Millennials Should Not Focus Only On Student Loan Repayment To Build Financial Stability, Expert Says

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CHICAGO (WBBM NEWSRADIO) -- A millennial money expert says repaying college debt is first and foremost on the minds of many young people in the Chicago-area and across the country.

But maintaining your finances goes beyond paying back all those student loans.

Tonya Rapley, founder of My Fab Finance, says if you want to build financial stability while reducing debt ,you need to maintain a savings account, resist the urge to splurge on social media and take advantage of the gig economy. 

Rapley said balancing these financial aspects work together to be in charge of your money, but focusing too heavily on one instead of the other can be dangerous. That's a mistake some millennials make, she said.

"All those things work together to achieve your financial goals," Rapley said.

On the other hand though, she warned against taking on too many financial goals at once.

"Focusing on too many things at one time and then becoming paraylzed and not starting at all" are mistakes some millennials make. Looking at all aspects of your financial life with a holistic, practical approach can help balance them all, she said.

Your credit score, maintaining your savings account and eliminating debt all work together to help you achieving your financial goals, she said.