Millennials Believe In Living It Up- Savings Last Priority

April 4, 2019

Today’s youth believe in earning well and spending it all, rather than putting aside for the future…

While they may believe that this the best way ahead, several recent research studies have pointed to this resulting in financial anxiety among this generation.

While on the outside, they appear to be strong, stable and confident, most break towards the end of the month and depend on credit card debts and loans to meet expenses, say experts in the city.

Isha Katekar, Social Media Expert says, Millennials spend 141 minutes or more of their day on social media.

Social media can harm both your financial and mental health, it increases your desire to travel, shop and try different restaurants and flaunt it all on social media. This directly impacts your bank balance.

I have been working for the past 8 years and its only now that I have started saving money.

I get easily lured by attractive offers at malls and discounts on shopping portals. Also, I end up buying things which I don’t really need and this has depleted my savings.

The problem with the millennials is that they don’t have enough knowledge of savings, Parents should teach this at an early age and tell them about the do’s and don’ts.

Teach them to cut down on impulse shopping and, instead, save that money to safeguard themselves against a financial crisis, Katekar added.

27 years old Ashish Gogoi, marketing executive says, ” I understand the importance of saving but I want to enjoy the present.

No one can predict what tomorrow will be like, so I believe in enjoying the moment.

There are so many things to do with the salary that there is no cash left for savings. Saving is important after a certain age. The initial years of work you earn to enjoy your life- which should be followed otherwise there is no fun in earning, he added.

Millennials are not always in a debt trap. Some of us believe in keeping emergency funds, says Shreya Rawat, Assistant Professor. However, this can often be difficult to do if we’re already strapped for cash as it is. In situations that require funds urgently, looking for title loans near me can often be a solution that gets you the money you need to get over the bump in the road.

I started earning and saving from the time I was 22. Putting aside as little as Rs 500/month in an emergency savings fund can be useful.

It is an investment that can help you and your family in any personal or family emergency. No matter how much you earn, building an emergency fund is a smart move that can help for any future financial need, Shreya added.

Money is earned for our own happiness, so why save for the future when you’re not sure about it, says Kamlesh Shah, Software professionals.

Rather than saving it and getting no returns out of it, Invest some amount in shares, cars or a hobby that will definitely give you returns or if not anything, make you happy!

Earn and travel is what I believe in, so if spending money on your happiness is compromising on your savings, than I feel it’s certainly worth it, he added.

##All views expressed in the article are of individuals and Pune365 do not necessarily subscribe to it.