Younger generations are flooded in debts. In fact, the average millennials starts off in life after graduation with $25,000 in the hole. But it’s hard to save money when you’re deep in student loans and credit card debts.
According to Dr. April Benson, a psychologist, “young people can’t think of a time when they’ll be too old to work, or not want to work, or will need money for buying a house. The pace of their lives is so fast, and savings are slow.” But there are ways to save money when you’re young, dumb and broke as shown in an article by Vice. First you’ve to confront your fears and start monitoring your personal finance. Then you have to figure out what expenses you need to cut.
There’s a relationship between money and life satisfaction according to Ryan Howell, a professor at San Francisco State University. “Basically, what we find is that the more credit card debt you have, the less you enjoy your discretionary spending. So to be really happy, you need to make sure you feel financially secure—and get your credit card debt under control—and then you should use your discretionary resources to bring you closer to your friends and family. That is the simplest path from money to happiness.”
To key to save money when you are broke is to make a realistic budget that works in your daily life and to cut back all unnecessary spendings. The good news is that time will be on your side since you are young.