We all experience our share of money-related anxiety, and clearly, younger workers are no exception. According to data from Bank of America, here's what millennials are stressing over the most these days:

Point of Concern

Percentage of Millennials Worried About It

Not saving enough

35%

Career growth

24%

Not saving for retirement

21%

Not being able to afford a home

20%

Healthcare costs

19%

Data source: Bank of America.

Obviously, these are all valid concerns. The good news, however, is that they're addressable.

1. Boosting your savings efforts

We all need money on hand for a rainy day. In fact, you should ideally have a minimum of three months' worth of living expenses tucked away in the bank. If that's not the case, then it's understandable that you'd want to do better. The easiest way to boost your savings rate is to create a budget, see where your money is going, and find ways to cut expenses. Chances are that a bunch of the things you currently spend money on are more flexible than you'd think.

Young female adult wearing slouchy hat using a tablet

Image source: Getty Images.

For example, while you can't call your landlord and inform him that you'll be paying $200 less per month in rent, you can pick up and move if your apartment eats up too much of your income. Similarly, you can stop dining out frequently, taking taxis, and paying for a video streaming service you only use once a month. The choice is yours, but know that you most likely have the power to cut back on expenses. You just need to be willing to do so.

2. Getting your career on track

It's natural to have doubts about your career path when you're relatively young. That's because you may be fairly new to your field or you may be in a situation where you're not quite ready to be a manager yet feel overqualified for the work you're doing. If you're stuck in a career-related rut, try volunteering for new projects at work that interest you. This will show your manager that you're not afraid of a challenge, and in some cases, it might help you explore different tracks within your company.

At the same time, do some networking to see what opportunities are out there. Maybe you've been itching for a promotion at work, and there's a higher-level position at another company with your name all over it. Finally, it always pays to boost your job skills, so sign up for a course or seminar that'll help you better excel in your current role or jump to another one. Even if you end up deciding to move to a totally different field, it never hurts to have as strong a resume as possible.

3. Building your nest egg

It's hard to focus on retirement when it's a milestone that seems so far away. It's also hard to motivate yourself to fund a nest egg when you're told you'll need $1 million to retire and can't manage to part with more than $50 or so a month. But one thing you should realize about retirement is that if you give your savings time to grow, you can turn a series of modest contributions into a rather large sum over time.

Check out the following table, which illustrates this point:

Monthly Savings Amount

Total Accumulated Over 40 Years (Assumes an Average Annual 7% Return)

$50

$120,000

$100

$240,000

$200

$479,000

$300

$719,000

$400

$958,000

$500

$1.2 million

Table and calculations by author.

As you can see, you don't have to sock away a fortune of money each month to make a difference in your nest egg. Just save consistently over time, invest wisely (ideally in stocks, which can give you that 7% average annual return over time), and let your money work for you.

4. Saving for your first home

Like all other savings goals, accumulating a down payment boils down to discipline. But if you focus on setting money aside, just as you would for your emergency fund or retirement, you can slowly but surely come up with that cash.

That said, younger workers today are struggling to buy homes because there's a limited inventory of starter properties on the market. In big-name cities, prospective buyers will often land in bidding wars, thus driving home prices up. If that's the situation you're facing, be patient. The more you save, the more flexibility you'll have to come up with a higher down payment, which will not only give you an edge in a bidding war, but the option to seek out pricier homes in your target neighborhood.

5. Making healthcare more affordable

Healthcare is a major burden for workers of all ages, so if you're struggling to cover your medical bills, you're not alone. You do, however, have some options for keeping your costs in check. For one thing, shop around for a better insurance plan if you're buying coverage yourself. Plans change from year to year, and you may come to find that the services you need are cheaper elsewhere.

Additionally, take advantage of well visits, which are usually free under most plans. This might allow you to get ahead of health issues that could wind up being costly when left to escalate. Also, be smart about prescriptions. Insist on generics and load up on 90-day supplies, which are often a considerably cheaper option than renewing month after month.

Finally, make sure you understand your health benefits. Nearly half of insured adults don't really know what their plans cover, and as such, risk racking up higher bills than necessary.

Though you can't snap your fingers and make your money-related stress magically go away, you can take steps to improve your finances and outlook. And that's advice that applies at any age.

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