How to get out of debt? “It’s easy; just cut your unnecessary expenses,” says that tiny voice in one’s head. Because, after all, everybody has that voice with the ideal solution, but easier said than done, especially for Millennials.
The most educated generation is still paying for the recession. Whether they graduated during or after it, this generation is set to play catch up. Earning, on average, $3472 less than the previous generation at their age, according to the Census Bureau, it’s urgent for Millennials to control their finances.
And their lifestyle is not helping. For them, personal wellness is as important as finding a job that will make them feel valued and allow them to have a great work-life balance. Unfortunately, it doesn’t come without a few extra expenses. Among them, fitness, mental wellness, and knowledge (since we’re talking about what is the most autodidact generation), mixed with the usual activities people from 20 to 35 consider important, like having a social life, shopping, and having a home that makes them feel at home.
So how to cut unnecessary expenses when everything feels so important? According to Bola Onada Sokunbi, a money coach from New York, everything is about being smart and finding an alternative. As she explained in a previous article, it’s not about resorting to racking up more debt. A budget should not be pushing, as it takes discipline to stick to it. Here are the 5 expenses Millennials can cut, right now, according to the expert.
1. Nights out for drinks
“People tell me drinks are cheaper than dinner, but the markup on alcohol at restaurants and bars is so high. A night out for drinks can actually cost way more than a night out for dinner. Have your friends over, order pizza, and watch Netflix instead.”
2. Gym memberships
“Cut them out, especially in warmer weather, and workout outdoors or at home.”
“A new outfit every week? Not necessary.”
4. Lunches at work
“Those costs add up fast. Pack your lunch from home a few times a week.”
“I know, we all love ‘Game of Thrones’, but once the season is over, consider Netflix.”