The internet often makes millennials feel stupid, especially when it comes to managing money. Most people will run out their money to fulfill their lifestyle.
The presence of the internet makes these people often spend money to fulfill their lifestyle.
Generally, millennials cannot manage their money well. Most of them often waste their money to buy unnecessarily on unnoticed matters.
Reporting on Forbes, most of millennials do not save money for their future lives. They only think about their lifestyle.
Check out why do millennials often run out of their money and how to solve it :
Entertainment, Food and Drink
If you are a millennial who is aware of money, you will certainly pay close attention to a lifestyle that is run strictly.
Most millennials will spend money to eat in fancy restaurants, or drink in a comfortable place to simply exist on social media.
If this is done once a week with just one go away you can spend a lot of money just a week.
Then, what should you do?
If your friends are constantly going to parties / eating / watching movies, let them know that you are trying to save money.
Some friends want to share everything with you, including their financial irresponsibility. Choose friends who will continue to build you for the better.
Everyone certainly wants to have a luxurious and expensive lifestyle. Millennials are people who like to show off their wealth, especially cars.
They tend to buy new cars to simply show that they are capable. It does not mean you should not buy a car. You can buy a new car based on your capability.
What should you do?
You should think for the future. A sports car might be very prestigious. However, will it satisfy your feelings many years from now?
You can wear all the expensive brand clothes and buy luxury cars to go to parties where rich and famous people are there.
But if you think that it’s not worth the cost, do your research and look for a used car.
Additionally, you must buy from someone you trust or someone who has a good history of managing a car.
Rely on One Income
From a young age, you must be told to go to school, get a respected degree, get a job, pay off loans, and die.
Sure, that sounds simple, and this is a great way to live, but if you were born in the 1950s.
Some millennials are trapped in the past, in the traditional way of living life.
Did you know that, you can generate many streams of income? You should avoid to depend on one income as your main source of income.
What should you do?
Don’t think that your degree is the only ticket for you to earn income.
Try to do some freelance work that gives you freedom in time and place. Your life is too valuable to be enjoyed in mediocrity.
Read more: 4 Simple Ways to Manage Your Finance Well