By Helen Chevreau, Hub Staff

I think it’s safe to say that by our mid-twenties, most of us millennials have received ample financial advice — be it desired or unsolicited. Oftentimes much of it boils down to the same few nuggets of wisdom. We hear those same phrases over and over throughout our childhood and young adulthood so often that sometimes, the value behind them begins to lose its potency.

I know that personally, the phrase “don’t live beyond your means” was a household mantra. If I had a dollar for every time I’d heard that from my dad growing up, I wouldn’t need to be worried about following it! (Editor’s note: see Helen’s bio below).

This week, we’re lucky enough to be working with TD Canada Trust to get to the bottom of what these oft-heard universal personal finance phrases really mean. According to a recent TD survey, the three most received pieces of advice from parents and guardians to millennials have been to live within their means, to save a percentage of each paycheque, and to save for a rainy day.

These are all wonderful pieces of advice, and every millennial should be following them to the best of their ability. However, sometimes these overgeneralized statements ( especially something like “saving for a rainy day”) aren’t helpful to a millennial who has yet to encounter a “rainy day,” and so doesn’t know what to expect from it.

This is where Shirley Malloy, TD’s associate vice president of Everyday Banking comes in. She is here to share a few ‘Moneyhacks’ that will turn these financial ‘truths’ into measurable goals that any millennial (or other financially-inclined individual) can implement.

Nugget #1: Don’t live beyond your means          

Actionable takeaway: Don’t mistake credit for cash.

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