Let’s get one thing straight: I would LOVE to have one job, then come home and sit on my butt. Juggling multiple jobs in the “gig economy” isn’t fun. But working additional jobs for supplemental income is becoming more and more common and can help you reach savings/debt-paying goals faster. I’m not going to talk about ways to make it big, like creating an app or becoming a landlord, because those often require significant time and start-up cash. We’ll start small, and we’re going to work with whatever time you have available.
I’m popping in mid-week as a departure from regular programming to talk about a new Bank of America survey, which I read about in USA Today, showing millennials are doing better than a lot of people (including me!) think.
According to the study, 16% of millennials (now age 23-37) have at least $100,000 in savings. The number was just 8% in 2015. 47% of millennials have a minimum of $15,000 in their bank account.
If I had a dollar for every time I saw, “If you just cut out your daily latte, you could do XYZ!” I could actually afford a daily latte instead of filling up my cute reusable mug at home every day.
Who are these people buying daily Starbucks? I don’t know anyone who does this. If you do this and you are looking for ways to save money, please start there, but I have a lot of trouble believing someone’s throwing $5 at Starbucks every day and honestly wondering where their money’s flying off to. It’s an absurd stereotype and I hate seeing it as the #1 “How to Cut Back” advice.
Now that you’ve got all your expenses averaged and categorized, we’re going to do a little of that adding and subtracting I told you about last time.
First, add up your income.
a very good place to start. When we read we begin with A, B, C. When you take control of your finances you begin with bud-get-ing!
Please forgive me, Goddess Julie Andrews, for butchering the song you made so famous.
I love budgeting, and it really is deceptively simple. You’re not doing any more complicated math than you were in kindergarten. While many prefer tech-y ways like YNAB or Mint, I make mine old-school: on paper.
We were in front of our new home. I had run back inside for something– scissors, probably. We’re always losing scissors. But my husband was standing out front, telling our well-intentioned but incredibly nosy neighbor about our plans to repaint the deck.
“Of course you can do that,” she said, laughing. “Making that millennial money!”
When he told me about it afterward, I couldn’t stop laughing. Millennial money? Is that like Monopoly Money? In that, you know, it’s not real?