Gloria S Garcia Cisneros, CFP® | Source | Wealth Manager at LourdMurray

Although there are various ways to lower your mortgage payments, Garcia recommends starting with an old-fashioned review of your budget, "Mortgages tend to be an individual's highest expense, but there are others one can reflect on." She recommends reviewing your spending and budget in search of unnecessary expenses. If you're still coming up short after trimming all you can, then Garcia recommends reaching out to your lender

“I don't think people realize the impact the gender wealth gap can have on our lifetime earnings,” says Gloria Carcia Cisneros, a certified financial planner and wealth manager at Lourd Murray. “When you start with a lower base salary, it means that for all the subsequent pay increases, you are getting less than someone who is getting the same percentage increase, but has negotiated higher pay from the beginning. The earlier the better, make sure you start negotiating in your 20s and 30s to take advantage of the exponential growth.”

Saving money while living paycheck to paycheck is an almost impossible feat for many Gen Zers. With wages stagnating and the cost of housing, education and everyday essentials rising, this young generation has little room for savings.

“Housing is the most unaffordable we’ve seen in my lifetime and we still feel the weight of increased prices that came from higher inflationary times in the past couple of years,” said Gloria Garcia Cisneros, Gen Zer and CFP at LourdMurray. “This is exacerbated in larger cities, where rent can make up a large part (40-50%) of young individuals’ monthly expenses.”