Today’s twenty-somethings hold an average debt of $45,000. This astounding number includes everything from cars to credit cards to student loans. On top of that debt, this demographic is facing a 12.4% unemployment rate. Many experts say this financial misfortune is due to lack of financial literacy.
What does this mean? For those of you with children, it’s an opportunity to teach them fiscal responsibility today. For adults, it’s all the more reason to use a system like SmartyPig to help you save and spend responsibly. Eliminate the spend now, pay later mentality that a credit card offers and instead save for the items you want or need and reap the benefits of a debt free lifestyle. We also recommend sites like Mint.com to help make your financial management easier.
It’s a learning process, one that you can start today by creating a new goal with SmartyPig. Watch it grow and reap the rewards!
Wishing you successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman