Skip to content
Click to Call
Alliance Financial & Insurance

423 W Main St
Lowell, MI 49331

Get Directions

Michigan Insurance Blog

Common Financial Mistakes Millennials Make

5 Common Financial Mistakes Millennials Make

Millennials are the young adults who were born between the early 1980s and the early 2000s—and they just so happen to be struggling in this tough economy. Why? Because once freshly graduated from college, they were met with slow job growth and heaping piles of student debt. On top of that, many Millennials are making some serious mistakes that may be stunting their financial futures. Here are five of the biggest mistakes that Millennials make.

1. Poor credit card habits: Millennials have the highest credit utilization rates; however, they also struggle to pay credit card bills on time. These two factors combine to report that Millennials have the lowest credit scores across all living generations. To clean up their credit, Millennials must begin paying bills in full and on time, which may require less spending.

2. Poor budgeting: It’s easy to guestimate how much you have to spend on groceries, gas and fun. But truthfully, sitting down and planning out a budget is an enlightening experience for many Millennials. It’s important to know if you’re overspending or if you have money left over at the end of the month that you could save.

3. Insufficient retirement saving: Even though Millennials have reported a desire to retire by age 65, a whopping 70 percent have not begun to save for the occasion. Given the bleak future of Social Security, it’s more important than ever to start saving for retirement at a young age. Participate in your employer’s 401(k) program and/or open an IRA account and make monthly contributions. Setting up automatic monthly transfers is a great way to guarantee that you’re building up your savings; not to mention, if you never see it in your checking account, you never have the chance to miss it.

4. Indefinite renting: Many Millennials have not yet reached a point where they are financially able to own a home. However, some continue to live in an apartment even if they could afford home ownership. Purchasing a home is the best way to build equity, which is a great way to increase your overall worth.

5. Passing on life insurance: Many young adults don’t see the point in owning life insurance. But the truth is that life insurance is much easier—and typically cheaper—to purchase when you’re young and healthy. Even if you’re single without children, life insurance benefits protect your family and any bank account or loan co-signers from your debt in the event of accident or illness.

Taking some time now to plan properly can be extremely beneficial in securing financial success and stability later on down the road. Even in the recovering economy, it’s a good idea to read over these tips and make some changes so that you can climb out of the recession hole and get your finances back on track.

Are you interested in learning more about life insurance? We have a Life Insurance Specialist on staff to answer any questions you might have about getting the protection you need for you and your loved ones. 

Call us today at 616-897-1515
for a free, no-obligation life insurance quote!

Tips for a Successful RV Trip This Summer

Michigan RV TripPlanning to head out for an RV trip this summer? RV vacations provide an opportunity to relax and enjoy nature. Families with kids often enjoy the ability to explore and hike while sleeping in the comfort of an RV. It is important to keep the following tips in mind so you can enjoy a successful RV trip this summer.

Setting up Camp

Getting your RV set up on your campsite can be a stressful experience. The good news is that after you are set up, your relaxing vacation can begin. First you need to determine if you will pull in or back into your site. Check to see which side of the RV your water, electrical and sewer hookups are on. Check the site for low hanging branches or other obstacles that would cause you an issue. Also, keep in mind the space you will need for any slideouts or awnings, as you will want them to fully extend without interference.

If the ground is not flat, be sure to level your RV using blocks or jacks. And don’t forget to chock the wheels securely once you are in your final location.

Now you are ready to hook up to the electrical receptacle. Check to make sure you are using the one that matches the amperage requirements for your particular RV.

Extend any slideouts and awnings with one person on the outside of the RV verifying no people or objects will interfere with the fully extended set up.

During Camping

Now that the hard work is complete you can enjoy your camping experience. Set up a campfire at a safe distance from your RV. If you have small children create a perimeter around the campfire to let them know how close they can get and always supervise them around the fire. 

If stormy weather arrives, be sure to take cover. Lightening is very dangerous and should be taken seriously. Stay inside until the storm has passed. In addition, if it is windy, consider closing and securing your awning until the storm is over.

Taking Down Camp

If you have entry steps that come out, be sure they are fully retracted before you drive away. Also make sure you have disconnected the electrical and water sources. Slideouts and awnings need to be fully retracted as well. Have someone outside of the RV making sure people and objects are clear before you attempt to back out of the campsite.

Enjoy a wonderful summer of RV trips by following the above tips. In addition, fellow RVers can be very helpful and are often willing to assist, so don’t hesitate to ask your neighbor if you need advice or assistance.

Join our newsletter to make sure you never miss out on more helpful tips and articles like this!

Servicing States

  • Michigan



Partner Carriers

  • aaa
  • accident-fund
  • asi
  • blue-cross
  • bristol-west
  • citizens-hanover
  • encompass
  • foremost
  • grange
  • hastings-mutual
  • liberty-mutual
  • metlife
  • michigan-insurance
  • nationwide
  • pioneer
  • priority
  • progressive
  • safeco
  • state-auto
  • the-hartford
  • travelers
  • west-bend
  • wolverine