If you’re a millennial, you already know just how hard it is to get ahead. Student loan debt, much of which is shouldered by millennials, surged to $1.3 trillion dollars last year.
That leaves the average college graduate ages 20 – 30 with a monthly payment of $351. And let’s not forget that, as of last year, a large percentage of millennials with a college degree were stuck working low-wage, dead end jobs.
So, while many millennials are working hard to get out of debt, they struggle with low wages that make even keeping up with their bills that much harder
Of course this news is depressing, but it’s important to note that millennials do have one huge advantage. Unlike their predecessors before them, millennials have a knack for using technology to improve their finances and their lives.
And really, the younger generation isn’t one that’s ready to sit back and let life take its course. Through hard work and perseverance, today’s youth have big plans for the future – and those plans don’t include struggling with debt and underemployment forever.
7 Companies Helping Millennials Rule Their Finances This Year
With the use of smartphone apps and software programs, young people have mastered the art of working smarter (not harder) and leveraging programs that make managing money easier.
Ready to learn more? Here are seven companies and products helping millennials dominate their finances this year:
With more debt to worry about than previous generations, millennials have gotten used to counting their pennies. With Mint.com, millennials can also make the most of the dollars they work so hard to earn. Using the applications’ friendly online interface, consumers can use Mint to create budgets, track spending in specific categories, pay bills, and even check their credit score.
One big benefit millennials love about Mint.com is that a base subscription is absolutely free. And while it can take some time to set all the features up and link your accounts, you can mostly set Mint.com on autopilot thereafter.
While it might seem overwhelming to figure out where your money goes each month, Mint.com takes the mystery out of the equation by showing you exactly how you spend – and how it affects your finances over all.
The end result: With Mint.com, millennials are able to track their bills and grow their savings all in one place.