Have an adequate salary but minimal savings balance value, do not have insurance and do not have any investment to prepare for future needs. This is perhaps the biggest financial challenge facing millennials.
Quoting a survey revealed that nearly 40% of millennials in the United States spend money they do not have and are “willing” in debt to pursue lifestyle demands and social pressures.
Easier access to financial products and lifestyles but not accompanied by adequate financial knowledge, ultimately also increases the risk of financial problems. These financial problems include, for example, consumptive debt, minimal asset ownership, pension risk in poor conditions, and so on.
Well, for those of you who are reluctant to get caught up in financial problems, you should recognize what are the lifestyle pitfalls that are commonly faced by young people and how to get around the following:
The era of social media encourages many people to continue to look for new experiences that can later be displayed on private social media. One of the new experiences being hunted is hangouts, or hangouts in places where they are hits, whether they are cafes, contemporary food stalls, and so on.
Actually, hanging out and hanging out with peers is one of the important needs of humans as social creatures. However, even so, you need to have restrictions so that the hangout does not make the contents of your pocket slumped.
2. Fashion shopping
Appearance is important, but the appearance is not everything. You certainly know Mark Zuckerberg, the billionaire owner of the social network Facebook. Despite the abundant money, Zuckerberg is known as someone who is reluctant to deify the appearance. Quite appearing with gray shirts and jeans, Zuckerberg is still respected as a young genius of the century.
Many young people are willing to spend thousands of dollars every month just to buy clothes or shoes. Although clothes and shoes are important, you can, really, limit them to spending once every three months or shopping when you have extra income.