July 3, 2022

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3 millennials share their best financial advice for saving money – BNN

With a growing body of financial education available on social media or a quick visit to a search en.......

With a growing body of financial education available on social media or a quick visit to a search engine, it can be tricky to separate relevant advice from clickbait, especially for younger Canadians.

To learn which advice actually makes a difference to your bank account, The Canadian Press spoke to three millennials who offered the words of wisdom that worked for them.
 

Treat your credit card like your debit card

After reading David Bach’s book “The Automatic Millionaire,” Stefan Palios, a 29-year-old freelance writer and coach for freelancers in Windsor, N.S, started treating his credit card just like his debit card by only using it for necessary expenses and paying it in full every month.

“When you know you have to pay off your credit card in full at the end of the month (or risk 20 per cent compounding interest) that becomes a good motivation not to be frivolous. Or, at least it was for me,” he said.

“I even paid my rent on my credit card, which gave me not only really good rewards, but also a very, very good credit score,” he added, since his balance was paid each month.

In early 2015, Palios’s landlord at the time began accepting credit card payments on RentMoola.

“You get charged a payment processing fee, but my rewards were slightly more than the fee so I was still profiting. The real reward for me, though, …….

Source: https://www.bnnbloomberg.ca/3-millennials-share-their-best-financial-advice-for-saving-money-1.1649019