Millennial Money Guide was created to help millennials be smarter with their money. When talking to my friends about money I sense a common theme among most. I kind of got the feeling that many millennials, not just my friends, don’t really know how to be fiscally smart! So check out the following 7 financial habits that you may need to break.

Not Planning For Retirement
Not contributing to your own retirement: One of the biggest mistakes you can make is not contributing to your retirement accounts. It’s not difficult to think that you should be saving for more short term goals like getting a nice sports car and that retirement is too far away. However, you can even sock away some savings in a Roth IRA if you make minimum wage while in graduate school. When you get your first job right out of college, begin saving for retirement and your future self will thank you. You should become to discipline your budget so that a portion of your paycheck goes to your retirement account. The key to building wealth and planning for retirement is TIME. You can’t buy time, so I would highly recommend that you start today if you haven’t already.

Buying A Car You Can’t Afford
Buying a car that is too expensive for you. I’m sure BMW would want millennials to think that you should have the latest of greatest 5 series. That new-car smell can easily run you over 40K in DEBT. In fact, living in Washington, DC public transportation makes it so I don’t even need a car (Even though I still have one, I love my car!). Another thing to consider is that new cars depreciate in value rather quickly and they say you lose money as you drive that new car off the lot. Be smart with your money and purchase the right car for your wallet.

No Emergency Fund?
Not having an emergency fund. Often, people find excuses as to why they don’t have an emergency fund. Common excuses being that the money can be…