As more millennials make up the demographics of those in their 20s and 30s, it’s becoming a goal for them to establish that they are “adulting.” It is a popular term used to denote that a person is fully-fledged in their adulthood and able to take care of the responsibilities that come with the title. So, what are some of the main factors that can make you a true-blue adult?
Buy a house
According to a study conducted by OnePoll, 54% of Americans in the millennial group consider owning a home, one of the significant signs that you are officially a stable adult. With more homes up on the market than ever, it won’t be hard to find a space that caters to your budget and tastes. All it takes is to get a mortgage in Boston or other areas that you can stick to.
A lot of would-be homeowners have opted to get conventional loans over a jumbo mortgage. However, if you find that it is the plan that suits you, it’s an entirely feasible option as long as you have mapped out your payment scheme, budgeting, and upkeep of the actual property. From there, you can revel in finally being a homeowner.
Even as the housing market sees fluctuation throughout the years, you will still find that a home is a substantial investment for your future. Whether you intend to grow old in your property, raise your kids in it, pass it on, or even sell it, having a home can be the anchor that keeps your life settled in a good place.
Set up your retirement fund
Most people only consider themselves as well-functioning adults when they can say that they are financially independent and stable. Doing this would need the right savings arrangement and a pension plan that you can look forward to.
Data shows that millennials don’t expect much retirement benefits, so it’s become more of the norm to start allotting your money to a fund that you can rely on in your golden years aside from what the government will give you.
Though different income rates can influence how much you can set aside every cut-off, what’s important is that you are putting something in the fund. That way, you can ensure that you won’t have to be working at an age where you should focus on your health and wellness in a relaxed lifestyle.
Create a food budget
The millennial demographic is found to be the biggest spenders on food, with how much money they use at the grocery and how often they choose to dine out. That amounts to roughly 80 million Americans putting more money into their food than their savings.
While it’s good to put importance on what you eat, creating a food budget can help you manage your resources while still getting what you need and want. This way, you can maintain a healthy financial situation without all your money going to food. It can even help you if you are interested in starting a diet or watching how much you put in your body.
Everyone’s journey is different, and as long as the path you’re on fulfills you, then that’s all you need. In a practical sense, putting your money into all the right things can help you have a full life that allows you to put more time into what makes you happy.