Financial planner gives millennial’s steps to financial success

LOWNDES COUNTY, Miss. (WCBI) – Many college graduates find it hard to adjust to real-world finances.

That often leaves them looking to their parents to keep covering some of those expenses.

While it may seem like a tough assignment, there are some ways to make it easier.

It all begins with a plan. Starting with how much money you’re making and then deciding what to do with it.

Growing up isn’t always smooth sailing.

There will be obstacles. One of the biggest seems to be money.

In the U.S. 46% of millennial’s rely, at least in part, on financial assistance from their parents.

Erika Dunlap and Thomas Gallagher have been there.

“When I got my first job, there were a few things that they helped me out with. They helped me a little bit with insurance,” said Gallagher.

“It’s nothing to be ashamed of, when your parents have the ability to help you out or help you pay for rent. Especially when you’re doing a job that doesn’t necessarily pay that much.” After that, they kinda cut the cord and sent me on my way to adulting and it was a struggle,” said Dunlap.

While it may be difficult to juggle all the expenses by yourself, there are some strategies to help you get there.

Financial planners said the sooner you start thinking about your future, the sooner you can save money to afford it.

Scott Ferguson of Financial Concepts said that all starts with your paycheck and priorities.

“Think of it as like a 70/30 split. You want to take 10% of that to go do something you want to do. We want to save some, so set 10% aside for your future, and put 10% aside if you want to build up that rainy day or emergency fund start putting it into there. The other 70% is going to be allocated to things you have fixed expenses for. House payments, car payments, student loan debt is a big thing for a lot of graduates,” said Ferguson.

Ferguson said these steps should help you be able to pay more of what you owe.

“What items do we have to pay for? What things do we want to reach for in the future? What big long term goals do we have?” said Ferguson.

Over time, Dunlap and Gallagher both made adjustments and are now able to cover all of their expenses.

“You should make some lifestyles changes and quit living like you’re a hi-roller,” said Dunlap.

“You going to have to pick and choose where you want to save your money,” said Gallagher.

Scott Ferguson also said setting up automatic payments can help keep payments on time and it keeps you from using the designated money for other things.