A tale of two millennials: The impact of saving vs. not saving

Although the times may have changed and there are many differences between modern Millennials, Gen Xers, and boomers; saving and preparing for the future is still important for a stable and secure financial situation for everyone. In fact, the impact of saving vs. not saving for a Millennial is tremendous and can be life-changing, as shown by the comparison here of each chosen pathway: the saver and the non-saver.

Millennial one: The saver

The first type of Millennial is a planner who prioritizes saving early in their career. This savvy saver makes it a point to stick to their monthly budget, sets up regular contributions to savings accounts, and seeks out investments to secure their financial future. They understand the importance of saving and investing now while they are young and will reap the benefits of their savings habit by being able to invest in a home at a younger age and will have financial security during unexpected life events.

Millennial two: The non-saver

The second type of Millennial is a non-saver who prioritizes buying things over saving money. The Millennial spender would rather take vacations, buy nice cars, and spend their money for immediate gratification rather than plan for their future. They often feel that they work hard for their money and should be able to have the things they want as soon as possible. Unfortunately, these spenders do not understand what it takes for financial security and often find themselves facing challenges due to their lack of savings, including the delay of major life events like buying a home and difficulty in handling unexpected emergencies due to lack of planning.

 

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