As a millennial, I often wonder how I’m tracking compared to everyone else.
Am I good with money? How much is everyone else… saving? ARE they saving? What do they spend the most money on week to week? Do they have… a… strategy?
Basically, I’m an inherently nosey individual, and I’m guessing you clicked because you are too.
I decided to find out for the snoopers out there, and anonymously surveyed 11 fellow millennials. Here’s what they told me…
Help me
A 27-year-old digital producer is in dire straits right now, simply trying to “make rent and eat” every week. With a bit of an, erm, credit card situation, little funds are left after paying off debt, leaving them with no savings strategy whatsoever.
They’ve got $78.10 in the bank.
Getting by
For a 27-year-old in the media, it’s important to just “get by” every month. With sky-high rent prices in Sydney, this millennial doesn’t splash cash on anything fancy, but is determined to not deny herself the “essentials” of coffee and wine.
She currently has “WAY too many” bank accounts, and her total savings equals $410.
LISTEN: The Mamamia Out Loud team discuss why it might be that millennials are having their midlife crises so early. Post continues after.
What is this “savings” you speak of?
When you’re 23, living at home, and a public relations assistant with little more than a $100 phone bill to pay every month, expenses are fairly minimal. But an entry-level salary means this millennial has $1300 at their disposal.
No strategy, just sheer optimism
One 29-year-old respondent, who is a news writer, said they have little direction when it comes to matters of money and finance. Instead, they ‘begin the month with optimism, and end up with $10 to tide me over until pay day.’
Top Comments
I have a mortgage (400k) with 250k in offset account. Have a further 20k in another account. Also currently on mat leave (single mum). It can be done. I tend to find those that complain they have no money (and they don't have money) are the ones who spend 150-200 on the weekend and buy their breakfast and lunch every single day (at work). Life is about choices. And yes I still managed to travel in Asis, Europe and the Americas. It really can be done and I just earn the average salary.
28 year old business analyst with a mortgage (minimum repayments only). My offset account (so still acts towards the mortgage, but is 'my' savings/money), currently around $250k. Been a really hard slog to get there, little in the way of luxuries, but is definitely worth it when I can pay my house off hopefully before I'm 30.