Uncertainties are natural when it comes to money, especially when you’re young. So, how are millennials doing with financial management? Most in this group, born between 1981 and 1997, don’t feel financially secure now, but believe they will be in the future, according to a TD Ameritrade study. If you’re a millennial, what can you do to get and stay on track and reach your financial goals? The Pennsylvania Institute of Certified Public Accountants offers some sound advice.

Don’t Get Tangled in Debt

According to a recent survey by the American Institute of CPAs, less than half of nonretired Americans are confident they will reach their retirement goals. To be better off during retirement, paying off debt should be a priority. Missed payments can lead to a lower credit rating, which can make it difficult to take out other loans—such as for a car or home—and will likely increase the interest rates you have to pay on other debt. Minimizing your overall outstanding debt is always a good idea. It can be tempting to put purchases on a credit card when you’re first starting out, but spending no more than what you can afford can help save money on interest payments and make it easier to reach your financial goals, especially if you also have a large student loan balance. If you are already struggling with large credit card balances, common techniques to overcome the debt include making minimum payments on all but the lowest balances and maximizing the payments to the lowest balances. This way, you will pay them off sooner and free up funds to pay the next lowest balance. Doing the same for the highest interest will minimize the amount spent on interest.

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