Kiplinger's Personal Finance Editor Janet Bodnar recently shared tips in her Money Smart Kids column for parents who want to help their adult children improve their finances. In Money Advice for Millennials, she recommended sources and tools parents can use to provide their kids with trustworthy advice. And in The Right Way to Help Your Adult Children, she offered guidelines for parents looking to motivate their millennials to move on.
To complement Janet's advice, I rounded up tips from personal finance bloggers to help millennials themselves take control of their finances.
The Millennial Debt Sentence: Will They Ever Escape? [Credit.com]
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"Instead of enjoying their youth, millennials are losing sleep over their high debt levels, bad job prospects, low incomes and dim futures."
What Can We Learn from Gen Y’s View of Money? [Get Rich Slowly]
"The way people are challenging traditional measures of success is an indication that we’re adapting. Yes, that might mean moving back in with your parents for a while so you can build an emergency fund. It might mean that you decide that renting is okay, because you don’t want to be house-poor."
The Conservative Generation? Recession Creates New Type of Millennial [ReadyForZero]
"This risk-aversion in Millennials doesn’t just prevent them from growing their money – it’s also preventing them from moving forward with their personal lives."
6 Out of 10 Millennials Really Need to Get a Credit Card [Broke Millennial]
"As with nearly all money-related topics, the debate about whether or not to own a credit card could go on indefinitely. There are numerous factors to consider, and each person's level of responsibility and psychological relationship to money plays a huge role. But in the end, owning and responsibly using a credit is a simple way to build and maintain a strong credit score and report."
How One Young Entrepreneur Paid Off $40,000 in Student Debt by Age 24 [Wise Bread]
"To reach her goal and pay off her debt, Schroeder took three simple steps. Read on to discover how you can follow in her tracks."
Why You Must Make Peace With Your Financial Situation [Blonde on a Budget]
"I’m still learning that success isn’t just what you see when you cross the finish line; it’s every morning you wake up in a slightly better position than you were in the day before."
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Take Charge of Retirement Spending With This Simple StrategyTo make sure you're in control of retirement spending, rather than the other way around, allocate funds to just three purposes: income, protection and legacy.
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Here's How To Get Organized And Work For YourselfWhether you’re looking for a side gig or planning to start your own business, it has never been easier to strike out on your own. Here is our guide to navigating working for yourself.
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Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
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How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
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How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
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Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipAmazon Prime Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
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How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
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Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
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21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before tossing these items into your shopping cart, be sure to read Amazon's return policy first.
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How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
