Millenials better at saving than their parents?

Labelled as the “lazy and entitled” generation, Millenials have seen their share of criticism. But revel in this – a recent study shows that millennials are better at saving than their parents, the baby boomers.

According to bankrate.com, 60 percent of 18 to 26-year-olds are planning ahead compared to just 25 percent of the older generation. Another study, conducted by Nerd Wallet, shows that millennial parents are putting away 10% of their annual income, compared to Gen X saving 8% and Boomers saving 5%. NerdWallet also found that only 7% of millennials surveyed were not saving for retirement. These numbers are most likely linked to the fact that Millenials had a front-row seat to the 2007 financial crisis. If millennials continue to save at this rate, Nerd Wallet say’s the will outsave previous generations

Regardless of the fact that Millenials are paying more bills than their parents, and facing a much higher cost of living, they still lead when it comes to savings and retirement plans. Given that most millennials have between 20 to 40 years before they retire – there is plenty of time for that money to grow. This is a very smart financial decision on their part.

 

 

Your smartphone is now your financial advisor? Applications that will set you on the path to financial success.

If you’re anything like us – you’re always glued to your smartphone device. With every application you can imagine, our smartphones have quickly become our navigational system, entertainment system – and our financial advisor? That’s right – there are a ton of very useful (and easy to use) apps out there that will not only help you track your money, but manage it as well. Here are a few of our favourites at Tembo Financial:

Mint

Mint is a free app compatible with both IOS and Androids and allows you to track your finances, let’s you know if you’re about to go over budget, as well as categorize the types of spending you do. We love this app specifically for the later feature. Four dollars a day on a cup of coffee doesn’t seem so bad – but trust us, it ads up quite a bit. Tracking where your money is going to specifically can help you make much smarter financial decisions.

LearnVests

Although this app is unfortunately only available on IOS – it has its major pros (sorry Android users). Similar to Mint, LearnVests helps you track your spending and budget. But what makes LearnVest Different is its focus on financial literacy. LearnVest’s roots are in financial literacy and education, so it offers plenty of reading material in both the app and website, based on topics you select as important to you. We think this is a great feature for anyone who is still new to the world of bills, rents and debt. Understand how to spend wisely, and save will greatly benefit you down the line.

Budget Boss

This super easy app is an amazing way to evaluate the effectiveness of your budget. Creating a budget is one thing, but is it smart? Budget Boss analyzes the budget you’ve created and makes recommendations and estimations based on those numbers. Thinking 5… Even 10 years down the line is a bit of a daunting task. Budget Boss helps you create the smartest budget for your financial future.

Although these are only three out of many financial applications available, we truly believe that investing a little time tracking your spending, and creating a budget that works for you, will set you on the path to financial success.