Millennials Are Sharing Their Best Money Hacks And Everyone, Even Boomers, Should Be Taking Notes

News flash: "Avoiding debt at all costs" is no longer possible.

As an elder millennial, I grew up hearing a lot of pretty standard boomer advice when it came to work and money. Things like "pound the pavement to find a job" and "avoid debt at all costs." But the world has changed a lot since Boomers learned these things, so millennials have had to adapt and figure out our own updated money tips and tricks.

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Recently, we've shared millennial money tips on everything from managing debt and career advice to all the mistakes and money lessons we've learned the hard way. And in response, millennials in the BuzzFeed Community shared even more great work and money tips that they live by. Here's what they had to say:

1. Work on building your credit score as early as possible. It's so much easier to get credit when you already have a positive credit history.

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"My advice is get a credit card as soon as you can and use it at least a little to build your credit history. Lenders like seeing debt is paid, not that you have no debt. I waited, partly because it was hard for people to get one without credit when I was younger, but I probably could have gotten one a lot sooner than I did. Not getting one really made it difficult for me to get some things later on.

I've had a decent-paying job for a long time, and don't really struggle with money, but my credit was nonexistent for the longest time because I didn't have debt. No car loans, no student loans, no credit card debts, no credit history. It really prevented me from a lot of things. Even after getting a couple of cards and having a great credit score, number-wise, I'd get turned down for simple loans due to lack of credit history."

—spacedazee

"Don't assume you're fixing your credit by not using it. I made mistakes with a card at 18. I thought I was doing the right thing by not using a credit card and paying for purchases outright. Come to find out that was a huge mistake. You can't improve your credit if you don't use it."

—mrsmuld

If you don't have a credit score yet, building your credit can be intimidating and confusing. Here are 11 things you should know, plus practical ways to start actually building up your scores.

2. Some employers offer tuition reimbursement as a benefit, or will help you pay off student loans. Take advantage of these benefits to cut your student debt.

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"I got a job in a call center for a large insurance company at 19. They paid up to $5,000 a year toward school at the time. I stretched out my education over a few more years than the traditional four years but saved so much money."

—michaelo4df613fd3

3. If the interest rate on your savings account is lower than the rate of inflation (which trust me, it most likely is), your savings will be worth less over time. Investing can give you a chance to beat inflation and come out ahead.

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"Here's one I wish I had understood earlier — once you start making and saving money, INVEST. Letting it sit in a savings account is actually letting it lose its value, because the interest you earn in those accounts is pitiful and absolutely NOTHING compared to rate of inflation (the value of the dollar is going down so the money I made 10 years ago and 'saved' for the future doesn't go as far today)."

—brittanybethpaulson

Want to start investing but you're not sure how? We like these beginner-friendly resources for learning more and these easy-to-use apps.

4. Sometimes money can feel a little abstract. Putting the cost of an item into more practical terms can help you decide if it's something you really want to spend your cash on.

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"Do the number amount method. If you bought a top for $20, you have to wear it at least 20 times to get the value for the top. Same with any other item of clothing. Get your dollar a day worth in your clothes."

—baebumblebees

"I do a similar thing with 'how long do I have to work for this.' If an item is let’s say $20, that means I have to work for it for little under an hour. It often puts things into perspective."

—eklimen

5. Get educated about personal finance — even the things you think you understand. The financial system is complicated and full of tricky little nuances. You don't want to have to learn all your money lessons the hard way.

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"Take the time and energy to learn about things you know you don’t understand. When I did my exit counseling from college, I had no idea what questions to even ask — you don’t know if you don’t know. After I missed a payment and had to borrow money from family to help pay a loan, I sat down and educated myself as much as possible so I never had to do that again."

—12345678a

6. This might seem old-school, but it's actually a great idea to balance your checkbook yourself.

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"Don't rely on your bank to balance your checkbook. Balance it yourself, and only use your online banking tool as a means to double check for errors. You never know what's pending and for how long, so you may think you have more money than you do."

—elisabethefergusone

7. Always, always, always negotiate your starting salary. All your future raises will be based on this number, so don't just accept whatever you're offered.

