Moving to the U.S was the first part of Erika’s journey, as she always knew that she was going to make things happen for herself. Her gut instinct always reassured her, and she was focused on being an entrepreneur and making a name for herself. Erika Del Toro describes herself as a self made millionaire, a life insurance agent and one of the first latinas to cross a million in income as an agent.Erika is also the co-owner of PHP agency alongside her siblings.

Erika says the reality is that most millennials struggle with money because they were never taught how to manage it. Unless you were fortunate enough to have your parents teach you about the importance of managing your money or were able to take some type of personal finance related course in school, there’s a very good chance you’re a part of that 70 plus percent of millennials that aren’t saving. Money management is a tricky subject. For many, the topic’s accompanied with a feeling of apprehension. Maybe you’ve put off saving for retirement for a bit too long. Or, perhaps you’re worried about not having an emergency savings cushion. Whatever your concerns may be, there’s no time like the present to get a handle on your finances. It’s best to get started – as soon as possible – on good financial habits.

Money management and personal finance can be touchy subjects. Many people experience a lot of anxiety when they think about their financial lives, both as they are today and how they may look in the future.

Maybe you didn’t start saving for retirement as early as you’d hoped or perhaps you didn’t get an emergency fund in place and ended up in debt. Whatever your circumstances, deciding to take control of your situation now is always the best choice.

Make a budget. 

You’ve heard it before. Creating and sticking to a budget is one of the best ways you can save money. Making a budget doesn’t mean you have to give up fun for the rest of your life. By creating a budget, you’ll be able to see where your money is going each month and allocate funds to saving, bills and entertainment

Learn Self-Control

If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money.

Control Your Financial Future

If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but may not know what they’re doing. Instead of relying on others for advice, take charge and read a few basic books on personal finance.

Track Where You Spend Your Money

Time to play detective with your own finances. In order to get the full picture of your spending habits, you’ll need to do some financial forensics on yourself. If it seems overwhelming, limit yourself to one month’s worth of expenses.

Some Key Points :-

  • Create a comprehensive budget
  • Spend less by trimming day-to-day costs
  • Eliminate unnecessary costs
  • Find ways to pay less interest on your debts
  • Don’t pay more tax than you need to

If you want to make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it. If you rent, get renter’s insurance to protect the contents of your place from events like burglary or fire. Disability income insurance protects your greatest asset—the ability to earn an income—by providing you with a steady income if you ever become unable to work for an extended period of time due to illness or injury.