Oh, if I could go back and tell my 23-year old self to save more I would! How many times have you heard that?! A basic truth about financial planning is that time is your friend when it comes to saving. So, to all my millennial friends and family…for goodness sake, put down that latte, Frappuccino, expensive cocktail or newest tattoo and transfer some money into your savings account! No matter how much money you earn, it’s not that complicated. Get started today with these simple steps to maximize your millennial dollar. The sooner you start the better.

1. Get your credit squeaky clean

Believe it or not, start maximizing your dollar by reviewing your credit score. Having good credit will benefit you in obvious ways like purchasing a car or renting an apartment but it will also get you a better deal on car insurance and may even help you land that job you’ve always wanted! Yes, even employers are looking at your credit score. Paying your bills on time and not overextending yourself by opening up too many credit cards, will keep your credit score high. A great credit score will serve you well throughout your life. Start now by obtaining a free copy of your credit report and review it for accuracy. There are three credit bureau agencies: Experian, Transunion and Equifax. They will provide you a free copy of your credit report once a year.

2. Live within your means

Finances might be tight right now with landing your first job, getting your first apartment and trying to pay down student loan debt but this too shall pass. Living within your means now will maximize your future dollar. Making a mistake like racking up credit card debt can set you back years. Now that you’re not a broke college student anymore, you might think you have plenty of money to go around however eating out several times a week and hanging with friends adds up quickly. Help yourself now by tracking your monthly expenses through an app and understand where your money is going. The Mint app is free and always has great reviews with 20 million followers. Give it a shot.

How should you spend your dollar you ask?

There are different rules of thumb when it comes to how to spend your dollar. Here a few “rules” for you to consider, pick one and make it your goal:

– Fidelity offers the 50/15/5 rule: allocate 50% of take-home pay to essential expenses, 15% of pretax income (including employer contributions) for retirement and 5% of take-home pay for short-term savings, this is for unplanned expenses.

– Harvard bankruptcy expert Elizabeth Warren – U.S. Senator from Massachusetts coined the “50/30/20 Rule:” allocate 50% for needs such as groceries, housing, utilities, health insurance and car payment, 30% for wants such as shopping, dining out and hobbies and 20% for savings.

– MassMutual offers a 5-10-15-20℠ guideline: Increase your annual income by at least 5% each year, save at least 10% of your net annual income each year, target a retirement “nest egg” of about 15 times your annual income and plan to have your debt (excluding your mortgage) paid down within 20 years at most. Find more information here:

https://www.massmutual.com/financial-wellness/calculators/establishing-financial-goals

3. Build an emergency fund

You shouldn’t be thinking about what stock or bitcoin to purchase when back at the ranch, you are living paycheck to paycheck! Stop it. Stop living paycheck to paycheck and pay yourself first. Save your money, let’s start there, how about that? Now, seriously, make sure you have a checking account first and foremost, sign up to direct deposit your paycheck. Secondly, open a savings account. Your goal with this account is to save at least three months’ worth of expenses in a high-interest savings account. Call local banks and find a high-interest savings account. Don’t forget about credit unions too, they are the best! This is your rainy-day fund. After you’ve done this, pat yourself on the back, you are now in the habit of paying yourself first and a better saver than 50% of most Americans according to www.GoBankingRates.com.

4. Refinance your student loan debt

There are quite a few companies that restructure student loan debt. This is a wise way to maximize your dollar by not paying more interest than you need too. It’s quite simple. Make a few phone calls, ask a friend or a financial expert for a recommendation, see who has the best terms and make it happen. Please note, public service forgiveness and economic hardship programs offer special benefits so ensure you know the perks of these programs before inquiring about refinancing them.

I should also state here, if you have to choose between paying off credit card debt or student loan debt – always choose credit card debt first because the interest is usually higher.

5. Get free money

Free money? Where? I’m talking about your 401(k) or employer-sponsored retirement plan. Do you realize there might be free money available to you if your employer makes contributions? Here’s how it works, you save X% of your income and then they contribute X% = free money! Maximize your millennial dollar by contributing at least what your company matches. Your 65-year old self with thank you! According to a study conducted by J.P. Morgan, they found that if a millennial started saving at the age of 25, he or she will need to save the following to be able to retire at age 67 and meet retirement income targets:

• Those earning a median income will need to save 4% to 9% pretax.
• Those earning an income in the affluent category will need to save between 9% and 14% pretax.
• Those who are considered high net worth will need to save between 14% and 18% pretax.

During your job search, try to select a company that offers an employer-sponsored retirement plan with a match. This will give your savings account an exponential boost! Sign up for the plan as soon as you can, do not wait, do not pass go, and yes collect your $200.00.

What if your employer-sponsored plan does not offer a match, should you contribute anyway? Of course! Saving into an employer-sponsored plan is one way to save for retirement.

6. Establish a relationship with an expert

No matter your career, you aren’t expected to know everything about finances (and don’t pretend to know either, no matter your age)! You will always benefit from the advice of an expert in this area, guaranteed. An expert will provide you with resources to maximize your dollar today and strategies for the future. Specialists in this area are called Financial Advisors, Financial Planners and some have designations such as Certified Financial Planners (CFP). Their expertise will benefit you; I promise.

Please, please, please do not rely on family advice. I’m not saying it’s wrong, I’m just saying get a second opinion! I know your parents told you not to talk to strangers and not to ever talk about money. I’m asking you to do the exact thing your parents told you not to do, go talk to a stranger about money! I always thought you needed a lot of money to meet with a Financial Advisor, this is not true! Find an expert you know and trust or, ask for a referral from a friend. They will be a priceless resource to you for life.

In closing, you can do this. These simple steps will help change your financial trajectory upward, maximize your dollar and give you peace of mind that you’re handling your financial business. You got this!

Now, go take action.