people think they are struggling financially just because they aren’t making enough money. In reality, however, there are tons of ways to save on day-to-day expenses by learning how to be frugal.
Whether you are still in college or have already graduated and are in the “real world”, it is never a bad time to try to make some extra money. This money can be used to make extra student loan payments, build that emergency fund, or to save for that new car or house.
Many people fall into the trap of only thinking they can make money at a normal job – you know – the stereotypical 9-5. This isn’t true though! There are countless ways to make extra money, many of which don’t even require you to leave the comfort of your own home.
No matter what you could use some extra money for, the guides below should help you come up with some ideas on what you can do to put some extra cash in your pocket.
Passive Income Ideas
Passive income is when you earn money from something without having to put any work into it after setting it up. Sounds great, right? Learn about our favorite passive income ideas here.
Make Money in College
Making money in college can help you pay student loans, afford weekend nights out, and start saving for your future. Learn about our favorite unconventional ways to make money in college.
Hobbies That Make Money
Who says you have to work to make money? Not us! In this article, we go over our favorite ways to make money while doing something you might do for fun already anyway.
Side Hustles for Students
You don’t need a “job” in college to make money. There are plenty of ways to make money on the side on your own schedule. Learn about our favorite side hustles for college students.
Driving for Uber
Uber has exploded in popularity recently – among both riders and drivers. Driving for Uber is a great way to earn extra money. Learn about how it works and how much you can make here.
Driving for Lyft
Though Lyft isn’t quite as popular as Uber, they still have countless users looking for rides. Driving for Lyft is a great way to earn extra money. Learn about how it works and how much you can make here.
About Millennial Personal Finance
Here at MPF, our goal is to improve our nation’s severe lack of financial literacy.
With only 17 states requiring personal finance courses in high school, many young adults in the United States never learn how to manage money until it is too late. This is especially a problem considering that almost 70% of college graduates have student loan debt with the average near being $30,000. These young adults are thrown into the real world with massive debt loans and little knowledge about how to repay it or deal with money, in general.
As millennials who have dealt with these issues ourselves, we know what it’s like to feel lost when it comes to debt repayment and money management. That’s why we created MPF – to help you learn the lessons we’ve learned the hard way.
Though you may not be able to take a course in high school or college, there are always other ways to learn about personal finance. Our goal at MPF is to become the leading source of personal finance education and to help as many millennials as possible.
We believe in creating engaging content that makes learning about personal finance easy and interesting. If you ever have any questions about our content, need advice about your personal situation, or have any suggestions for topics for us to cover, please don’t hesitate to reach out to us!
We may not be able to teach every millennial about personal finance, but we are surely going to try our best. We want to educate our nation’s future to create a better place for ourselves, our children, and all future generations to come.