I think the age group with the worst money management skills are people in their twenties and early thirties. Besides being financially illiterate, part of what contributes to this is that it’s (hopefully) the first time in your life you’re making real money but you don’t yet have the larger commitments of a house, kids, or big investments. This can lead to the feeling that we have more money than we really do.
Factor in enormous amounts of educational and personal debt and that we tend to live in more urban areas (i.e. higher cost of living), and it leaves you with almost nothing at the end of the month – or worse, with less than you started. I see it around me everyday in my friends and, yes, myself. I know I definitely got the spending gene. Reigning it in is a constant battle.
I’m really not a fan of draconian budgets that only provide for the basics in life because it’s a miserable way to live for a long period of time and it t makes a plan nearly impossible to stick to. It’s like an all-broccoli diet you ditch after a day-and-a-half because it’s too hard. So along with my NMD cohorts and friends, I’ve compiled a list of easy tips to cut your monthly spending and leave you with more to put toward your future (and by “future” I do not mean the new Celine Luggage Tote).