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A14 BUSINESS
Wednesday 1 February 2023
Millennial Money: 6 ways to move out of your parents’ house

By KATE ASHFORD Before you fly the coop,
of NerdWallet save up a cushion of three
Nearly a quarter of millen- to 12 months of living ex-
nials (22%) are living with penses. If the numbers feel
their parents, and more overwhelming, start with
than half of those living one month and aim to
with them (55%) made the build up to three months.
move in 2022, according This might feel like overkill,
to a December survey from but it’s a crucial safety net.
PropertyManagement. “For most people, the rea-
com. son why they’re in this situ-
Many said they’re back ation in the first place is
home due to high rent, because they didn’t have
money concerns or job that emergency fund,”
losses and 9 in 10 say they Moore says. “You need to
would move out if they have that in case some-
made more money. thing happens financially,
“It can be very frustrating that you can still pay your
for the parents and the mortgage, you can still pay
young adult to be in a more your rent, you can still live.”
dependent position than 4. BRAINSTORM WAYS
what their age dictates,” TO INCREASE INCOME, IF
says Mariana Martinez, se- NEEDED
nior family dynamics con- If money is an issue, you’ll
sultant and vice president In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. have to take steps to bump
Associated Press
for Wells Fargo Wealth and up your numbers, whether
Investment Management. tion. “And most people do to design a budget. How this situation and the allure that’s asking for a raise,
“It is useful to keep in mind not know. They’re trying to much do you have in sav- to still live ‘the successful’ looking for a new position
that there were extraordi- wing it.” ings versus debt? What are lifestyle is strong,” says Kyle or taking on a side hustle.
nary circumstances that Write down your intentions. your monthly expenses? Newell , a financial adviser Not sure where to start? A
led them to their current Do you want to get an What needs to change in Winter Garden, Florida. financial coach might be
situation.” apartment? to help you achieve your “Saying no to going out or a good investment; many
Here are some steps to help Buy a house? Do you want goals? finding alternatives to still specialize in job-related
you find your feet again on to stay in the same city? Do “Find out what you need to have fun is key.” advice, in addition to cre-
your own. you want a better-paying do and how much you’re Saving is key: Automate the ating financial strategies. If
1. GET CLEAR ON WHAT YOU job? going to need in savings or process by having money you’re not in a position to
WANT “When you write your goals money or income to make transferred into savings on hire someone, check your
“I ask every client I work down, it forces you to really the changes needed,” paydays. Be aggressive, as local nonprofits.
with, ‘What are your goals, think through them and be Moore says. you’re going to need a se- The Financial Empower-
what are you trying to ac- intentional about what you Use your circumstances curity deposit or down pay- ment Center, for instance,
complish?’” says Angela want to do,” Moore says. to your advantage but ment at the very least to offers free financial coun-
Moore , a financial literacy 2. MAKE A SPENDING PLAN that doesn’t mean endless take the next step. seling and has more than

educator and coach with Use whatever tool you like shopping sprees. 3. BUILD AN EMERGENCY two dozen partner loca-

Modern Money Educa- an app, spreadsheet, etc. “I have a client who is in FUND tions across the country. q

American Express launches products for small businesses

By MAE ANDERSON nesses as it aims build up its sition of fintech Kabbage banks. Rates on AmEx Busi- can Express. “It really marks
AP Business Writer presence in the small busi- in 2020. American Express ness Blueprint line of credit a new chapter for Ameri-
NEW YORK (AP) — Ameri- ness sector. had been offering small loans vary widely from from can Express, the chapter
can Express is launching The services, called Business business lines of credit and 2% to 9% for a six-month on which small businesses
a suite of financial service Blueprint, stem from the other services under the loan to 15.75% to 27% for an can not only do business
products for small busi- credit card giant’s acqui- Kabbage moniker, but now 18-month loan. with American Express, but
it will replace those with a AmEx said Business Blue- also run their businesses
suite of products from a print is about more than with Amex.”
cash flow management just loans, however. It is de- It’s free to sign up for Busi-
hub to business checking signed to let small business- ness Blueprint, and its digi-
accounts and lines of credit es conduct a wide range tal financial products are

under the name American of tasks they might other- available at varying rates.
Express Business Blueprint. wise do separately taking The service launches Tues-
Small businesses often have out loans, paying bills and day.
difficulty securing loans vendors, and accepting Alenka Grealish, principal
since they lack established card payments all in one analyst, emerging tech at
credit scores and often place. research firm Celent, said
don’t have a lot of capital AmEx aims to be a “digi- the effort is part of a broad-
on hand. tal one-stop shop for er effort by financial service
Some fintech providers small businesses financial companies to move away
have stepped in to offer needs,” said Anna Marrs, from product-based offer-
An American Express logo is attached to a door in Boston’s loans to small businesses, group president of global ings like one-off loans to-
Seaport District, July 21, 2021.
Associated Press but often at steeper rates commercial services and ward offering a more holis-
compared to traditional credit & fraud risk at Ameri- tic suite of services. q