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"I’ve been a recruiter for 10 years, and my number-one piece of advice to women and minorities is negotiate when you get an offer, even when it’s a good one. The pay gap is real, and our culture has taught us to just be grateful instead of asking for what we want or deserve. Practice negotiating a salary talk with friends or family to get comfortable with it. Get paid what you’re worth!"

—veemac

Negotiating for higher pay can feel awkward, especially if you don't have a lot of experience doing it. That's why we asked people who've successfully negotiated a raise to share how they did it. From keeping a "brag file" to researching salaries, these tips are gold.

8. If your employer offers to match your 401(k) contributions, it can really pay off to take advantage if you can.

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"A 401(k) match is HUGE. It’s free money. If your employer offers a 5% match, that is the same as getting an instant 5% raise. You just have to take it in the form of retirement savings and contribute the same percentage out of your paycheck. But it’s still free money. Don’t leave free money on the table!"

—caroliner4f34a2a95

"I just want to add that if for some reason you can't afford the full percentage to get the match (I've been there as a single mom) just put ANYTHING toward it that you can spare. There were years I put 1% or 2% in. After a few years, I squeaked it up to the full 6% match, but I'm glad I did 1% at the beginning. I needed that money to buy diapers, and it was a good use. Now I can do the full percentage and then some. If you can't hit 5% without hurting, that's OK; just work toward it as you get raises or other costs go down!"

—tonig14

BTW, if you don't have a 401(k), you don't have to wait until you get offered this benefit to start working on your nest egg. Check out these tips for saving for retirement without a 401(k).

9. Unlike when our boomer parents were starting their careers, it doesn't make sense to be unwaveringly loyal to a company any more. Instead, look for the role that will pay you the most and offer the best benefits.

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"There’s no reason to stay loyal to a company that doesn't offer a good retirement plan. Always keep an eye out for a better opportunity. Companies don’t reward loyalty anymore, but a new company will reward your previous experience."

—marissakroppw

10. Asking for a higher credit limit can help you boost your credit score, as long as you keep your credit use low and make payments on time.

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"Here’s a tip I wish I learned in my early 20s. Any and every time you get a raise at work, notify your credit card companies. Usually if you’ve paid on time and have a relatively low balance, they’ll increase your credit limit. Don’t use it!

Larger credit limits lower your credit usage, which will increase your credit score super fast. Especially as you pay off debt over time. I’m 29 and have an 805 credit score now, so it was easy to get approved to buy my house with a super-low interest rate."

—taylorw42f280661

11. If your job doesn't value you, it might not be a great place for you to grow in your career. Look for a place that fosters your growth and will help you get to where you want to be.

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"The best advice I ever got from a career coach was that you need fertile soil to grow, and not every company is going to be fertile soil for you (even if it is for others). No matter how long you've worked there, or how good you are at your job, if the company doesn't value you, you'll be stuck. Job searching is soul sucking, but writing that resignation letter from a shit job after accepting one where you'll actually feel valued is SO worth it."

—maggiem45481cd39

12. Seek out personal finance books and podcasts from a millennial or Gen-Z point of view. They're much more likely to be in tune with your actual financial situation.

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"I did not get my life together until my early 30s when I pulled myself out of $10,000 in credit card debt. Reading Bad With Money by Gaby Dunn changed my financial life. I HIGHLY recommend it to anyone who is about to start college to avoid the financial pitfalls of your 20s.

Another piece of advice is do not let your parents manage your finances once you are in your 20s. Just don't."

—annabelg4224873ce

"Also everyone, ladies especially: Listen to Farnoosh Torabi’s So Money podcast. Half-hour episodes giving long-term finance advice. It has really changed my relationship with money. I learned a while ago that unfortunately the school system doesn’t take the time to teach financial literacy, but living in the 21st century, we have all the tools at our disposal for self-teaching."

—joljah21

Looking for more? We really like these personal finance books, and these personal finance podcasts are great for learning about money while you get ready for your day.

13. If your bank is charging you all kinds of fees, look for one that won't. Credit unions and online banks both tend to charge less fees for holding on to your cash.

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"Don't pay fees to banks, and score benefits when you can. My mom helped me open my first bank account with her old bank just because, but there are so many credit unions and online banks with easy-to-avoid fees, overdraft protection, and even things like legit interest (3% interest on a high-yield savings account vs. .00001% from a brick and mortar bank). Shop around and bank with someone that won't bleed you dry."

