Not every millennial is spending their cash on avocado toast and cortado coffees.

In fact, many in their twenties and early thirties know that doing the right thing now can make a massive difference to your wealth.

But translating that into practical steps can be hard.  Tired of reading about how you’re doing it wrong?

Here’s Moneycube’s guide to getting a grip on millennial money, with links to our detailed articles on each topic.

1. Not getting started

Sure, you mightn’t be as rich as you want to be.  And rent in Ireland isn’t cheap.

But now that a salary is flowing in each month, don’t waste it.  Or not all of it anyway.

It’s is a great time to establish good financial habits.  Like paying yourself first.  Or starting a regular investment fund, from as little as €250 with Moneycube.  Or even a retirement fund.

You don’t have to put in loads, and you’ll benefit from the best tax break in town.

2. No emergency fund

Some people say the reason many millennials don’t save is that they already have so many monthly payments going out the door.

All the more reason to add one more direct debit to the list: into your emergency fund.

3. Get serious about debt

Not all debt is bad, and you’ll almost certainly want some at some stage.

But you need to play the banks at their own game.  For example, using a credit card, and paying it off in full every month, will help build up your credit history – and you’ll avoid interest charges.

That positive track record can help in future if you’re looking for a loan, such as a mortgage.

Make paying off expensive debt (such as credit card debt, an overdraft or even a car loan) your priority to pay off before you start saving.  Any money you make in savings and investments will almost certainly get eaten up by the interest charges on expensive debt.

4. No millennial money plan

It doesn’t have to be a spreadsheet with every last cent listed. In fact, it is almost the opposite.

Stand back a bit, and survey your financial circumstances.  Setting broad financial goals actually makes you more likely to do the right thing with your money.

The point is to get a basic grip on your finances now, so you have something to show for your money at the end of the month/ year/ decade.

5. Not investing in yourself

Being smart with money in your twenties isn’t all misery and planning for the future.

Now’s a great time to invest in yourself – whether that’s education, professional development, or Moneycube’s speciality, building up financial investments.

Whatever you do, if you take this approach you’ll be building up valuable assets which will benefit you long-term.


Get started with Moneycube today.

By investing €400 a month you could save €27,900 in 5 years

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Note: This is an initial indication to help you picture your money. Remember that with investments it is not possible to know for certain what returns you will achieve. Please note the investment warnings at the bottom of the page. This is the approximate before-tax return on an investment which grew at 6% over 5 years.