Which millennial financial issues concern you most?

| Jul 13, 2019 | Firm News |

Being one of many residents in New Jersey who are in their 30s, you likely lead a busy lifestyle that has included financial challenges at some point along the way. Perhaps striving to stay afloat financially is a constant issue in your life. If so, you’re definitely not alone in the struggle.

Whether you’re single or married, have children or not, and what you do for a living can all have significant impacts on your financial state at any given time. Saving money is typically quite challenging nowadays, and many millennials run into serious financial problems. This is why it’s always a good idea to have a support plan in mind if your financial train suddenly derails.

Do you relate to these issues?

If you’re married and have kids, you and your spouse both may be working to maintain a dual-income household. The following list includes issues that can make or break finances for married couples with children:

  • The type of job you have and the benefits it offers can significantly affect your financial future. Many thirty-something couples work as teachers, nurses and in other service industries, which may or may not include solid retirement plans.
  • Where do you children go to school? If you are paying private school tuition, it can quickly drain your financial nest egg.
  • Are you still paying back student loans from college? This is one of the most common factors in millennial debt in New Jersey and across the country.
  • If you own a home in a middle-class to high-end neighborhood, your mortgage might be taking a big chunk of your income every month. It’s not uncommon for millennials to fall behind in mortgage payments when unforeseen expenses arise, such as unexpected medical bills or needed car or home repairs.

You might be able to overcome minor financial problems by cutting spending or rearranging your spending habits. For instance, if you eat out a lot, you can cook at home for a few weeks in order to save money and apply toward a particular debt.

When a crisis hits a point of no return

Many millennials run into situations where they simply can’t get their finances back on track without pursuing immediate debt relief options. When such problems arise, many people find it helpful to explore alternate plans such as bankruptcy. Speaking with someone well-versed in such issues can be the first step toward finding a solution to a serious financial problem.