1. Skip the credit card offers.
After college, young people tend to get bombarded with credit card offers, Barrett says, but they're usually better off skipping them. If you take on credit card debt, especially on top of student loan debt, then it's easy to get stuck in a trap of constantly feeling like you're falling behind. "Some millennials are embarrassed by [their debt]; it weighs pretty heavily on them," she adds.
2. Increase your savings whenever you get a raise.
Anytime you experience a windfall – perhaps you earned a bonus or got a raise – Barrett suggests putting it directly into your retirement savings. "If you can increase your contribution right away before you have time to even register that you have a raise, that's what really makes the difference," she says.
3. Get comfortable with investing.
Because so many millennials are scared of investing in the stock market (and understandably, since they came of age during the Great Recession), Barrett says it's particularly important to dive in early so long-term savings can outpace inflation. At the same time, though, she adds that it's important to have an emergency fund stashed in a safe spot, like a bank account, so you can cover unexpected expenses without reaching for a credit card.
4. "Stop the bleeding."
That graphic expression is how Weliver describes the need to prioritize. "Make sure you're not going into more debt," he says, adding that you should look for ways to downsize your lifestyle or earn more money (or both). Once you find a way to end the month positive at least a couple hundred dollars, then you can start making choices about saving, investing and paying off debt.
5. Pay off student debt.
Student loans are the albatross that hounds so many millennials; Weliver still remembers the day he made his final payment. Along with the day he realized he had enough in savings to live on for a year if necessary, it was a momentous occasion, and one that reinforced his choice to be more conscious about his spending and money management.
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