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Financial planning for Millennials and Gen Zers

by maria
Editorial & Advertiser disclosure

By: Jenny Madhoo, Chartered Financial Planner & Founder of SpringGen Advice Ltd

SpringGen, the brainchild of Jenny Madhoo, was born because she wanted to find a way to give sound financial advice to Millennials and Gen Zers. Jenny has spent the best part of 10 years working in traditional Financial Services companies and found herself constantly having to turn away fellow Gen Ys because her companies’ services weren’t designed to meet their needs. So with the support of her current employer, Acumen Financial Planning, Jenny set about trying to design a Financial Planning solution that would perfectly fit the needs of both Gen Ys and Gen Zs who really want money advice, but currently have nowhere to turn.

Planning for your future

Money can be a daunting subject to many and it certainly does not grow on trees. Whether you are focused on exactly what you want to achieve, consider yourself financially savvy or are a bit unorganised and confused when it comes to managing your money, it’s never too late to plan for your future.

Money management can be a minefield, we’ve summarised some of our top tips to help get your finances in order.

Rainy day fund

Although easier said than done, it’s important to try and build a buffer of cash so that you aren’t down to the wire each month, meaning you are ready for any unexpected expenses. This pot of money should be held separately, somewhere you aren’t tempted to dip into it for a weekend away or to buy a new gadget. Start by aiming for an emergency pot that covers 1 months’ outgoings, setting a goal that is achievable and maintainable. This can then be built up to 3, then 6.

Where is your pension?

This tends to be put on the backburner for a lot of young professionals but it is vital to make time to check on your pension – if you are employed the chances are your work has already set one up for you. Get an online login set up, get in there and nose about. A few key things to ask yourself include:

  • How much are you adding to it each month from your pay, if anything?
  • How much is your employer adding?
  • How is the money that’s going into your pension getting invested?

All employers must offer a workplace pension by law if you aren’t sure about your account, the HR team at your work should be able to help answer this for you.

Know your benefits

Speaking of work, does your employer offer any other financial benefits to you? Many companies now offer their staff all kinds of benefits including life insurance, illness insurance, and medical cover. Educate yourself about what you already have, and what might be on offer to you that you haven’t taken up yet. Don’t leave any money on the table by missing out on key benefits.

Manage your debt

Make sure you have a clear view of any and all debts you currently have – and make a plan for paying these off. Logically, you start by overpaying on the most expensive debts first (this doesn’t mean the biggest debt, but the ones with the highest interest rate). If you’re struggling with motivation, it might help to work hard towards paying off the smallest debt first, so you can celebrate as soon as this entire debt is repaid. Whatever you do, don’t stick your head in the sand.

Pay yourself first

Try and get your monthly incomings and outgoings as organised as possible. If you are trying to save or invest regularly, organise direct debits so that they leave your account ASAP after payday. That way the money isn’t sitting around tempting you to spend it for weeks before it gets siphoned off for its actual purpose

These are just a few initial tips to get you started in setting up your financial future. Managing your money shouldn’t be scary and seeking advice shouldn’t be intimidating. Good financial advice is a privilege that we should all be able to afford and access. To find out how SpringGen can help you get your finances in order visit https://www.springgen.co.uk/.

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