We often hear from our friends and family, various tips on money and saving for retirement, but are they the ones that should really be giving us the advice?

The generations that pre-ceded the millennials typically have a different way of thinking when it comes to money. Does this mean that we shouldn’t take their advice and follow in their footsteps? Not exactly, but take the advice with a grain of salt. The financial world is ever changing and the one that previous generations grew up in is vastly different than the world we live in today. Here are a few of the topics that advice is commonly given on:

1. We hear “Don’t get a credit card.” – You should actually get a credit card to build up your credit. Just because your parents or grandparents paid for everything in cash, doesn’t mean that you can’t use this tool to help grow your credit score. A prompt and consistent record of credit card payments can have a significant impact on curving this score. There are also some significant rewards associated with certain credit card providers that can provide for numerous rewards such as cash back, airline vouchers, and hotel stays.

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The first few days after getting engaged are a complete whirlwind.  Your days are filled with phone calls, texts, an incredible amount of love expressed from friends and family, and a billion questions that you probably don’t have the answer to.  Once it settles down, reality sets in, and planning begins.  The average cost of a wedding in the United States is over $32,000.  Like Wut?  Now for some brides, that’s totally reasonable, and if you have the money HEY, why not?  “It’s the most important day of your life!”  However, for my fiancé’ and I, $30,000 could go towards so many other things.  It’s $30,000 you could have for retirement, multiple vacations and so much more.  We just aren’t willing to drop that much money for one, single, day.  Nor are we willing to ask our parents (and neither should you), who are all in retirement to sacrifice their income and future, for our big day.

With a budget well below the national average, my fiancé and I sat down and really thought about what we had to have and what was most important to us, and what we could do without.

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