How millennials plan their personal budgets?

How millennials plan their personal budgets?

There are different people with numerous formats of planning their personal budgets. For example, those who we got used to call “Baby boomers” clearly understand the value of money as the source, which can help to purchase anything. However, those who we call “millennials” have absolutely different relationships with the personal finances. According to the statistics, there are around 40% of young people in America, who do not think it is necessary to save money, because they want to live today and now. Moreover, according to the Google Consumer Survey, around 30% of young people do not think they should plan their retirement at all.

In this article we will try to go through the main obstacles, which are staying on the way of successful relationships with the personal finances as well as comprehensive future planning.

First of all, it is essential to admit that many young people do not think it is needed to maintain the money savings and lenders from would help while you need cash with reasonable interest rates. The first reason is about their unregularly incomes and revenues. We got used to receive our money every month, but millennials do not want to work on the certain job in large corporation. Such situation means they will not be able to save money regularly as we’ve used to. According to the Google Consumer Survey, around 66% of Americans save from 3% to 10% every month. These are families and people, who are preparing to the retirement.

The other essential reason why millennials are not good at money savings is about their desire to see the world. Emotions are considered being an essential factor, which helps to form our identity and personality. Young people are facing this need more than the others. It means that they are trying to save money for the particular things, for instance, travelling or other emotions.

Today millennials are using technological solutions in their everyday life more than anything. When they are planning their vacations, they are constantly watching on the mobile applications or desktop solutions, which will help them to plan it. When they want to purchase tickets to some other countries, they use programs and websites, which can help them to maintain this process through the Internet. The same situation is with personal budgeting. If they discover the mobile app, which can probably become a particular helper in the personal finances, they will use it. This insight is popular among companies and agencies, which are working in mobile app sphere.

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