Ever woken up with last night's makeup still on, an uneaten slice of pizza on the bedside table, a jackhammer in your head, and an account balance that only adds to your already building nausea? Ever spend way too much on take out because you're just too exhausted from your job—that doesn't pay you nearly enough for your long hours—to cook? Or maybe, tired of the unhealthy work/life balance your company offers instead of benefits, you spontaneously booked a plane ticket to some Instagram worthy island, and decided you'd figure out the money part later, after all, everyone on Instagram seems to be on vacation. We get it, and we don't blame you.

Being a young professional in 2019 means a whole host of challenges your parents never had to worry about. Between the toxic culture of non-stop productivity, mounting student loan debt, the tendency many companies have to take advantage of millenials, and the way social media forces you to compare yourself to your peers; it can feel like getting ahead financially is a losing game. And when that non-stop stress builds to a breaking point, it's understandable that you may start to let financial best practices fall to the way side in order to stay sane. Your mom is going to tell you the same thing over and over: budget, don't go drinking, eat at home etc. and while that's all good advice, the truth of the matter is your life isn't simple and the world is changing around you all the time. With the specific struggles of the average millenial in mind, here are our top financial tips for people just starting out in, what baby boomers would call, "the real world."

Take a Course

We know, this is adding another expense to your already tight budget, but we promise if you can find the money for an online course in basic finances or economics, it's worth doing. It's absurd that people are just suddenly expected to emerge from college fully equipped to handle things like taxes, budgeting, and investing, when just a month before they were eating ramen in a dorm room doing homework for a class called "the post modern implications of beekeeping." There are even some free options out there.

Get a Cheaper Apartment


We know, sometimes this just isn't an option, but be honest with yourself, how hard did you look for a more affordable apartment? Or did you just make whatever work so you didn't have to think too hard about it? In many cities, there are options for rent controlled apartments, and even housing lotteries to help you take your money farther. As a good rule, housing should be 30% of your income. If it isn't, or that just isn't a possibility for you right now, think about how you can cut down on costs of living. Could you get another roommate? These kind of savings are ideal, because they don't require will power to maintain the way so many financial tips do.

Take Risks

Yes, we know this sounds counterintuitive, but there is something to be said for making investment decisions that don't exactly feel safe. Millenials have been told their whole lives to be careful with money and to work hard to hang on to material security, but the problem with playing it safe is you're very unlikely to see any returns. Investigate the options you have for your savings, and don't be afraid to make minor mistakes, afterall, there is no better way to learn.

Don't Depend on Your Credit Cards


A classic mode of budgeting back in the day was to get all your monthly spending money for the month in cash, divide it up into envelopes (groceries, eating out, drinks, entertainment etc.) and then if the money in the envelope runs out before the end of the month, well, that's that. Most millennials rarely carry cash, but maybe it's time to consider going old school. If you take a certain amount of money out of your "going out" envelope before a night at the bar, you're much less likely to get carried away than you would be with a debit card on an open tab. Once the cash is gone, you know your budget for that particular area of your life is used up, and you're less likely to accidentally overspend.

Pay into an Emergency Fund

Many millenials report having very little back up plan were they to suddenly lose their job or suddenly need a significant amount of money. To avoid this situation, follow the age old rule: pay yourself first. That means pay into your savings every paycheck, even if it's just a small amount. Most importantly, this practice creates good habits of saving, and you'll begin to understand the satisfaction that comes with watching a savings account grow.

PayPath
Follow Us on

Why You Need Cometeer Coffee: Coffee You Can Take on the Go

Cometeer Coffee

There’s an internet trend that says that everyone has three drinks: one for energy, one for hydration, and one for fun.


Hydration drinks are usually seltzer, a sports drink, or good old-fashioned water. Fun drinks can be anything from boba to kombucha to a refreshing fountain sprite. But the drink you choose for energy says the most about you. Are you a chill tea drinker? An alternative yerba mate devotee? A matcha-obsessed TikTok That Girl wannabe? A chaotic Red Bull chugger? Or are you a lover of the classics, a person after my own heart, who just loves a good cuppa joe?

