Today’s Young Professionals: Savers or Spenders?

Todayís young professionals are normally eager, motivated, and dedicated to their career. Thereís nothing like graduating college and stepping into the ìprofessionalî career that youíve always dreamed of. Young, free-spirited, and optimistic, the young professionals of today are our future leaders.

As a financial freedom advocate, I wonder a lot about finances and what people are doing with them. Iíve wondered lately about whether todayís young professionals are savers or spenders? If we gauge the ages of between 20 and 28 years old, are they spending most or all of their money, or are they saving a good bit of it?

Recent financial statistics tell us that young adults carry more debt than they can handle. The average 25 year old on average carries about $4000 in debt and families up to $8000 in debt. Add student loans to that and it makes it more difficult for the young professional to save much of anything.

Spending your hard earned money can be fun and as a young professional, a few luxuries to enjoy should not be a big deal, granted it is within your budget. Budgeting is one of your best tools to becoming financially free so if you donít have one, sit down and make one as soon as you can.

A wise financial woman once told me that when you sit down to do your budget, make sure you have a category for savings and pay yourself first. Before you allot any money for vacations, toys, eating out, or any other recreational activities, decide on a certain percentage of your paycheck that you will put into savings every time you get paid. If you want to grow your savings, then you must make the effort to put money in your savings every month, even if itís just a little.

If you have found yourself with a heap load of debt, whether it is credit cards, personal loans, or student loans, declare war on that debt immediately. The longer you carry that debt, the more interest you are paying, which is money that you could be putting into savings.

If youíre living paycheck to paycheck and paying the minimum balances on your debt, get a calendar and for two weeks track every penny that you spend. You may find that youíve spent $100 on little things, such as eating out, clothing, or the movies, and that $100 is money that you could be paying on your debt. Determine to get out of debt as soon as possible and you will experience a freedom like no other. As a soldier strategized on the battlefield, you will have to strategize on the war against debt, but be encouraged because you can do it!

The last tip Iíd like to give to young professionals is to set goals and write them down. Contemplate your career goals, financial goals, and so on and write them down and look at them frequently. Create action steps toward accomplishing those goals and watch yourself little by little, step by step, achieve whatever it is you want. As a young professional, determine to be a saver and not simply a spender. Thirty years down the road youíll be smiling big when you can retire at age 55 or 60 with enough cash flow to live the lifestyle that youíd like. Go for it.

This post is from the team at CreditDonkey. CreditDonkey offers personal finance and small business credit card tips.

73 Responses to Today’s Young Professionals: Savers or Spenders?
  1. Health and Fitness
    April 19, 2018 | 10:18 am

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  2. Health and Fitness
    April 19, 2018 | 1:33 pm

    Enjoyed examining this, very good stuff, regards . “All of our dreams can come true — if we have the courage to pursue them.” by Walt Disney.

  3. Health and Fitness
    April 19, 2018 | 2:07 pm

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  4. Health and Fitness
    April 19, 2018 | 2:19 pm

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  5. Awesome blog article.

  6. Health and Fitness
    April 19, 2018 | 6:44 pm

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  7. Health and Fitness
    April 19, 2018 | 9:49 pm

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  11. Online Profesional Writing
    April 19, 2018 | 11:39 pm

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  13. Health and Fitness
    April 20, 2018 | 12:57 am

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  14. Health and Fitness
    April 20, 2018 | 2:06 am

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  17. Health and Fitness
    April 20, 2018 | 12:31 pm

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    April 20, 2018 | 11:21 pm

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Leave a Reply


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Trackback URL http://mynextbuck.com/todays-young-professionals-savers-or-spenders/trackback/

Today’s Young Professionals: Savers or Spenders?

Todayís young professionals are normally eager, motivated, and dedicated to their career. Thereís nothing like graduating college and stepping into the ìprofessionalî career that youíve always dreamed of. Young, free-spirited, and optimistic, the young professionals of today are our future leaders.

As a financial freedom advocate, I wonder a lot about finances and what people are doing with them. Iíve wondered lately about whether todayís young professionals are savers or spenders? If we gauge the ages of between 20 and 28 years old, are they spending most or all of their money, or are they saving a good bit of it?

Recent financial statistics tell us that young adults carry more debt than they can handle. The average 25 year old on average carries about $4000 in debt and families up to $8000 in debt. Add student loans to that and it makes it more difficult for the young professional to save much of anything.

Spending your hard earned money can be fun and as a young professional, a few luxuries to enjoy should not be a big deal, granted it is within your budget. Budgeting is one of your best tools to becoming financially free so if you donít have one, sit down and make one as soon as you can.

A wise financial woman once told me that when you sit down to do your budget, make sure you have a category for savings and pay yourself first. Before you allot any money for vacations, toys, eating out, or any other recreational activities, decide on a certain percentage of your paycheck that you will put into savings every time you get paid. If you want to grow your savings, then you must make the effort to put money in your savings every month, even if itís just a little.

If you have found yourself with a heap load of debt, whether it is credit cards, personal loans, or student loans, declare war on that debt immediately. The longer you carry that debt, the more interest you are paying, which is money that you could be putting into savings.

If youíre living paycheck to paycheck and paying the minimum balances on your debt, get a calendar and for two weeks track every penny that you spend. You may find that youíve spent $100 on little things, such as eating out, clothing, or the movies, and that $100 is money that you could be paying on your debt. Determine to get out of debt as soon as possible and you will experience a freedom like no other. As a soldier strategized on the battlefield, you will have to strategize on the war against debt, but be encouraged because you can do it!

