A Financial Education Event
 

Smart Money Habits for Millennials (and Their Mamas)

The Kay Family had five babies in seven years. That roughly adds up to 3 kids in diapers at once, 10 years of not sleeping through the night, 4 teenage drivers at the same time, 3 kids in college at once and today, we have 5 millennials in their 20’s simultaneously.

Fun .

But the good news is that they eventually slept, pottied, drove, graduated and even mastered money habits in the journey. Here are the habits we helped teach our millennials to make sure they didn’t have to move home, they could remain financially independent, have a great start for their families, and still buy their mama nice birthday gifts.

Habit #1 – Create and Live By a Spending Plan

Many millennials have heard of the value of creating a budget and even have apps that help. But it’s of little use if they don’t know how to stick to it. Here are my favorite apps to help:

  • Mint Budgeting App – I met the founder of Mint, Aaron Patzer, in a green room, years ago, when we were both going to be on ABC News in NYC. At the time, he was building his success with Mint. I just remember him being (as he says in the video) “full of myself.” Ha! But his budgeting app is probably the best out there because it makes it easy to create a budget. You connect the Mint app to your bank and the app uses your details to help create a personalized budget.
  • PocketGuard Budget App – This app also connects to your bank accounts and shows you what you currently have in your pocket. It tracks your money to show what you are spending and automates where you’re going off budget and where you need to cut back.
  • You Need a Budget – This app’s claim to fame is that it creates a budget you can stick to based on the info provided in your bank accounts and spending habits. It even teaches you what to do if you overspend and how to live on last month’s income. This is the only app that cost money in my list and it’s $50 for the year, but there are hoards of devotees that say this app helped them to finally live on a budget.
  • GoodBudget – Back when dinosaurs roamed the financial space, there was an “envelope system” where you put the money you needed in each envelope labeled with expenses such as gas, food and entertainment. It helped Bob and I get out of 40K in consumer debt in only 2.5 years when we were first married. This app is the digital version of that system, making sure that everyone knows how much is left in the “envelope.”

You might need a money buddy to stay on track, too. Tiffany Aliche, The Budgetnista, talks about her journey on our fun podcast The Money Millhouse and how she went from broke to anything-but-broke through techniques that kept her on track.

Habit #2 – Cook Creatively and Consistently

Money evaporates when you order out for lunch or dinner more than one or two meals a week. Bob took leftover dinners (the

re’s a microwave and fridge at work) for our entire marriage and we calculate that he’s saved $20,000 by doing this! Make Pintrist your pal or watch The Food Network to learn easy ways to create nutritious and tasty meals. Ask for an Instant Pot for your next birthday and make more than you need for dinner so you’ll have leftovers for either lunch or dinner later in the week. Or freeze the leftovers. My daughter lived with roommates for a few years and they would assign different nights for each of them to cook to simplify the work. Cook more and your wallet and your waistline will thank you.

Habit #3 – Care About Your Retirement

When we take our Heroes At Home Financial Event on the road, we teach young service members the miracle of compounding interest with the mantra: start early, start small and stay committed. Be sure to start with funding a Roth IRA and take advantage of your company’s matching portion of your 401(k). Lacey Langford, an Accredited Financial Counselor gave some great tips on a segment called “I Aint Afraid of No Money.”  She discussed retirement planning from her experience in working with the military (but many tips apply to civilians as well.) If you’re military, be sure to go into your Family Readiness Center to discuss the Blended Retirement System and what your options are for your situation. It’s free and a benefit you can use early and often.

Habit #4 – Count the Cost of Debt

The average millennial college grad owes 37K in student loan debt and the average household owes $8500 in credit card debt. Work on minimizing the debt you accrue and pay off the debt you have so that you’ll have the flexibility to move or wait on the right job. One of my sons worked for JC Penney, and they eliminated his entire department. Most employees were freaking out because they had student loan debt, consumer debt and car debt—but not our son. He made a practice of living on less so he wouldn’t accrue debt and he was able to have less worry in the process of finding a new job.

Be sure you also pay attention to your credit score. Rod Griffin, from Experian, came over for a discussion on coffee and credit. He works with us on our tours and he teaches that if you have bad credit, you’ll pay an average of 360K more (over your lifetime) for the use of basic credit, than the person who has a good score. Improve your score by paying on time, paying more than the minimum balance due and make sure you never use more than 30% of your available credit.

Habit #5 – Choose Contentment

This is a tricky habit because it’s a mindset that you choose. There will always be something to spend money on to make you go off budget or get into financial trouble. There’s the new phone, tablet, car, vacay, boyfriend/girlfriend, baby, or a plethora of other reasons to want to spend more and have more. This is where your friends, family and even faith come into play. Coveting what others have or do is a lesson in futility and discontentment. Your friends either contribute to this mindset or they keep you focused on what matters most. If keeping up with their lifestyle is an important platform in your friendship, then you may want to find new friends. Remember that this financial journey is a marathon not a sprint. I’ve always said, “you can have it all—just not at the same time.”

