If young people in the United States had a dollar for every time the term “millennial” was used derogatorily, or they were associated with avocado toast, the money issues which plague a majority of 20-somethings would be a moot point.
Unfortunately, the stereotype of being a “broke kid” even after graduation could never be more accurate today where everything seems to be more expensive.
Many young people and college students are attempting to survive life as best they can despite overwhelming expenses and expectations. The push for a college degree, a higher cost of living than generations past, and competitive job market have littered a treacherous road for success in a generation moving out and facing the perils of adult responsibilities for the first time.
In a transitional period to financial independence as a young person, monitoring income and spending habits are paramount in order to stay afloat. Millennials face a 20 percent lower average income rate than previous generations (adjusted for inflation).
A tougher job-climate coupled with student loan debt, which has increased 213 percent respectively since 1980, according to “Business Insider,” can be overwhelming, although not impossible to manage with money savvy techniques.
Experts agree that ingenuity and self-control are vital skills used to save money. Packing lunch, cutting back on purchasing unnecessary food treats or expensive coffees, and finding roommates to drastically decrease unrealistic rent cost are very powerful methods to save money according to “The Simple Dollar.”
Planning a successful budget as a young person is rooted in simplicity. Being conscious of spending via mobile banking apps is a helpful tool in tracking where money can seemingly disappear. Identifying personal income and necessary spending serve as cornerstones for the task of building a budget.
CCBC Nursing Student, Bailey Neudeck, stated, “I am grateful to live with my mom in order to save money while in school.”
She explained that it would be nearly impossible for her to live on her own, work, be social, and attend school otherwise.
“Although I am currently employed in the health field as I work towards my degree, I must work limited hours in order to save time for studying, socializing, and sleeping.”
Neudeck’s approach to saving money is to work more when she has the time so she does not have to cut back on spending as much.
Taking a more laidback approach, John Helinski, a 21 year old with both trade and college experience has a respectable, realistic outlook on finances.
“I took a few classes for a semester, although struggled to figure out how to pay for school, rent and food,’ he said. “Then I moved back in with my mom in order to free up cash for school.”
Helinski also began driving for the ride share service Lyft as a second part-time job in order to increase his income.
“Driving for Lyft in my free time allows me to make extra money so I am still able to have fun,” he said. “I am trying to enjoy life now without being overly stressed. If I finish up school and settle down later than my peers I am ok with that.”
Although everyone has their own methods of saving money, being conscious of where one’s money goes while taking charge of personal finances is a very important step to sound financial living.
*Articles reflect the views of the author and or those quoted and do not necessarily represent the views of CCBC or the CCBC Connection.