Financial Checklist for Gen Z From a Financial Advisor
Gen Z is a generation known for being self-sufficient. They grew up in a digital world with smartphones, the internet, and constant connectivity. As 2024 comes to an end, it’s a great time for them to take some smart steps. This will help them be financially ready for the year ahead.
Review Your Subscriptions
With Gen Z’s constant connection to the digital world, it’s easy to overlook recurring subscriptions. As the year wraps up, take a moment to assess where your money is going.
“Ever been caught off guard by a gym membership you forgot about but kept paying? You’re not alone,” says Kraig Kleeman, founder and CEO of The New Workforce.
“Those $10 or $15 subscriptions might seem small, but they add up fast,” Kleeman explains.
Go through your bank statements or use a budgeting app to track recurring charges. Cancel anything you’re not actively using—it’ll give both you and your wallet a fresh start.
Review Potential Changes to Your Retirement Plan for 2025
As the year winds down, it’s a great time to connect with your HR department.
Even if retirement seems far off for Gen Z workers starting their careers, saving early is important. The sooner you save, the more time your money has to grow with compound interest.
Check with your employer or HR team to ensure you’re maximizing any available retirement benefits. Also, find out if any updates or changes are planned for the new year so you can adjust your strategy accordingly.
Boost Your Emergency Fund Before the Year Ends
If you have a bonus or extra cash at the end of the year, you might want to spend it. However, think about saving it instead.
“Life loves to throw unexpected curveballs—a flat tire, a surprise medical expense—you name it,” says Kraig Kleeman, founder and CEO of The New Workforce.
That’s why building an emergency fund is crucial. Start small if needed. Even setting aside $20 a week can grow to $500 in just six months. Stash it in a high-yield savings account, and let your money quietly grow while you sleep.
Take the Leap Into Investing
Investing can feel overwhelming, but it doesn’t have to be. Gen Z can leverage technology to make investing easier as they head into 2025.
Begin with something straightforward, like an index fund. The earlier you start, the more time your money has to grow. And honestly, who wouldn’t enjoy watching their money work for them while they relax and binge their favorite show?
Bottom Line
As Gen Z prepares for the new year, taking these proactive steps can set the stage towards a more secure financial future. Cutting unnecessary expenses, maximizing retirement benefits, building an emergency fund, and starting to invest are all important. Small actions today could lead to big rewards tomorrow. By being aware of their financial health, Gen Z can enter 2025 with confidence.
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Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information
