While it has never been easier to get what we want in the 21st century thanks to the advances in technology, it’s still tough for some people.

Gender wage gaps can see women being paid less than their male counterparts and younger people are going to struggle to earn the same wage as their parents without a bit of good fortune.


There are plenty of issues facing young people right now, but chief among them is money. Millennials aren’t going to be able to afford housing, they are crippled with financial debts thanks to hefty student loans, and they aren’t earning the same relative amounts as the generations gone by.

Thankfully, there are a few things that can be done to ensure financial health, no matter your pay packet.

The very first thing to do is ensure that you are spending a lot less than you earn. This is crucial to your financial wellbeing. No matter how much you are earning, if you can create an excess of cash at the end of the month, you’re creating a block of money that can either be saved or used to pay off debts.

Debts? With the amount of advertising in our eyes and easy credit cards and loans that we can take on, it’s no wonder that most people are heaving under the pressure of debt. It seems the world always wants us to take control. While you might consider something like a PPI compensation claim for any loan or insurance that may have been mis-sold to you, it’s important to simply take back control of your life from banks and advertisers. It is so easy to fall into a trap of consumerism where we spend more than we earn thanks to credit cards and the lure of marketing — but don’t fall for it. Keep in charge and save up if you want something.

It is important to focus on paying off debts before saving. Savings in accounts will earn you interest, but this will be far outbalanced by interest rates and APR on debts owed by you. Effectively, you’ll be wasting money by saving, so focus your excess on paying off debts.

A good way to build your monthly excess is to include a five per cent standing order as an expense each month. This five per cent of your salary will go to your savings account on top of your monthly excess. This means you’ll simply be saving more money and at least have a regular amount going into a savings account, no matter what.

Of course, make sure to at least stick to a basic budget and track your spending. If you’re analytical, this can help you see bad spending habits and trends that you can cut out to save even more money. While you don’t necessarily have to live frugally, you should certainly look to save money where you can.

If you are young, there’s a lot stacked against you, but there are plenty of ways you can fight back and being conservative with your spendings is key.