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May 7, 2012 • Posted by Sarah Foss

Fiscal Smarts

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
SFoss@SmartyPig.com

  • Jason

    College is becoming increasingly expensive and parents are saving less and less for their children’s education. Yet, hardly any worthwhile employers would take a candidate seriously that doesn’t hold a 4-year+ degree.

    Most of the baby boomer generation that parent the millenials have next to nothing save for their own retirement. So it doesn’t sound like my generation is the financial illiterate one.

  • Tenacity1

    What I did was to take the basic courses needed for most any degree at my local community college. The math, science, english classes. Look at the teachers and pick the good ones, make sure you get those college credits that tranfer.

    Be carefull because some of the online and brick/ ‘colleges’ don’t give any tranferable college credits and those places will scam you into a loan.

    Do good at your local college, get good grades, don’t take to many courses at one time so you have the time to work local and live at home. Very imporatant to get good grades because when you are ready you can apply for grants to almost any college you want. You can show good grade points to your degree college and that will help you get in and perhaps get assistance with finances.

    Good luck, this method worked very well for me and I hope it does for you too.

  • Evg0507

    I have mint.com as well and it is really good! it shows you where all your money is going and makes you want to reevaluate your finances.

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