Millennial Money: Don’t let money ‘rules’ get you down

By KELSEY SHEEHY of NerdWallet

Money rules of thumb can be useful guardrails, helping you allocate spending and determine what’s affordable. They can also be incredibly defeating when they feel unattainable. If money “rules” feel completely detached from your reality, you’re not alone. The average American doesn’t come close to hitting many of the popular money rules. A 20% down payment for a home is viewed as the standard, for example, but the typical down payment is closer to 7%, and some buyers put down even less. What’s important is having a handle on your expenses and building a spending plan that works for you, not some ideal.