budget living

Millennial Money Mistakes to Avoid

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I am a millennial, yes it’s true.  I didn’t think I was because I thought I was too old.  However after reading various studies it seems that I’m right on the boarder of being included in one of the most talked about generations of all times – except maybe for baby boomers.

I was born in 1980 and although I’m 35 years old I am technically grouped in with the 20 somethings of the millennial generation.  I’m not sure how I feel about this.  At first I thought I was a bit upset and a little offended.  Then I sat back and thought to myself that perhaps I fit right in with the tech-savvy, economy-leading, money-mistake-making generation of young Americans.

Despite not being a big fan of keeping up to date with technology I do work as a personal finance blogger and social media consultant.  If you check my Twitter feed you’ll see that I always share pictures of myself as well as the food I eat, products I love and clothes I wear.

If you know anything about me from reading about my life here on this blog you know that I was broke – like dirt broke – until I was 33 and now I enjoy my money while saving at the same time.  Actually now that I think about it, I have been a millennial all along, I guess I just don’t like to be labelled – an endearing quality I get from my Dad.

Capital One recently released a Millennial Mindset on Money survey.  It reveals compelling stats about how millennials tackle the highs and lows of #PostGrad finance. This is how millennials feel about money…let’s see if I fit into the pattern shall we?

Statistic: More than half (58%) of millennials say they would rather post a photo of their paycheck on Instagram than share their Google search history on Facebook (42%).

My results: I admit that I regularly Google myself.  As a financial blogger I want to know when my articles are being shared and if they are being used without permission. However I would never ever post a photo of my paycheck online because it’s really nobody’s business.

 

Statistic: Two thirds (67%) of millennials said they would rather have a steady job with a modest income through retirement than become a millionaire with a chance of going broke within a few years.

My results: Oh yes, I am with the majority on this one. I have never in my life changed jobs for more money.  I have left jobs because I was happy and wanted to make a career change, of course more money is a part of this, but I have never taken the same job at another company just because it paid more money.

 

Statistic: When asked what they would do with a $100 cash holiday gift, 40% of millennials said they would use the cash to increase their savings balance.

My results: This is a tossup for me.  I would probably put the money in savings, unless I received the cash gift on Boxing Day, then I would probably spend it on 60% off items.  That’s like saving isn’t it?!

 

Statistic: Nearly half (45%) of Millennials say they would use Facebook to access and manage their money – significantly more than any of the other leading social media platforms.

My results: I actually don’t really like or use Facebook that much.  I have an account, but I mostly use it to see pictures of my friends since they refuse to send them to me by email.  

Photo from Pixabay

 

About the author

TK

TK is a Certified Financial Planner with over 15 years of experience in the banking industry. She started blogging in 2009 after the market crash. TK enjoys helping people plan their retirement, pay off debt, invest wisely, live on a budget and enjoy happy financial lives. You can see what she's up to on Twitter @TahnyaKristina.

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