Millennials don’t have it easy. From mounting student loan debt to high rent costs, young professionals find it difficult to save any of the money they earn.
More than half of millennials (51 percent) claim their financial situation is a major cause of stress. Over 40 percent of millennials say they don’t know what they’re doing when it comes financial matters.
Throw in stagnant wages and a competitive job market, and millennials need all the financial advice they can get. Well, that’s what we’re here for.
The first step is cutting down on wasteful spending. NBC News has more:
If you want to save smart, you need to have an honest self-evaluation of your spending habits—what you really need, versus what you can do without. Joanne Bradford, chief marketing officer of SoFi, an online personal finance company that targets millennials, said the biggest expenses that destroy young people’s budgets include eating out, vacations, and weddings.
“It’s okay to say ‘no’ to a wedding. You don’t always have to say yes to the dress,” Bradford said. It sounds obvious, but she added that it’s important to create an actual budget so you can be aware of where your money is going.