How to handle millennial money problems
27 Apr 2021
2 minute read
Being a millennial is tough *sigh*. No seriously, we get it. You're trying to buy a house, set up your career, travel to as many countries as you can and keep up a buzzing social life. Throw the current COVID situation in the mix and things start becoming messy. There's a whole lot of societal pressures and financial stress out there so let us help navigate the millennial money problems you face on the reg.
Feeling pressure to spend money because your friends are isn't a healthy way to manage your finances. Don't feel like you need to keep up with your mates who love to splurge on a constant calendar of events. They might be earning more or could simply be blowing their money away, but don't leave yourself short on funds from Friday night drinks because you shouted everyone an espresso martini. Thankfully, you can always get a payday advance from MyPayNow if you overindulge and leave yourself without any cash for the week!
Some of you might have saved enough to buy a house or two by now, but some of you might have travelled and spent your savings there instead – and we're just going to point out that neither of those are wrong. For the country hoppers who are struggling to get on top after returning home, make sure that you're giving yourself a fair shot to pay for life as well as saving some cash on the side. For the ones who just can't seem to get on top, take a breather and don't be afraid to deep dive into your bank account to see exactly where your money is going.
Here's a simple rule of thumb so you can start to get ahead – first pay any outstanding debt, then put money aside for your outgoing expenses, after that you can set aside an allowance and pop the remaining into savings.
The saying goes, the more money you earn, the more money you spend. It's common that while you might earn more money over time, the number in your bank account doesn't always reflect your new income. It's important to remember that just because you might be earning more, doesn't mean that you should be spending those extra dollars on things you don't really need like designer clothes and expensive cars. Lifestyle changes like this are difficult to maintain and after all, is it really worth it in the long run?
Don't forget, if you need to access your pay on demand to get out of some sticky situations, you can sign up to MyPayNow in minutes!