14 Aug National Financial Awareness Day: Team Diaries
Written by: AC, Marketing Coordinator
August 14th marks National Financial Awareness Day. Otherwise known as: I shouldn’t have bought that pair of shoes day.
This year, between Amazon Prime, Ticketmaster, and Google Flights I’m surprised I’m not living on the street (thanks mom and dad). Splurging isn’t a norm for me. In fact, I’m fairly conservative with my spending habits. I mean, it’s not easy being green. Yet this year, my habits seemed to cut a little loose. Guess old habits die fast.
It’s a milestone birthday year for me and hence a self-proclaimed “YOLO” year. From meet and greets to spontaneous trips, I have done some damage. Although I regularly pay off my credit card and make it a priority to never fall in debt, there have been moments this year that were crossing a line.
Last week, while catching up with a friend, she had brought up a new budgeting app she was using. She raved about how useful it was, and was excited to tell me how much it had helped her in the past couple months. That got me thinking, why haven’t I ever tried a budgeting app?
In an era where visits to the bank are a rare occurrence (mainly just to avoid people) and paying with plastic is the new norm, budgeting apps allow you to track your invisible spending habits. A fantastic way to get smart about your money, a budgeting app can bring you the best of all worlds. Visually seeing where you stand in terms of finance can really snap you back into reality.
Generation Z x Budgeting: A Strange Combo
As one of the older and wiser family members, I judge the actions of my Generation-Z’s cousins. Constantly glued to their phones, it seems they are always plotting to get what they want without doing much. But alas, their scheming ways help them find useful tricks that outsmart us millennials.
As a matter a fact, a recent survey by Junior Achievement USA (JA) and Alliance Data showed that budgeting apps are popular among teens. Surprisingly, the younger generation is very much aware of the importance of money management. “It’s encouraging to see that today’s young people are being proactive in how they view money and are using resources at their disposal to become better stewards of their financial futures,” commented Jack E. Kosakowski, President and CEO of Junior Achievement USA.
Even when using physical monies, teens are still more likely to use a budgeting app. This information is shocking considering 17% of teens have never stepped inside a physical bank location. I find it even more shocking that people who are my “little” cousin’s age might be more educated than me, a millennial, in terms of finance.
Millennials- Not completely out with the old, but also not completely in with the new
Budgeting is hard when you have to pay your own rent, tuition, buy food and have an active social life. Us millennials look at the older generation with their fancy cars and big houses and compare our current states to that. But those generations did not have it as hard as we do. Everything was a lot cheaper. So, in the words of Carrie Bradshaw, “I can’t help but wonder,” why don’t we look for inspiration elsewhere?
We never look to the younger generation for inspiration. (Unless it’s to peak at Instagram influencers and keep up with “cool” trends) After reading that survey, I think we can learn some useful things from the leaders of tomorrow. Perhaps, taking out money from the bank instead of using a credit card will help us track better.
Despite the constant criticism us millennials receive about saving, we’re actually not doing so bad. Another (wow) survey showed that we actually save the most among generations. Our constant struggles have helped us build our own personal budgeting apps.
We want to know- millennials or not millennials, do you or would you use a budgeting app?
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