Why Are More Millennials Falling Into The Trap Of Debt?

By Women Love Tech
on 21 June 2018

Self-confessed #broke guy, Cameron Robbie talks to Women Love Tech about why more millennials are getting into debt.

Why are more millennials falling into the trap of debt?

Millennials chase experiences; we’re trying out a new restaurant, heading to the last minute concert or taking road trips with friends. We also don’t like to let money get in the way of these experiences by shouting friends who are short on cash before payday, or putting our card down and forgetting to chase it up. But debt isn’t a generational thing – research from instant payments app Beem It has revealed Australians are out of pocket $6.2 billion to their mates.         

What are your three tips to help them?

  1. Put aside some extra cash for last minute activities: No one wants FOMO, so I always leave some money aside each month for things I’m not expecting – like a friend coming to town, last minute tickets or getting really generous with espresso martinis.
  2. Get your money back from mates: Let’s be honest, being out of pocket can be avoided. Small things like shouting mates an Uber, an extra bottle of wine, or picking up toilet paper for your share-house often go unnoticed until the end of month when we’re left wondering where all the money has gone. Using an app like Beem It allows you to pay, request and split bills with your mates instantly, helping you avoid the awkward pre-payday conversations with friends who owed you money two weeks ago.
  3. Get creative in the kitchen: Anyone that knows me, or follows my Instagram, knows I like to get creative in the kitchen when my funds are running low. Great some cheap stables such as pasta or lentils and add whatever canned goods you can find in the kitchen or on sale at the store. Tuna and tomato is my winning combination. 

How do you spend your money?

For me, I’m still trying to find that balance between the value of life experiences and steadfast financial stability (yikes). I love to travel, see a new play or spend time with the ones care about. When your family live either overseas or interstate, the family affair or spag bol at Mum’s might not be the money-saving endeavour you wish it was, but it’s definitely worth it.

How does Beem It work?

Beem It, is a new instant payment app that lets you to pay, request and split bills on the spot with anyone, regardless of who they bank with. Beem It ensures money doesn’t get in the way of great moments, using real-time banking technology to transfer funds from one user to another – meaning the money is in your account within 10 seconds.


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