college-info-graphicRecent surveys provided by Wells Fargo show that millenials know the correct steps and pathway to financial success. A majority of them said they knew to live below their means and to the importance of saving now. But, half of those surveyed millenials admit to not saving at all.

Members of generation Y procrastinate in developing their saving plans. They think they can start saving when they are in their mid to late thirties. However, that’s around a decade of wasted time where Gen Y could have saved. What is stopping them from putting their financial education to use?

Half of Generation Y says their failure to save in their 20s is because of debt. In essence, Gen Y’s burden is holding them back for reaching the peak of their financial success.

While there will be a good amount of student loan debt that must be paid off, you shouldn’t let that be your kyrptonite and negatively impact the other parts of your financial goals. Listed below are some ways you can make smart financial moves for the future, but also continue cutting away at student loans and debt.

Make sure you are on the right track with your finances. Use a tool or app (moneysmart) that tracks each month where your money is going and how you are spending your money. This can help you cut costs in some areas where you might be overspending.

Continue to live frugally like a college student! I don’t mean you have to eat ramen everyday, but think about eating out only once or twice a week or buying non brand name items at the store.

Make a plan on how to pay back student loans or debt. There are programs such as the “Loan Forgiveness Program” for federal student loans that can relieve some of the stress of the monthly payment if you are having difficulties.

If worse comes to worse, take action. You might need to make more money. It can be anything from a part time job on the weekends or selling things on eBay. It can be intimidating at first, but earning extra cash and watching your debt decrease is a comforting feeling.

We know it is tough juggling all your newly found financial responsibility along with your student loan debt, but it’s not impossible, and you will succeed.