—frygrrl

"Consider banking with a credit union over a bank. My account interest rates are higher than what other local banks were offering, and my overdraft fee is $2. Credit unions are not-for-profit and owned by their members (account holders). If I need a car loan or mortgage, the interest rates tend to be lower than with a bank. The disadvantage with a credit union tends to be convenience. If you need to use ATMs or go into branches often, they may not be the best choice. Most are in some form of ATM network, so just do a little research on how big the network is in your area if ATM fees are of concern."

—lauren190

14. Even if you don't meet every single requirement, you should still apply for that exciting job. You can still be a great candidate if you have a good chunk of the qualifications they're looking for.

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"I used to only apply for jobs if I matched or exceeded the qualifications. In my most recent job search, I applied for higher-level roles just to see what would happen. Of course there were rejections, but I got some surprising calls back. I start my first director role on Tuesday at a company I’m so excited about! Just remember the worst you’ll hear is 'no,' and you don’t have to be the first one to say it."

—alys4b4e83fd5

15. If you don't mind waiting to go to college, you might be able to get a better financial aid package when you're 24 and can claim yourself as independent on your FAFSA. Plus, not everyone is ready to jump straight from high school into college.

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"Don't go to college until you're 24. Then, they use your income instead of your parents when determining financial aid."

—schulzemary214

"Sometimes going to college right out of high school isn't the best choice for you. I was in college at age 17, I had zero idea what I actually wanted to do with my life, and I've never used my degree in a professional matter in the 10-plus years since I got it. The experience and lectures were worth it, but I wish I were a bit older."

—pheebsgirl

16. Treat your credit card like a debit card as much as possible. When you pay it off in full every month, it helps you build your credit score, and you can rack up some pretty sweet benefits too. Hello travel points and cash back!

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"Get a credit card with points or cash rewards and never ever leave a balance. I have never seen a credit card bill; I go into the app every few days and pay the entire balance. Takes a few seconds. This makes my credit score awesome and also gives me a few free dollars every month. Do not ever use your credit card to finance anything. Pay it off every day if you need to. Definitely check it every day. And you'll see pending charges instantly in the app."

—myfirstnameisdanger

17. Contrary to popular belief, community college can be a really positive experience. You can get your general ed classes out of the way for SOOOOOOO much cheaper, and class sizes are likely much smaller than in a university lecture hall.

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"I loved my community college experience. I never had a class with more than 12 people, and I knew all of my professors well enough for them to be references by the end of the term. Compare that to 200 people in my university classes and being taught by a TA."

—sarahs402d05f80

"I will sing the praises of graduating debt-free and going on to work in the field my degree was in. Community colleges get a bad rap, and I'm making it my goal to turn that around one person at a time."

—t49e12a934

"Community college also has grants and scholarships. My cousin only paid for his first semester and got a full ride for the last three due to his grades."

—pheebsgirl

18. Dividing your paychecks between multiple accounts might sound complicated, but it can actually be a pretty seamless budgeting method.

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"I was always good with looking after my money once I started working but learned a whole lot more once I moved out. I have four bank accounts: two savings with one that I tucked away so I wouldn't spend it and another as easy access for a rainy day, one checking for bills that I transfer money to every time I'm paid (I have all my bills planned out), and another checking as my main account. After transferring, it's easy to figure out how much I have to play with. Also, I split my bills so that I'm not totally broke after rent."

—mightchangelater

19. Avoiding auto debt as much as possible can really help you save toward other big life goals.

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"Don't buy a new car when you get a new job. Don't trade in your car every few years. You can buy a good, reliable used car for under $10,000. I bought my current daily driver for $3,300 over eight years ago off Craigslist, and it hasn't had a single breakdown or real issue. I'm a mechanic, so I know better than average how to pick 'em, but talk to your local independent shop, and they can help you too. If you can, buy private party instead of from a dealer to avoid dealer markup, but MAKE SURE you get the car inspected by someone reputable first. There is a difference between an inexpensive car and a cheap car — you want the former. Do a lot of research about the reliability of the vehicle. And take care of it like you want it to last.

