Making your money last the month can feel like an extreme sport. You may be wondering if you’re bad with money, if everything is really expensive, because you’re from gen y and if you don’t earn enough. Shockingly: the answer might be a combination of all 4.
Gen y’s tend to spend the most amount of money every month. We’re spending on experiences and really taking the time to invest in our living spaces. We’re into antiques, up-cycling and lead very rich social lives. Gentrification only adds to the problem as now there’s a surge of boutique-like coffee shops, re-worked cafes and hipster bars, charging you twice the price for the ambience. On the plus side, they are way more aesthetically pleasing.
It’s hard to make your money stretch with the rising costs associated with inflation. Not to pile on, but maybe schools could have done a better job of preparing our lives for the real world. I’m talking how to budget, how to pay your taxes and how to “adult” in general. ‘Adulting’ is like being thrown into the deep end when you’re not sure you can swim, you just got to keep going. Budgeting sounds like an ugly word, but it just means making a plan for your monthly paycheck. So for example: set aside the amount you need for your bills, your savings, your personal expenses, any debts and a fun budget for social activities. If you don’t budget, you’d better be making a huge stack every month, or you’ll end up broke.
A good way to make your money stretch is to invest in a side hustle. What’s your passion or talent? Have you invested time and energy into something you can make some extra cash from? Now’s the time! There is literally no time like the present. Any extra cash coming in will help out.