Financial stress is something that plagues most Americans. Whether it’s credit card debt, loans or just a pile of expenses associated with everyday living, paying bills is a major source of anxiety for many people. This is especially true of Millennials, people in the 23-38 age group, who grew up during the recession and now tend to have a fear of not having enough funds. In fact, according to a Northwestern Mutual Study, 23% of Millennials report that financial anxiety has made them feel physically sick regularly and it’s easy to understand why. Many Millennials started their careers already in debt from student loans, so entering the job force feeling the pressure to pay off those loans while trying to earn enough to pay rent is stressful.
Most Millennials are aware that they need to save money, but many lack a plan to do so, which only adds to their anxiety level. Job loss, savings, and income are among their biggest worries and starting a career in debt makes saving money even more difficult.
So what can millennials do to alleviate some of this financial stress? An easy place to start is by trying to lower bills. First, take a detailed look at how you are spending your money and then prioritize your expenses into categories like “need to have,” “nice to have” and “dream to have.” This will help you determine where to cut back and give you an attainable goal.
Then get to work on reducing the cost of your bills, which you can do without getting rid of your phone or turning off the heat. Most people are unaware that their service providers regularly offer deals to attract new customers, but existing users are often unaware of these savings. Companies like Billshark, that advocate for consumers, take the stress out of paying bills by saving customers time and money.
Reducing your financial stress and lowering your budget on the “need to haves” provides you with the opportunity to start working on the “dream to haves.”