5 things younger workers are worried about and how to fix them
We all have our points of stress. Here’s what’s irking millennials today.
We all experience our share of money-related anxiety, and clearly, younger workers are no exception. According to data from Bank of America, here’s what Millennials are stressing over the most these days:
Obviously, these are all valid concerns. The good news, however, is that they’re addressable.
1. Boosting your savings efforts
We all need money on hand for a rainy day. In fact, you should ideally have a minimum of three months’ worth of living expenses tucked away in the bank. If that’s not the case, then it’s understandable that you’d want to do better. The easiest way to boost your savings rate is to create a budget, see where your money is going, and find ways to cut expenses. Chances are that a bunch of the things you currently spend money on are more flexible than you’d think.
For example, while you can’t call your landlord and inform him that you’ll be paying $200 less per month in rent, you can pick up and move if your apartment eats up too much of your income. Similarly, you can stop dining out frequently, taking taxis, and paying for a video streaming service you only use once a month. The choice is yours, but know that you most likely have the power to cut back on expenses. You just need to be willing to do so.
2. Getting your career on track
It’s natural to have doubts about your career path when you’re relatively young. That’s because you may be fairly new to your field or you may be in a situation where you’re not quite ready to be a manager yet feel overqualified for the work you’re doing. If you’re stuck in a career-related rut, try volunteering for new projects at work that interest you. This will show your manager that you’re not afraid of a challenge, and in some cases, it might help you explore different tracks within your company.
At the same time, do some networking to see what opportunities are out there. Maybe you’ve been itching for a promotion at work, and there’s a higher-level position at another company with your name all over it. Finally, it always pays to boost your job skills, so sign up for a course or seminar that’ll help you better excel in your current role or jump to another one. Even if you end up deciding to move to a totally different field, it never hurts to have as strong a resume as possible.
3. Building your nest egg
It’s hard to focus on retirement when it’s a milestone that seems so far away. It’s also hard to motivate yourself to fund a nest egg when you’re told you’ll need $1 million to retire and can’t manage to part with more than $50 or so a month. But one thing you should realize about retirement is that if you give your savings time to grow, you can turn a series of modest contributions into a rather large sum over time.