The last tip Iíd like to give to young professionals is to set goals and write them down. Contemplate your career goals, financial goals, and so on and write them down and look at them frequently. Create action steps toward accomplishing those goals and watch yourself little by little, step by step, achieve whatever it is you want. As a young professional, determine to be a saver and not simply a spender. Thirty years down the road youíll be smiling big when you can retire at age 55 or 60 with enough cash flow to live the lifestyle that youíd like. Go for it.

This post is from the team at CreditDonkey. CreditDonkey offers personal finance and small business credit card tips.

73 Responses to Today’s Young Professionals: Savers or Spenders?
  1. Health and Fitness
    April 19, 2018 | 10:18 am

    We’re a group of volunteers and opening a new scheme in our community. Your website provided us with valuable info to work on. You have done a formidable job and our whole community will be grateful to you.

  2. Health and Fitness
    April 19, 2018 | 1:33 pm

    Enjoyed examining this, very good stuff, regards . “All of our dreams can come true — if we have the courage to pursue them.” by Walt Disney.

  3. Health and Fitness
    April 19, 2018 | 2:07 pm

    Thanks , I have recently been looking for info approximately this subject for a while and yours is the greatest I have discovered so far. But, what concerning the conclusion? Are you certain in regards to the supply?

  4. Health and Fitness
    April 19, 2018 | 2:19 pm

    Some genuinely great information, Gladiola I observed this. “Use your imagination not to scare yourself to death but to inspire yourself to life.” by Adele Brookman.

  5. Awesome blog article.

  6. Health and Fitness
    April 19, 2018 | 6:44 pm

    Very interesting info!Perfect just what I was searching for!

  7. Health and Fitness
    April 19, 2018 | 9:49 pm

    I actually wanted to write down a brief message so as to say thanks to you for some of the magnificent secrets you are placing here. My extended internet research has at the end been compensated with wonderful information to write about with my partners. I would assume that most of us website visitors are unquestionably endowed to dwell in a very good place with many awesome individuals with great strategies. I feel pretty fortunate to have seen your webpages and look forward to tons of more cool minutes reading here. Thanks again for a lot of things.

  8. Dining Room Design Ideas
    April 19, 2018 | 11:35 pm

    Definitely, what a great site and informative posts, I definitely will bookmark your website.Have an awsome day!

  9. Online School Games
    April 19, 2018 | 11:37 pm

    I truly appreciate this post. I¡¦ve been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thank you again

  10. Easy Startup Business
    April 19, 2018 | 11:37 pm

    Well I definitely enjoyed reading it. This tip procured by you is very effective for good planning.

  11. Online Profesional Writing
    April 19, 2018 | 11:39 pm

    Hi there, just became alert to your blog through Google, and found that it’s really informative. I am going to watch out for brussels. I will appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!

  12. News
    April 19, 2018 | 11:47 pm

    Thank you for sharing superb informations. Your web site is very cool. I am impressed by the details that you’ve on this website. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found simply the info I already searched all over the place and just could not come across. What a great web site.

  13. Health and Fitness
    April 20, 2018 | 12:57 am

    I do believe all of the ideas you have introduced for your post. They are really convincing and will certainly work. Nonetheless, the posts are very short for beginners. May just you please extend them a little from subsequent time? Thanks for the post.

  14. Health and Fitness
    April 20, 2018 | 2:06 am

    You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand. It seems too complex and extremely broad for me. I’m looking forward for your next post, I will try to get the hang of it!

  15. sell website
    April 20, 2018 | 10:48 am

    I am so grateful for your article post.Really thank you! Want more.

  16. News
    April 20, 2018 | 11:57 am

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  17. Health and Fitness
    April 20, 2018 | 12:31 pm

    I have recently started a blog, the information you offer on this site has helped me tremendously. Thanks for all of your time & work. “There is a time for many words, and there is also a time for sleep.” by Homer.

  18. Health and Fitness
    April 20, 2018 | 3:13 pm

    I will immediately grasp your rss feed as I can’t to find your e-mail subscription link or e-newsletter service. Do you’ve any? Kindly allow me understand in order that I may just subscribe. Thanks.

  19. Health and Fitness
    April 20, 2018 | 4:56 pm

    whoah this weblog is magnificent i really like studying your posts. Keep up the good paintings! You realize, a lot of persons are looking round for this information, you could aid them greatly.

  20. Health and Fitness
    April 20, 2018 | 7:36 pm

    hello there and thank you for your information – I’ve certainly picked up anything new from right here. I did however expertise a few technical points using this web site, as I experienced to reload the website lots of times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I’m complaining, but sluggish loading instances times will often affect your placement in google and could damage your high-quality score if ads and marketing with Adwords. Well I’m adding this RSS to my e-mail and could look out for much more of your respective exciting content. Make sure you update this again very soon..

  21. Health and Fitness
    April 20, 2018 | 10:41 pm

    Simply wanna state that this is very useful , Thanks for taking your time to write this.

  22. Health and Fitness
    April 20, 2018 | 11:21 pm

    I don’t even know how I ended up here, but I thought this post was great. I don’t know who you are but definitely you’re going to a famous blogger if you are not already 😉 Cheers!

  23. Health and Fitness
    April 20, 2018 | 11:27 pm

    Hello, Neat post. There is a problem along with your site in web explorer, would check this… IE still is the market leader and a big portion of people will leave out your excellent writing due to this problem.

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