The Typical Week of a Millennial with Student Debt
How do millennials pay off bills and loans? Can they still manage a social life and work? What really goes on for the educated millennial? Forbes interviewed four college graduates in their 20s – what’s it like?
There are seemingly limitless articles about student loan debt. There are countless surveys to support those articles. But to truly understand what millennials go through on a day-to-day basis, you have to live it. How do they pay off bills and loans? Can they still manage a social life and work? What really goes on for the educated millennial? Forbes interviewed four college graduates in their 20s – what’s it like?
A 25-year-old lawyer from Kansas City, MO makes $50,000 a year and has a loan balance of $88,000. As far as savings goes, he has none. Currently, he is living with his parents for free but is making anywhere from $800-$1000 payments a month to his student loans.
During his week he skips breakfast and opts to eat the yogurt and string cheese he gets for free from work. He drives a modest 2001 Honda Accord with good gas mileage and eats leftovers for lunch. While the goal of the day is to spend no money, he reports on just the first day he had to fix a plumbing issue by spending about $20.
On the second day of the week, he is still eating weekend leftovers for lunch and ends his day with a haircut for $30. Day three, however, spent about $30 on the day for lunch and celebratory drinks with his fiancée. Over the rest of the week, he budgets a lunch, a frozen pizza dinner, and another lunch for a total of $36.62 making the total spent in the week $54.27.
The common themes in this man describing his week was a constant fear of over spending. While celebrating with his fiancée he was on able to enjoy it fully as the bar didn’t give prices for their drinks on the menu. As well as the constant quest for cheap food. Throughout the week he had bought when he spends money, a hot dog, frozen pizza, a sandwich, and tacos. All relatively cheap foods, and skipping breakfast every day as well.
This is just one story of many who are struggling to pay off student loans, other bills, and enjoy the day to day living. This gentleman lives a modest day to day life. He steadies nightly for the bar exam. He tries to spend as much time as he can with his fiancée while still living with his parents to avoid paying rent. While his journey doesn’t sound terrible but we all need to have a little fun while we can and his crippling student debt doesn’t seem to allow him to treat himself or his fiancée to many nice things especially after he admittedly spent all his savings on his fiancée’s ring. In most cases, millennials today may put off such a big life event in favor of not being buried by student debt.
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