This millennial finance worker should spend more on herself, even though she just bought her first home

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ICYMI - This millennial finance worker should spend more on herself, even though she just bought her first home

This millennial’s travel addiction was put on hold, but she still has $20k in debt and no desire to stop the vacations

The first change will have to come in her spending patterns. You see, Amy isn’t the typical millennial, or even the typical consumer. The reason she was able to save for a down payment is that she’s regularly able to squirrel away 75 per cent of each paycheque. Aside from the condo downpayment and the legal costs associated with closing the deal, she spent less than $700 in March on just 19 expenses.

Spent asked Kevin Cork, a financial planner at Calgary-based The Absolute Group to help Amy budget and adapt to her new lifestyle. After these expenses are accounted for, she’ll only have $457 left over at the end of each month, and Cork wants her to save $300 of it. As Amy makes the transition to living alone, she might initially find it difficult to stick to her new budget, Cork said, and that’s reasonable. Within six months, he wants the routine in place. She can think of the enforced savings like paying a bill: when she pays her mortgage at the beginning of the month, she should immediately set aside the $300 as well.

 

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'If she’s too tight a spender, what I see happen is in 10 years, they have freakouts, they sell everything and move to Nepal,” Cork joked.' Spend, spend, spend... Consume like the lemmings you all are. Break the cycle Amy, focus on not being a lemming.

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