How Millennials Should Spend and Budget Their Money
b'With Kerri Anne Renzulli, Reporter at Time Money
Millennials comprise a generation with a mind of its own, uniquely different from their predecessor baby boomers. They\\u2019ve grown up with technology in a more connected world, believe that our Earth is a shared resource, cherish personal freedoms and expect more from the workplace. Millennials also tend to switch jobs way more often \\u2013 once every two years on average - than generations before them, and tend to place less value on the importance of money. So Kerri Anne, a millennial herself, talks about millennial attitudes towards money, spending and savings, and offers insights on what millennials are doing right or wrong, and how they can better manage their finances for a comfortable retirement.
Turns out, millennials live by plastic - debit cards in particular. Find out why it\\u2019s easier to spend on plastic than spending hard cash, and how that plays into purchasing decisions but turns out to be more expensive every year. For example, millennials tend to focus more on the benefits of their purchase and overspend when they pay by card, but tend to focus more on the cost outlay when they pay by cash, and are more prudent about their spending. So 11% of all millennials tend to go over their card limits and pay heavy overdraft fees (about $35 per month), and a whopping 44% do not pay their bills in full each month \\u2013 which, of course, leads to them racking on really expensive, high interest rate debt on unpaid amounts.
See what Kerri Anne suggests millennials do to control their spending and manage their finances. While budgets are easy to make in theory, learn how to make realistic budgets and stick with them over the long term, with online tools and apps that make financial budgeting much more manageable.'