“American Dream…. What American Dream?” pondered Nina. Nina, thought back to American History class where the teacher discussed the American Dream as consisting of 2.5 kids, owning a home with a white picket fence, and having a dog and a cat. Like many people her age, she dreamt of fame and fortune. In fact, that dream was so prevalent that back in 2007, 81% of 18-25 year olds surveyed in a Pew Research study said that “getting rich is their generation’s most important or second-most-important life goal; 51% said the same about being famous.”[1] At age 22, Nina spent so much money on what she thought was cool, which ultimately resulted in credit card debt and financial worry. She thought that the only way she could set herself apart was through the stuff that she owned. However, that resulted in her charging $8,000 in credit card debt, which is more than the U.S. per family average of $2,700[2]. Now at the age of 27 she dreams of financial freedom, but questions how to make it a reality.
Nina has a good job and she lives on her own. She’s fortunate because in today’s economy 30% of her peers between the ages of 25-34 have had to move back in with their parents.[3] Despite this, she still has confidence in her financial outlook and still believes that at some point she will have financial freedom. She wants it all. She wants a home, but with her student loan debt payments, the prospect of paying a mortgage seems impossible. In fact, most of her friends don’t own homes either, because of student loan debt.[4]
As Nina thought about her bills, she started to think of what she could do immediately to improve her financial outlook, without cramping her lifestyle. She works hard so why not enjoy it? The first thing she decided to work on was increasing savings. As she thought about where she spent money, she realized was that she buys lunch everyday, because lunch is a social activity at work. This week she decided that she was going to try something a little different. Over the next 21 days, she will take her lunch 3 times per week. The money that she saves, she will put aside in a savings account. She decided on 3 times per week, because she can still mingle with her co-workers for 2 days out of the week. She will even propose that some of them join in, and they can eat lunch together in the cafeteria or conference room vs. a restaurant. She is excited about her plan and can’t wait to try it. She’s determined to have her American Dream!
You try it too, and let me know how much you save over the next week!
Share your lunch ideas too!!