Millennial Money: 6 Great Recession Lessons That Still Apply

Lenore Staats

3. GET SMART ABOUT MONEY You’ll find a myriad of financial literacy resources online and at your local library, assuming it is open and safe to visit during the pandemic. I struggled to save money on a lower salary. Credit cards became my emergency fund. I don’t recommend this approach, […]

3. GET SMART ABOUT MONEY

You’ll find a myriad of financial literacy resources online and at your local library, assuming it is open and safe to visit during the pandemic.

I struggled to save money on a lower salary. Credit cards became my emergency fund. I don’t recommend this approach, but times were tough. Had I learned about financial hardship programs, student loan repayment options or balance transfer credit cards, I would have saved heaps on interest and ditched debt faster.

4. ESTABLISH MULTIPLE STREAMS OF INCOME

I still wanted journalism experience and extra income, so on top of my new full-time job, I learned to shoot and edit video. I began freelancing in 2010. A year later, I also launched a small social media consulting business.

Grossman, too, had other goals. “I’ve always wanted to be a writer and I love, love, love talking about money,” she said.

While she was unemployed in Florida, she launched the blog “Frugal Confessions.” She learned new writing skills from books and sought feedback from editors at newspapers. In 2013, she left her environmental job in Texas to run her blog full time.

5. PROTECT YOUR CREDIT — BUT PROTECT YOURSELF FIRST

In a crisis like COVID-19, many normal financial rules don’t apply. You may need to carry a credit card balance to buy groceries or address an emergency. You may need to make only the minimum payment to cover rent. You may even need to contact your card issuer and ask for relief options like payment deferrals.

Even with three jobs, I struggled at times to make the minimum payments on my credit cards due to high balances and interest rates. I never defaulted, but I did stress and scramble over it. I wanted a record of on-time payments and the good credit they build so that I could qualify for future low-interest rate offers.

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