I’m a New Gen Z Worker: 4 Money Questions I Need Answered By an Expert
Written by
Laura Beck
Edited by
Rebekah Evans
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If you’re Gen Z and entering the workforce this year, you probably have a lot of questions — many of them financial. Elliott B., 23-year-old marketing coordinator, is one of those members of Gen Z who is wondering, “what are the right money moves for me right now?”
Like many Gen Z workers, he’s juggling student loans, rising costs and big dreams — all while trying to stay mentally healthy. Here are his four most pressing money questions, answered by a financial expert.
Also here are four tips for Gen Zers to budget correctly during their first job.
Should I Save for a House or Pay Off My Student Loans?
“I’ve got $45,000 in student loans, but I’m tired of paying rent,” Elliot said. “What should I prioritize?”
You can actually work toward both goals, explained Brandon Galici, certified financial planner (CFP) and founder of Galici Financial. “While the traditional advice of a 20% downpayment isn’t always necessary, most loans require at least 3.5% down,” he added.
His advice? Look at your loan interest rates. “For rates 7% or higher, prioritizing loan repayment may be more beneficial,” he said. Lower rates might allow you to split your focus between loans and house savings.
Am I Spending Too Much on Food Delivery?
“I know I’m spending a lot on DoorDash,” Elliot said. “But how much is too much?”
Instead of fixating on a specific food delivery budget, Galici suggested asking yourself three questions: “Are you spending less than you make? Do you have a long-term financial plan in place? Does this purchase bring joy and value to you?”
If you’re not going into credit card debt and you’re still saving at least 10% of your income, he said it’s OK to indulge occasionally.
“I’m definitely not saying never to use food delivery services,” Galici said. “But being intentional about your spending will help you enjoy these conveniences even more — and guilt-free.”
Should I Save for Retirement When I Can Barely Pay Bills?
“Everyone says to save for retirement, but I’m living paycheck to paycheck,” Elliot explained. “Help?”
Don’t completely abandon retirement savings, Galici said. “If possible, try to contribute at least enough to your 401(k) to receive your employer’s full match. This is essentially free money,” he explained. But he cautioned that if retirement savings are forcing you to use credit cards for monthly expenses, you need to refocus on cash flow first.
How Do I Budget for Mental Health Care?
“Therapy is expensive, but I know I need it,” Elliot said. “How do I make it work?”
“Gen Z’s prioritization of mental health and wellness is wise,” Galici said. He suggested starting by tracking your spending and making strategic cuts. “Consider eliminating or reducing expenses that don’t align with your priorities,” he explained.
Also, explore cost-effective options. “Check if your employer or health insurance offers free or discounted counseling sessions,” he said. “Telehealth options can be less expensive than in-person visits.”
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