According to a recent survey released by Wells Fargo, Millennials know the steps to financial success.
We say we know the importance of saving now and living beneath our means. But in the same survey, about half of Millennials admit to not saving at all.
They say they think they’ll be able to start saving in their mid-thirties — but this wastes a decade of savings potential! So what’s holding Gen Y back from saving as we know we’re supposed to do?
Almost half of us say that debt is our biggest financial concern. Collectively, Gen Y’s debt burden may be holding us back from reaching our full financial potential.
Check out this infographic we compiled that takes a look at the state of student loan debt for the Millennial generation:
What’s a cash-strapped Gen Yer to do? We obviously have a tremendous amount of student loan debt that we’ll have to pay back — but it shouldn’t be at the expense of other financial goals along the way.
First, make sure you’re on the right track with your finances. Continue living like a college student (be frugal!) and take advantage of things like company benefits at your job to make the most of your money.
Then, make a plan to manage your student loans along with other financial priorities. You might want to look into repayment or loan forgiveness programs for your Federal student loans if you’re having a tough time making payments.
If you feel like there’s just no more room in your budget to do more with your money, it’s time to take action and earn more. This can be intimidating, but anyone can earn some extra cash each month with a side hustle. Give it a try! It will be worth a little more work when you have more money to use in order to eliminate your debts.
Finally, don’t hesitate to reach out and ask for help if you need it. A Quick Start session might be the perfect way to get some advice on managing your student loan debt as well as other financial goals. It’s tough balancing all your financial responsibilities along with the burden of student loan debt. But it’s not impossible. You can succeed!