How Gen Z Should Prepare Their Finances

As you embark on your career and financial journey, it's important to understand the basics of personal finance.

Here are five things young people should do to get their finances in order.

• CREATE A BUDGET - Use a budget to track your income and expenses. This should help you find ways to cut back on unnecessary expenses. Optimizing expenses will only get you so far. Getting investments right early on is critical — and that’s where Xillion can help.
• EMERGENCY SAVINGS - Holding too much cash in an emergency fund limits your investment opportunities. But not having enough can put you in financial turmoil. Balance is important. Xillion’s Emergency Fund Calculator removes the guesswork.
• START INVESTING EARLY - How do you build wealth? It all comes down to compounding investment gains over time. Even if you can only invest a small amount each month, it can add up over time and help you achieve your financial goals.
• PAY DOWN EXPENSIVE DEBT - Carrying unnecessary high-interest debt can lead to a cycle of debt that’s difficult to break. Prioritize paying off any loan with an interest rate of more than 10% to reduce the financial burden and save money in the long run.
• DIVERSIFY- 60/40 stock-bond split doesn’t fit most investors, especially while they’re young. Xillion’s portfolio optimizer analyzes your investments & gives suggestions for optimizing allocation. Index funds can be a great way of laying a healthy foundation for your portfolio.
• Say goodbye to financial stress and hello to financial freedom with Xillion, your ultimate personal finance companion.Get started with a free account today!