The Solution to Why 40% of Millennial Women Are Secretly Struggling with Money
Being a millennial woman in today's economy feels like playing financial Candy Crush on expert mode. Let's talk about the three major money hurdles young women are all facing and how to actually overcome them.
The Student Debt Mountain
Remember that degree you were told would open all the doors? Well, it came with a hefty price tag. Women now hold a staggering $890 billion of the $1.4 trillion student loan debt in America. If you're feeling overwhelmed by your student loans, you're not alone. The good news? You can tackle this by creating a realistic budget (with apps like Raising Rockefeller’s Command Center) and exploring options to renegotiate your interest rates.
The Savings Struggle
Here's a number that hits close to home: 35% of millennial women have zero savings. Zero. But before you feel bad about your last impulse purchase, let's talk about solutions. Try the "one-expense-cut" challenge: each month, choose one non-essential expense to skip and immediately transfer that money to savings. Maybe it's that fancy coffee habit or the monthly salon visit - small changes add up.
The Homeownership Dream
Let's be real - scrolling through real estate apps feels more like window shopping than actual house hunting these days. While millennials are renting more than buying, it's not because you prefer it. The path to homeownership isn't impossible, though.
Start by:
- Building your credit score strategically
- Exploring specialized federal loan programs like FHA or USDA loans
- Using money-saving hacks to build that down payment fund
Whether it’s paying off debt, saving more, or owning a home someday, it all starts with awareness. Find a day and time every week and commit to weekly money review dates. During your money date, review your budget, spending, goals, and accounts.
Remember, financial freedom isn't about perfection - it's about progress. Every small step counts, whether it's packing lunch instead of ordering delivery or carpooling to cut commuting costs. At Raising Rockefeller, we are committed to crushing your financial goals. Sign up to get on board when we officially launch in January of 2025 and take our money psychology quiz to see how you currently stack up.
