Hey Generation Y, why so depressed?

Lately I’ve got to thinking that being a college graduate isn’t ideal. Having a degree is mandatory, but being newly graduated and thrust into the workforce is becoming almost unattainable. The stories of hundreds of college grads making the grand slump back home are becoming more and more real as we begin to hear these stories not from news articles and polls, but from our classmates and friends who are actually going home again.

A recent article from Yahoo! Finance entitled “Generation Y: The New Depression Generation?” focuses on the change in investing patterns from previous graduates, who made a point to invest in the stock market. Our generation has been discouraged to do anything other than keeping a savings account, something that our grandparents learned to do. So what are we to do? Many of us understand what it’s like to have multiple part time jobs, dreading the ‘insufficient funds’ notice at the ATM, and feeling that no matter what we do money is always tight.  Click here to read the Yahoo! Article.

There are ways to learn, and luckily our generation is becoming more aware of what needs to be done to ensure financial stability. The awareness factor that has come out of this horrible economy has at least prepared us to start saving now, even if we have to save while on our parents couch. From living on my own college budget I’ve learned some tricks to cut back on spending along the way:

1. Pass up on grabbing that ‘on the way’ coffee at Dunkin’s and make your own at home, you’ll save atleast $20 a week (more if you’re a coffee addict like myself)
2. Look for happy hour drink specials and other promotional events when going out with friends, you’ll save a few bucks and probably find a great new spot!
3. Take $20 out of each paycheck and put it in your savings, after a while you’ll be amazed how much you’ve saved.
4. Instead of going out to dinner with friends, have a pot luck dinner at someone’s house. You’ll save money, have a better time, and no one will have to worry about a tip!

There are so many ways to keep up a fun lifestyle on a college budget (or any budget) if you take a minute to simplify, investing your money will become second nature.

Got any other tips to get back spending and increase savings? Leave a comment and help get our generation out of our parents basement!

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Posted in Financial Education, Improve your life, Money Saving Tips, Uncategorized

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