It was the worst financial crisis the United States had seen since the Great Depression, and it left millennials playing catch-up with their finances in the hopes of someday being able to retire. But even as they fight to break to even, millennials continue to accrue debt.
In February, the New York Federal Reserve released a study showing that millennials have accumulated more than $1 trillion of debt including mortgages, auto loans, credit cards, and student loan debt. Additionally, Schwab’s 2019 Modern Wealth report, a May survey from Charles Schwab, revealed that 62 percent of millennials are living paycheck to paycheck while only 38 percent feel financially stable. Despite that statistic, millennials also say they spend nearly $500 a month in nonessential purchases.
While the statistics above look grim, there is still hope for millennials pursuing the “American Dream.” It is important to remember that paying off cars and credit cards, buying a home and working towards retirement are not impossible feats. Like everything else in life, finances are about balance and finding an approach that works for you.
Do you have a gym membership you never use? Are you paying for cable you barely watch? Does GrubHub make regular deliveries to your place? The average millennial spends more than $500 a month in nonessential purchases. Look at your budget and see where you can trim items. Replace cable with a streaming service. Make dinner at home. Get rid of that gym membership you never use. You’ll be surprised how quickly you can build back your account by eliminating those unnecessary bills.
At Maple Federal Credit Union, we now offer MaplePay and MaplePay Now to help you manage your money with ease. We also offer Lucky Lagniappe savings because want to help you find a way to save for your future and also gives you a little extra. We’re here to help. Give us a call today! (337) 233-6264
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