What is one habit you are good at? What is one habit you want to improve upon? Share it with us, a friend or even a money buddy, so that you can be fiscally healthy in 2018 and for a lifetime.

 

Coffee Is On Us at The Coolest New Financial Podcast on the Planet!

Live, from Ellie’s kitchen table… it’s The Money Millhouse!

WELCOME TO THE FINANCIAL SHOW ANYONE CAN LISTEN TO!

The conversation gets lively and somewhat ridiculous when Ellie and Bethany share a cup of coffee (or four) over Ellie’s kitchen table. They not only have fun at The Money Millhouse, their conversations about saving money, couples communication, spend plans, super heroes and more make you feel like you are drinking coffee right along with them. Coffee, friends, money, sometimes random singing… what could be better?

Each week on this little-over-20-minute podcast, a special guest joins Ellie and Bethany at the table to discuss relevant money-related issues. From saving for retirement and credit chats, to home-based business tips and maybe a thing or two about what Star Wars has to do with coffee, there is always something to talk about.

The Money Millhouse will teach you while entertaining you with offbeat humor, geek-speak and money tips you never knew existed. If you can put up with Ellie’s annoying dogs announcing the next guest to come to Ellie’s door for a cup of Joe and a light hearted but important conversation, then you’ll get the maximum return on your time investment.

Come on in to The Money Millhouse, where we brew up money saving tips and tricks for anyone’s lifestyle. You might even learn a few secrets in the Millhouse closet.

This week, the show kicks off with a bang when Bethany

and Ellie talk about saving money when it comes to eating healthy including menu planning and tips at the grocery store. Start your menu planning by looking into your pantry and avoid wastage. Danna Demetre joins the conversation talking about the fact that the same principles to save money are the same when it comes to your health as well. Learn about which poisons (that go into your body) to cut out, which sweetener is the best for your body and why disease can be expensive. Also learn why having Mental Health Days (can you say a Disney day?) are important and natural days to de-stress.

The Money Millhouse is a production of Heroes at Home, a non-profit organization that gives financial education to military families around the world. To find out more about Heroes at Home, or to make an end of the year donation, visit heroesathome.org

The Money Millhouse – Podcast Extraordinaire

Live, from Ellie’s kitchen table… it’s The Money Millhouse!

WELCOME TO THE FINANCIAL SHOW ANYONE CAN LISTEN TO!

The conversation gets lively and somewhat ridiculous when Ellie and Bethany share a cup of coffee (or four) over Ellie’s kitchen table. They not only have fun at The Money Millhouse, their conversations about saving money, couples communication, spend plans, super heroes and more make you feel like you are drinking coffee right along with them. Coffee, friends, money, sometimes random singing… what could be better?

Each week on this little-over-20-minute podcast, a special guest joins Ellie and Bethany at the table to discuss relevant money-related issues. From saving for retirement and credit chats, to home-based business tips and maybe a thing or two about what Star Wars has to do with coffee, there is always something to talk about.

The Money Millhouse will teach you while entertaining you with offbeat humor, geek-speak and money tips you never knew existed. If you can put up with Ellie’s annoying dogs announcing the next guest to come to Ellie’s door for a cup of Joe and a light hearted but important conversation, then you’ll get the maximum return on your time investment.

Come on in to The Money Millhouse, where we brew up money saving tips and tricks for anyone’s lifestyle. You might even learn a few secrets in the Millhouse closet.

The Money Millhouse is a production of Heroes at Home, a non-profit organization that gives financial education to military families around the world. To find out more about Heroes at Home, visit heroesathome.org.

The Money Millhouse Crew:

Ellie Kay is the wife of the “World’s Greatest Fighter Pilot”, mother of 5 children, 3 fur-babies, and best-selling author of fifteen books and a popular media guest on Fox and ABC News, among others. Ellie is the founder of the non-profit “Heroes at Home” and has taken this financial literacy tour around the country and the world for the last decade. Ellie loves roller coasters, ziplining and all kinds of adventure and once took a ride in an F-15 E Strike Eagle, which she said it was less scary than walking into her youngest son’s dorm room. Find Ellie’s personal blog at EllieKay.com.

Bethany Bayless is the wife of Travis, mother of London (goldendoodle puppy), and Director of Communications for Heroes at Home. She holds a Bachelor of Arts in Communications from Moody Bible Institute, Chicago, IL, and has been a social media coordinator for several organizations including two international groups. She is a self-professed geek, aspiring home-cook, and globe-trotter (not the basketball kind). In her spare time, Bethany draws and handletters, throws tennis balls for her puppy, London, and quotes movie lines with her family near and far. Find her blog at wanderlust4less.com.