10 Money Lessons Every Gen Z Should Know

10 Money Lessons Every Gen Z Should Know

As a fellow Gen Z (and a bit of a millennial), I totally get it – life's a rollercoaster, and sometimes, managing your finances can feel like navigating a wild ride without a map in this day and age. But hey, no worries! I've got your back.

In this blog post, I'm spilling the beans on the Top 10 money lessons that I personally live by, and trust me, they're the real deal for all you awesome Gen Zs out there. Whether you're saving for your dream trip or just trying to make sense of it all, these tips will help you level up your financial game!

Learn to say “No”

You know, thinking back to my college days, I can't help but wonder how many times I passed up on those fancy outings. It might seem like I was missing out on a social life, but the truth is, I had the power to choose my own kind of fun. Yep, I've said "no" to those pricey hangouts so many times, and let me tell you, it's saved my wallet more times than I can count. 

See, peer pressure and FOMO can really mess with your finances if you're not careful. But here's the deal: it's perfectly okay to turn down those expensive plans or trendy purchases if they don't line up with your financial goals. Your true friends, the ones who really get you, they'll totally understand. 

Side hustles are where it's at

In the gig economy, side hustles are the name of the game. Whether it's freelancing, tutoring, or selling handmade crafts online, find ways to supplement your income. It's a great way to accelerate your financial goals.

Truth bomb: You don't have to put all your eggs in one basket. Nope, not at all. Some of the happiest people I know have multiple streams of income. I know someone who is a teacher, but he's also a successful realtor. I'm a freelance writer, but I also run a small clay business with my sister. 

Why limit yourself to just one thing, right? Think of it as your financial safety net. If life throws you a curveball, you've got another hustle waiting in the wings, ready to catch you. 

Save, save, save

Yeah, saving might not seem glamorous, but it's your ticket to financial security. Make it a habit to save a portion of your income, no matter how small. Aim to save at least three to six months' worth of living expenses. No matter what, you should stash away a portion of your hard-earned cash in a secure hidey-hole, just for those "you never know" moments. 

Avoid lifestyle inflation

As your income grows, resist the urge to increase your spending dramatically. Don't let the temptation get the best of you. Instead, invest more, save more, and maintain a modest lifestyle. You'll thank yourself later.

Live within your means

I totally get the allure of that shiny new gadget or those fancy designer handbags. I mean, who wouldn't want to treat themselves, right? But to me, it's all about keeping it real with your wallet. Living within your means is the real secret sauce to financial success. Prioritize saving and investing over spending on stuff that won't bring you long-term happiness.

Budgeting is your BFF

Budgeting may not be the most fun topic to talk about, but I promise you, it's your golden ticket to financial freedom. Start by tracking your income and expenses – just jot 'em down, no need to go full-on accountant mode. Then, set yourself a spending limit, because let's face it, we all need a bit of discipline sometimes.

This way, you'll always know where your money is going and avoid those "Where did it all go?" moments. You'll be amazed at how much you can save for things that really light your fire. Whether it's that dream vacation, a new gadget, or maybe just some extra cash for a rainy day – it's all within reach.

Now, if you're thinking, "Budgeting? Yeah, right, I'm clueless," don't sweat it! Calculator.me is here to ride in on a white horse and save the day! I can personally vouch for it, as it's as easy as pie to use even your pet goldfish could handle it. 

Their Budget Planning Calculator is such a game-changer – just pop in your net income, and bam! You've got yourself a roadmap to financial zen. It'll break down your budget into monthly or yearly slices. You'll know exactly where your cash is marching off to, and it'll help you divvy it up for the essentials and those sweet, sweet discretionary treats – like spreading the love with some charity and kicking back with a little recreation.

10 Money Lessons Every Gen Z Should Know

Negotiate and advocate

Don't be afraid to negotiate for better deals, whether it's your salary, rent, or even your phone plan. And always advocate for your financial well-being. You've got a voice; use it.

Don't spend what you don't have

When it comes to those shiny pieces of plastic in your wallet, remember this golden rule: always, and I mean ALWAYS, clear that credit card tab at the end of the month. Don't even think about splurging on what you can't afford!

Credit cards are like a double-edged sword – they can be your trusty sidekick or your worst enemy. If you have them and use them, make sure you pay off the whole shebang without fail every month. They can boost your credit score and earn you rewards, but ONLY if you're responsible.

Have ‘no spend’ days

If you've never heard of ‘no spend days,’ it's basically a fun way to challenge yourself not to blow your cash on unnecessary stuff. It's all about being smart with your money and only buying what you really need, ditching those splurges on things like new clothes, takeout treats, fancy home decor, and those overpriced drinks.

I absolutely adore these ‘no spend’ days. I'm so into them that I've actually documented my journey in my bullet journal!

Here's the scoop on how I make it work: I usually pick specific days during the week or month to be my ‘no spend’ days. For instance, I used to have this bad habit of going all out with my spending on payday or the day after, but not anymore! Now, those are my designated ‘no spend’ days. You can totally get creative with it!

To me, ‘no spend’ days aren't just about saving money, though that's a fantastic perk. It's all about the priceless lessons you learn during this time. These days have been instrumental in helping me succeed in my low-buy year! Cool, hey?

Put yourself first

You know, this one's a bit different, but trust me, it's just as crucial as anything else I've mentioned.

Forget about racing to see who can burn out the fastest; there's no prize for that! Just take all the personal, sick, and vacation time you can get your hands on – you won't regret it one bit. When you're not feeling your best, don't hesitate to take a time off.

Time are changin', and there's a whole world of opportunities out there for you to chase your dreams in your career. It's not always about the cold hard cash, right? How you perceive the value of a dollar will always matter. It's never too late to understand the true worth of yourself, your time, and your mental well-being.

Let's put it this way: it's not about being a financial expert overnight; it's about building good money habits that will serve you well for a lifetime. So, which of these money lessons resonates with you the most? 

Share your favorite money-saving hack or financial goal in the comments!

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