How Millennials Can Break the Broke Curse

June 24, 2019
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Related: How Are Millennials Spending Their Money?

It seems like every week brings a new study or story about how folks in their mid 20's to mid 30's are so broke they can't even pay attention! 62% of millennials say they’re living paycheck to paycheck. So why are they spending an average of $478 a month on nonessential like concerts, dining out, high end make-up and $200 sneakers?  

In most cases it's not even their fault; not all millennials are spending like rock stars. The combo of student loans and the Great Recession is no joke. If you’re working for minimum wage or can’t find a full time gig, the only way to save money and dig your way out of debt is to make more money. If you’re boss isn’t willing to give you a $20,000 raise just for the heck of it then it might be time to look for more work.

Most of their elders, including me, started out with empty wallets and Sallie Mae breathing down our necks. 

What advice can we give millennials as they struggle to become financially stable? I asked you for your financial advice on Facebook...here's what you came up with: 

"Write down EVERTHING you spend in a month and what you spend it on. write down all the bills you pay for the same month. you should NEVER spend more in a month than what you are making/bring home AFTER deductions. Remember those food deliveries, apps, coffee shop lattes and Uber rides add up." - Tina King

"Best advice: you really can’t have it all at the very beginning. Life is a marathon, not a sprint. No matter how much money you make, you will always want more. It’s the journey and the people along the way that make life...not stuff."Susan Allred

"Maybe look into career paths and degrees for jobs that are needed and paying well? I went to CPCC and paid as I went while working full time. I have no student loan debt and I found a job related to my studies. As much as I love the idea of following your heart, those degrees don’t always translate to jobs."Jennifer Fewel Snarr 

"My son went straight into a job making more than I do at age 18. Parents? Quit pushing your kids to go to college if they don't know what they want to do. There are a lot of jobs out there right now that don't require a 4 year degree. Look at apprenticeship programs. Look at paid training. The stigma of a community college is long gone. Nobody cares where you do your 1st 2 years of school if you want to transfer to a 4 year college at a later date."Melissa Leone McAtee 

"Don't worry about your credit score! Look into things like Financial Peace University and Baby Steps by Dave Ramsey. Learn to save. As Dave says debt is dumb cash is King!" - Sherri Jo Mahaffey Wilkes 

"Stop financing crap." - Jennifer Silvers Durham