Millennials need to save more money for their futures even if they are still living at home with their parents because life will catch up and everyone needs to be ready.
It is understandable to see many college students living with their parents after or during college because of the high loans that the school system gives out but money is always in our lives. Many people work even when living with their parents, and if they don’t work, they may get an allowance. At the end of the day, everyone gets money somehow. It’s just a matter of spending that money in a smart way to benefit you in the long run.
According to a U.S. News & World Report article, “the average bachelor’s degree holder takes up to 21 years to pay off his or her loans.” This is a long time which is why millennials should know how to invest their money better in things that matter, like education for a fair price, while also being able to save money for the future.
Living with your parents gives one the liberty to save on things like rent, utilities, and food. Now, if one were to resist the temptations that come your way right after your paycheck and save 25 percent or even 50 percent of your paycheck each time, the money would pile up and could be used as a cushion for emergencies.
A Science Daily article that was published in August 2018 called, “Many young adults lack financial literacy, economic stability, study finds” stated that “nearly one third of young adults in a recent study were found ‘financially precarious’ because they had poor financial literacy and lacked money management skills and income stability.”
Trying to be financially stable at a young age in the Bay Area can seem impossible because of the high living cost. But if you inform yourself on how to finance and invest while living with your parents and going to school, then by the time you move out, you have money and the knowledge to live on your own.
Not being financially informed can lead to health problems. According to Pacific Business News‘ article “How financial stress affects your health”, “It’s well documented that chronic, untreated stress can lead to anxiety, insomnia, muscle pain, high blood pressure and a weakened immune system.”
Financing has health benefits that will not only help you economically, but it can help you live a healthier life and it should be a personal mission for you. No one else is responsible for your money other than you. You work for it, spend it, and should know what is best for you.
If there are no courses that will teach you the how to take care of your finances, do your own research. Everyone has to start somewhere and know that you will make mistakes but those mistakes will help teach you important lessons for the future.