Keep reading Show less

Over two years into the most momentous event in our lives the world has changed forever … Some of us have PTSD from being locked up at home, some are living like everything’s going to end tomorrow, and the rest of us are merely trying to get by. When the pandemic hit we entered a perpetual state of vulnerability, but now we’re supposed to return to normal and just get on with our lives.

What does that mean? Packed bars, concerts, and grocery shopping without a mask feel totally strange. We got used to having more rules over our everyday life, considering if we really had to go out or keeping Zooming from our living rooms in threadbare pajama bottoms.

The work-from-home culture changed it all. Initially, companies were skeptical about letting employees work remotely, automatically assuming work output would fall and so would the quality. To the contrary, since March of 2020 productivity has risen by 47%, which says it all. Employees can work from home and still deliver results.

There are a number of reasons why everyone loves the work from home culture. We gained hours weekly that were wasted on public transport, people saved a ton of money, and could work from anywhere in the world. Then there were the obvious reasons like wearing sweats or loungewear all week long and having your pets close by. Come on, whose cat hasn’t done a tap dance on your keyboard in the middle of that All Hands Call!

Working from home grants the freedom to decorate your ‘office’ any way you want. But then people needed a change of environment. Companies began requesting their employees' RTO, thus generating the Hybrid Work Model — a blend of in-person and virtual work arrangements. Prior to 2020, about 20% of employees worked from home, but in the midst of the pandemic, it exploded to around 70%.

Although the number of people working from home increased and people enjoyed their flexibility, politicians started calling for a harder RTW policy. President Joe Biden urges us with, “It’s time for Americans to get back to work and fill our great downtowns again.”

While Boris Johnson said, “Mother Nature does not like working from home.'' It wasn’t surprising that politicians wanted people back at their desks due to the financial impact of working from the office. According to a report in the BBC, US workers spent between $2,000 - $5,000 each year on transport to work before the pandemic.

That’s where the problem lies. The majority of us stopped planning for public transport, takeaway coffee, and fresh work-appropriate outfits. We must reconsider these things now, and our wallets are paying

the price. Gas costs are at an all-time high, making public transport increase their fees; food and clothes are all on a steep incline. A simple iced latte from Dunkin’ went from $3.70 to $3.99 (which doesn’t seem like much but 2-3 coffees a day with the extra flavors and shots add up to a lot), while sandwiches soared by 14% and salads by 11%.

This contributes to the pressure employees feel about heading into the office. Remote work may have begun as a safety measure, but it’s now a savings measure for employees around the world.

Bloomberg are offering its US staff a $75 daily commuting stipend that they can spend however they want. And other companies are doing the best they can. This still lends credence to ‘the great resignation.’ Initially starting with the retail, food service, and hospitality sectors which were hard hit during the pandemic, it has since spread to other industries. By September 2021, the US Bureau of Labor Statistics reported 4.4 million resignations.

That’s where the most critical question lies…work from home, work from the office or stick to this new hybrid world culture?

Borris Johnson thinks, “We need to get back into the habit of getting into the office.” Because his experience of working from home “is you spend an awful lot of time making another cup of coffee and then, you know, getting up, walking very slowly to the fridge, hacking off a small piece of cheese, then walking very slowly back to your laptop and then forgetting what it was you’re doing.”

While New York City Mayor Eric Adams says you “can't stay home in your pajamas all day."

In the end, does it really matter where we work if efficiency and productivity are great? We’ve proven that companies can trust us to achieve the same results — or better! — and on time with this hybrid model. Employees can be more flexible, which boosts satisfaction, improves both productivity and retention, and improves diversity in the workplace because corporations can hire through the US and indeed all over the world.

We’ve seen companies make this work in many ways, through virtual lunches, breakout rooms, paint and prosecco parties, and — the most popular — trivia nights.

As much as we strive for normalcy, the last two years cannot simply be erased. So instead of wiping out this era, it's time to embrace the change and find the right world culture for you.

What would get you into the office? Free lunch? A gym membership? Permission to hang out with your dog? Some employers are trying just that.

Keep reading Show less