Flexible Spending - Keep your flex spending that changes from month to month (and your fun money) to no more than 30 percent of your take home cash.Financial Goals - Put at least 20 percent of your take home pay toward important loan payments, retirement, or building your financial security.We're talking subscriptions to Netflix, rent, gym memberships, insurance, and anything else that you can rely on hitting your bank account on a regular basis. Fixed Costs - These costs are predictable and won't change, unless you cancel them.If you're not familiar with how it works, it goes a little something like this: Our budget is more or less a variation on the tried-and-true 50/20/30 rule that allows for the flexibility and priorities that a recent college graduate has. Sometimes, you might need to live under a staircase in order to afford that Nimbus 2000.īut here are two other statistics about millennials financial planning from that same study: one in three says they spend money budgeted for other things on themselves and one quarter says financial anxiety makes them bill weekly or monthly.Īnd there's simply no need for that - check out our instant college grad budget to get your money and mind right.
If you have a devastatingly expensive gaming habit, then you might sacrifice a few meals out for high-speed internet and a revolving door of video games. It's a tradeoff - hence, you have to trade something. In a walkable city, your transportation costs will be lower while your rent is higher, and with no student loan debt you've got more flexibility for saving and investing. Ok, real talk - you probably spend too much money, even if you're part of the one in four surveyed millennials who thinks they're a "highly disciplined" financial planner.īut budgets are tricksy, and it's rare to find one that fits a recent college grad instead of a well-established family - and individual circumstances and priorities vary fairly broadly even within the generation.
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