The No. 1 reason millennials are struggling to save for retirement is not debt. (via CNBCMakeIt)
, which is what more and more young people are opting to do in pricey cities like San Francisco or New York.When shopping for a place, make sure you're not getting more than what you need,who saves more than 60% of his income by focusing on cutting back on "the big three" expenses: housing, transportation and food.
"If you're renting, ask yourself whether stainless steel appliances will actually improve your life in any meaningful way," says the Minneapolis-based millennial, who goes by the pen name Sean. "If you're buying, take a long hard look at how much space you really need, and whether a mega huge yard with its mega huge maintenance is really something you want in your life.
It's important to be open-minded in general. If your dream neighborhood is going to break your budget, for example, consider other areas. TheAnother way to save on housing, which may not be feasible for everyone, is to move to a cheaper city. That's what Sean did after living in Denver, Colorado, for two years: "Denver's out-of-control home prices were certainly something I considered when I decided to pack up shop and head north to Minneapolis.
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