My husband and I easily spend $1,000 to $2,000 less per month on vehicles compared to many couples by having lower insurance and no payments. That's a LOT of money over time. People ask how we saved up for a down payment for a house, and that was probably the biggest factor."

—melissan40168c557

Other ways to save on your car include using apps like GasBuddy that can help you find lower prices at the pump. And if you're driving a lot less than you used to, look into pay-per-mile car insurance to reduce your auto insurance premiums.

20. It can be really hard to say no to your friends, but resisting financial peer pressure can really pay off.

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"If you find saving difficult because your friends keep pressuring you to come out to this bar or that restaurant, learn how to say no to them, or find new friends. Staying home because you want to save money may seem uncool when you’re younger, but trust me, being in your 30s and having no money and a ton of debt because of bad decision making and too much partying is way more uncool."

—joljah21

"I second this. However, don’t refuse a good time because you don’t have the funds. Oftentimes, I would go out with friends and just have a Coke or water and tip the bartender a buck or two if I had it. Most times my sodas were free because I looked like the designated driver."

—taylorr24

21. It is OK and honestly necessary to set boundaries with work and prioritize your life and loved ones.

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"There is not a single job that you will ever do that is worth more than your family or your health. I've had jobs who wanted me to prioritize them over my dying mother. It doesn't matter what you think you're going to get out of it, like more money or connections in your industry. It's not worth it. Always put your life before your job. Every job you have is temporary, but your family and your health are for the rest of your life."

—turkeyinacan

22. Depending on your industry, you may find there's a lot less stigma attached to "job hopping" these days. Plus, your salary will grow much faster if you change jobs every few years.

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"Don’t listen to what anyone says about not being a job hopper; that’s only true up to a point. You’ll make more money if you switch companies every three to four years because you’ll usually be able to negotiate a higher salary with a new company than whatever raise you negotiate with your current company. And no, this doesn’t look bad on a résumé. Whoever is hiring you likely has done the same."

—alicebraz

23. Don't be shy about asking for a raise, but it's also important to understand the processes around raises and promotions at your company. Sometimes, you might fare better by looking for new opportunities.

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"Don’t be afraid to ask for a raise. It can be an uncomfortable topic to bring up, but no one else will advocate for you as hard as YOU will. Just last month, I had a sit-down with my boss to ask for a raise, and she ended up offering me a promotion. The wage increase was definitely worth the awkward conversation! Don’t be afraid to ask for what you’re worth!"

—theformermrsbutterworth

"Understand how pay and raises work at your organization. Some companies have very strict rules about when and how they’ll promote you within a role. For example, the place where I work only moves people into certain leadership roles after at least three years of managing others. In environments like this, you may need to leave to get a substantial bump in pay, regardless of how good your performance has been in your current job. Sticking around for years isn’t always worth it if you can get paid more for doing your same level of work at another company."

—chaosofthesun

24. Ask for help filling out your FAFSA if you're unsure about it.

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"Get tips on filling out your FAFSA (Free Application for Federal Student Aid)! No one helped me, and I qualified for ZERO public assistance even though my parents were at the poverty line. Now I'm stuck with these private loans that can't be forgiven or consolidated."

—brandybruin

There may be someone at your school, like a counselor or financial aid staff, who can help with the FAFSA. You can also get help by calling the Department of Education's helpline at 1-800-433-3243 or by clicking the "live help" button when you're filling out the FAFSA online.

25. A cash advance from your credit card might seem like a good idea, but the fees and higher interest will really cost you. It's generally best to only take this option in a true emergency.

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"Don't transfer money from a credit card account to a regular spending account as a 'cash advance.' The bank will likely charge you a much higher interest rate than normal and maybe extra fees, and you can end up having way more to pay back than you expected."

—l4d615bb5a

26. And finally, don't sign that lease, credit card agreement, mortgage, etc. until you're absolutely 1,000% sure you understand it.

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"Never ever sign a financial document if you do not feel you can explain the basic concept(s) of it out loud to another person. We all think we get it, but until you can give a quick rundown to another person, you may be overestimating your understanding."

—happyhat

Millennials, do you have any other tips about work and money? Share them with us with in the comments!

And for more stories about life and money, check out the rest of our personal finance posts.