We know how, as millennials, going to college is hard, and that added to living expenses is, oh well, not the best. So as a broke millennial, at Atlas University, you can get all the help and support you need for the community and lifestyle you’re looking for.
Let us give you a brief overview of who the millennials are and what challenges they face in their lives:
That leads us to our topic or our title here. What even is a ‘broke millennial’?
It is a word that refers to people of millennial age who are struggling financially. This can be explained by a variety of situations, including:
- Student loan debt is extremely high.
- Pay gaps
- Rising living expenses
- Economic downturn
Millennials who are broke may be living paycheck to paycheck, unable to save or buy essentials. They may be feeling overwhelmed and despairing about their financial condition as well.
This is our tip for all the millennials out there to get out of their funk and start grinding:
- 1
Make a budget and keep track of your spending. This is the first step in determining where your money is going and where you can cut back. There are numerous budgeting systems available; choose one that works best for you and stick to it.
- 2
Pay off high-interest debt, such as credit card debt, first. High-interest loans can eat away at your savings and make getting ahead tough. Concentrate on paying off this form of debt as soon as possible.
- 3
Begin saving money, even if it is a modest sum every month. Every little bit counts! Even if you only save $20 every month, that adds up to more than $200 per year. Set up a monthly regular transfer from your checking account to your savings account so you don’t have to think about it.
- 4
Put your money into long-term investments. You can begin investing for the future once you have paid off your high-interest debt and have a reasonable amount of money saved. This will help your money grow in the long run.
- 5
Stay away from lifestyle creep. The desire to spend more money as you begin to earn more money is known as lifestyle creep. It’s critical to be aware of your spending habits and avoid overspending simply because you can.
- 6
Earn extra cash. If you’re having trouble making ends meet, consider starting a side hustle or acquiring part-time work. This can help you make extra money to pay off debt, save for your goals, or simply have more money to spend.
- 7
Negotiate your salary. Don’t be afraid to negotiate your salary when you start a new job or when you’re up for a raise. You can do some research to find out what the market rate is for your position and experience level.
- 8
Live below your means. This means spending less money than you earn. It may seem difficult at first, but it’s important to be disciplined with your spending.
- 9
Don’t compare yourself to others. Everyone’s financial situation is different. Don’t compare yourself to your friends or family members, and try to keep up with them. Focus on your own financial goals and work towards them at your own pace.
Remember, it takes time and effort to improve your financial situation. But if you’re committed to making a change, you can do it, and here at Atlas University, we will help you reach financial freedom with our courses.
