Generation Y Speaks Blog
by Clinton Hodgkins
AELC External & Community Relations Manager
Started work at 16 through food & hospitality, cabinet making, mining, sales and then management at Harvey Norman working at 5 different stores in Australia and NZ. Clint is a part-time professional drummer, homeowner and engaged with a child.
| Have The Good Times Gone? |
|
I’m not sure how the rest of the Gen Ys are faring at the moment but I’m finding it tough. Once upon a time it seemed like the money was pouring in and you could buy what you liked. Gen Ys by default were brought up in good times getting given what they wanted, when they wanted it by their once worse off parents who didn’t like their children feeling their pain of growing up poor. This started us on the path of the typical Gen Y wanting everything yesterday, not used to being told no and always being highly opinionated. We have been built by default with low resilience to day to day problems and life in general by our unsuspecting parents. With Gen Ys moving on to their more independent lives out of the family home, my question is “has the time come where we will sort the weak from the strong?” We have ticked up expensive cars which are ridiculous on petrol now that prices have risen. Interest rates are rising due to rocketing inflation which is still not looking good. Some of us have our own kids. I do and there is no way I can afford childcare. I am lucky enough that my partner can take our bub to work otherwise we couldn’t afford our mortgage. So how do we survive? I have had to think and research and analyse my everyday spending to work out ways of saving money and preparing for rising costs. I used to not care about what I paid for anything! I don’t know how much I have wasted on stupid buying choices. I have decided to put a stop to this. I now have dropped things like delivered water for a water filter saving around $800 yearly. I have discovered online specialty shops like pharmacies and pet stores which can significantly reduce costs. We sold the V8 and are saving $300 per week, the costs of running that car. I have even started writing shopping lists this can save us up to $100 a week. Our meat we buy in bulk saving about 40%. There are so many ways to save money it’s just a matter of opening your eyes. I bet there are many people in my situation, I did my comprehensive budget and found I was spending around $20 - $25,000 over what was coming in per year. Now I have brought it down to be able to save $1000 per year. Just by opening my eyes and taking responsibility for my once grim future I am now spending less than we earn and I am confident of many more ideas to come to save us money. It’s not about what resources you have, it’s about how resourceful you are. Who will survive off their own back, whose parents will once again come to the rescue and who will learn the hard way? only time will tell.                       |