Mint.com has become my newest happiness in terms of money. I am really excited about this website - it truly has every tool you need to save money, budget, and just keep track of your spending. And the best part is, it's 100% FREE! Now, I love learning about money and debt. I find it really interesting, because it's truly a problem that affects so many people. I watch Til Debt Do Us Part obsessively and I just know I never want to end up in a similar situation. At 20 years old, I haven't gone to college/university yet and am happily debt-free. Which is believe or not an accomplishment when you check out some of these debt stats for young adults!
Gail from Til Debt Do Us Part. She just cracks me right up with her accent and tough advice!
"In a recent report from Demos-USA entitled "Generation Broke, The Growth of Debt Among Young Americans," by Tama Draut and Javier Silva, the following statistics regarding credit card use in the United States are frightening:
- Average credit card debt among indebted young adults increased by 55% between 1992-2001 to $4,088 (based on the value of the dollar in 2001).
- Young Americans now have the second highest rate of bankruptcy, just after those aged 25 to 44. The rate among 25-34 year olds increased between 1991 and 2001, indicating that Gen-Xers were more likely to file bankruptcy as young adults than were young Boomers at the same age.
- Among the youngest adult household with incomes below $50,000 (2/3 of younger households [18-24 years old]), nearly one in seven with credit card debt is in debt hardship.
- The average indebted young adult spends nearly 25 cents of every dollar of income on debt payments.
- Of all college seniors, 96% have credit cards.
- Nearly one out of every five 18- to 24-year-olds reported being late or missing payments on a loan within the last year." - Life123
Isn't that horrible!? I hate to see so many people my age, or even 5-10 years older than me who are declaring bankruptcy! I want to do all I can to make sure these problems don't happen to me. I only want to go into debt to pay for the important things - like being able to buy a home in the future. I recently did get a credit card, however, to make purchases online and to build my credit rating up from the nothing it is right now. But that's were Mint comes in for me. You can hook up your bank accounts, credit cards, and anything else manually if you want. You can track bill amounts, set budgets... basically anything you need to keep on top of your money. They use bank-level encryption, too, so you can sleep soundly that your info is secure. Right now, I'm currently planning what our budget will look like when we move to Toronto for my boyfriend to go to college. Yikes! It's gonna be weird working full time and moving to a new city - but I'm excited, too. I plan to continue to keep track of everything with Mint - and as soon as I'm making a full-time income I'm going to start putting away money in savings. Even if I only save a little bit each week, I will be moving forward - not back with high debts.
What are you guys doing to track your money and debts?
Love, Stefanie