DETROIT (6/27/14)--In a story about the contradictions of millennials' financial habits, the Detroit Free Press drew upon the expertise of Ebeth Fielder, the "spokester" for Young & Free Michigan.
Fielder told the paper's personal finance columnist, Susan Tompor, that she thinks young consumers can save money--if they re-evaluate their spending habits.
As a spokester for Lathrup Village-based Michigan First CU's program, Fielder said one of her goals is to help young adults map a route through their finances. One trick she uses to control her urge to shop is to compare how many hours she'd have to work to pay for clothing or shoes.
Take the example of a "bargain" pair of shoes. At 50% off, those $40 shoes may seem like a deal.
But, Fielder advised, you might stop and consider how much your daily wage is. "If you're earning $10 an hour, you could ask if the shoes are really worth four hours of my time--or half of a regular work day?" she said.
The article also noted that depending on the survey, "millennials either are 'super savers' with an eye on retirement or so dogged by debt that they don't know which way to turn."