Another Millennial’s Perspective to Let’s Talk About Debt, Baby
Jay Z got it right when he said 30 is the new 20.
When I was in college, I thought by 30 I would have it all together — the house, the family, everything I saw my mother and father accomplish by the time they were my age. It seems that priorities for most of my generation have remained the same but those priorities have adjusted due to being more consumed with debt than many were back in the day. “Making it” on your own for most millennials seems to take twice as long as when our parents were our age.
While inflation is considered low by most economists, it is still going up. In fact, the cost of everything has gone up, yet the value of our money and how far it stretches remains the same. Like many millennials, I have student loan debt to repay that costs $300 a month, most of which is still going towards interest. This existing debt takes away from what I am able to save up on a month-to-month basis to go towards planning for my future.
I have a 9 month old and a 10 year old at home and daycare expenses are astronomical at $975 / month. Can someone also please explain why diapers and formula are so expensive? I too, would be forced to move back in with my parents, as so many millennials do. I’m just lucky to have a partner to split expenses with. Would my fiancé and I like to own our home? YES! Is it possible in the near future? Doubtful. We would love to get married or buy a home, but come on, have you seen how expensive weddings are? Those priorities have shifted due to the financial cost of living, hence why millennials are either not getting married or getting married later in life.