Don't Stop Spending Just Yet...

Chances are you or someone you know has been affected by the current financial crisis. Maybe a parent’s investments have taken a hit or maybe you’ve lost some money yourself. Regardless, if you’re a member of Generation Y the current crisis might not be all bad. Here’s why:

According to Jeffrey Jensen Arnett, in his book "Emerging Adulthood", instability is one the many characteristics of Generation Y. This instability, he writes, has many applications. Generation Yers, for instance, usually have casual relationships, short-lived jobs and few financial commitments. What exactly does all this mean? Well, while an older individual, say a Generation Xer, might have a new family to take care of or a huge mortgage to pay, the fickle Generation Yer is most likely not accountable for such things.

The younger members of Generation Y, in particular, are not too worried about their financial futures—not their immediate futures anyway. For now, their focus is on spending. Whether this spending is on a costly college education, or something as frivolous as a night out with friends, Generation Yers can afford to splurge, sort of.

One must remember that once it comes time for Generation Yers to enter the workforce and take on the responsibilities of adulthood, the transition will probably be a hard one. These individuals will face difficulties that past generations never had to. The job market will probably be incredibly competitive. Add to that the stress of paying off hefty student loans and all of the debt that they might have accumulated in their youth and Generation Y will have a lot on their plates in coming years.

But for now, Generation Y is free to spend as they wish. Some advice: spend wisely and don’t forget to save. While the state of the economy will probably improve, debt does disappear so easily. You’ll need a backup plan –in other words, savings. Remember this the next time you have the urge to splurge.

For more information, check these articles out:

Why the Financial Crisis is (Mostly) Good News for Gen Y

'We're not worried just yet - we'll still drink and party'

Photo: vtcleancities.blogspot.com

The Lean Green Family's 5 Ways to Be a Frugal Shopper

Check out this awesome post by the Lean Green Family (formerly Suddenly Frugal). Leah offers some great tips on how to shop smart!

You'll learn about shopping with a purpose, avoiding unnecessary returns, not to mention the joys of swapping. Click the link for other great shopping tips.


Source:The Lean Green Family

Photo: http://www.sallysshoppingtrips.co.uk

Fast Food and the Financial Crisis

Thought these two articles were intriguing. Apparently the financial crisis it hitting closer to home than we may have thought. By closer to home, I mean down the street. According to the first article the sale of lattes is related to the financial state of an evonomy. The second reflects on how popular fast food chain, McDonalds, has been affected by the current financial crisis. Take from them what you may...

The Starbucks Recession Indicator

McDonald's to Wait to Sell Angus Burger Nationwide

Source: MSN Money
Photo: waterfootprint.org

Did You Know?

After doing some research, I discovered that MSN Money has a Financial Crisis section. I've never noticed it before and just thought I'd share.

Photo: anu.edu

How to Survive the Next Depression

Liz Pulliam Weston's advice-grow up!

It should come as no surprise that her second tip is to-wait for it-eliminate credit card debt. "Credit card debt is expensive and leaves you vulnerable to the ever-changing whims of credit card companies, which have been raising interest rates with abandon," she writes. She also offers up some other strategies, like having an exit plan and accumulating savings. She also mentions that old school tricks like planning meals are a small but easy way to save. Maybe I was onto something after all...

Photo: telegraph.co.uk

Interview: Hara Glick of MakeupAlley.com

I recently had the opportunity to interview (via email) Hara Glick, founder of the popular makeup swapping site MakeupAlley.com. This is what she had to say...

[Interview Removed at Hara's request]


Thanks again Hara!


...Also, If you haven't seen the site yet, what are you waiting for? Go! I guarantee you'll never be able to buy a beauty product without checking their review section first (I speak from experience).

Image: makeupalley.com

Swap, Don't Shop

The advent of the internet has given the youth of Generation Y an excuse to spend a great deal of time online. So nowadays, when online options range anywhere from social networking to online gaming, members of Generation Y can do just about anything online. If he so chose to, a Generation Yer could literally live, work, and play online without leaving the comfort of his own home. This, however, is a theory saved for another time and another post.

Yet, out of all of Generation Y’s many internet pastimes, online shopping is one activity that has surged in popularity. The lure of shopping online is simple: unlimited browsing, one-click purchasing and, best of all, no pesky salespeople. The downfall, however, is that with the ease of online shopping comes the threat of increased debt.

Savvy Generation Yers, however, have found a way to enjoying the novelty of online shopping without spending a cent. It’s simple, instead of shopping, these individuals have resorted to “swapping.”

Online “swapping” sites are popping up all over the web and Gen Yers are taking advantage. Part of the appeal of these sites is that they not only provide a medium for the exchange of goods, but many also serve as a forum for individuals with common interests to interact. Oftentimes, these sites offer communities and topic-specific forums across which swappers can converse and comment on the latest news and updates in their individual area of interest. MakeupAlley.com is one such site. This online community offers areas for discussions, product ratings and, of course, swapping. Users can also catalog their acquisitions and list items for which they’re willing to trade. Once a transaction is complete, an individual then leaves a swap token, or review, of the trade/trader. Individuals can then look at this feedback left behind by others when considering a trade with the user.

But how exactly does one go about swapping online? Here are some easy to follow steps:
1. Go through your respective collections and find items that you’re willing to get rid of, but others might want.
2. Find a swapping site that caters to your specific area of interest.
3. Set up a profile and list the items that you currently have and those you’re willing to trade for (most sites designate a specific area for this). You may also post pictures of the item.
4. Find takers and begin swapping!
5. Remember to request feedback at the end of all transactions. This is what others will see when considering a trade (the more positive the feedback, the less likely is the chance of encountering a thief , or “swaplifter”).

By swapping, Generation Yers are able to attain the products they desire without having to deal with the debt problems that excessive shopping can create. In addition, they gain an opportunity to interact with other savvy Gen Yers who share their common interests. It’s no mystery why some Gen Yers prefer to swap, rather than shop.



Popular Swapping Sites:
Makeup Alley
PaperBack Swap
Mashable’s “8 Sites to Swap Your Stuff”


Photo: Twenty Three & Enjoting Life

PaperBack Swap

Why didn’t I know about this site sooner? For all you bookworms, this one’s for you.

I continuously beat myself up when I buy a book. I love reading, but books can be expensive, especially newer titles. Also, I never know what to do with a so-so book once I’m done with it. Usually, they end up thrown down somewhere in my basement never to be heard from again.

I’ve determined that on my next visit home I’m going to find all of my lost books and trade them at PaperBackSwap.com. Hopefully, my books will find a new home more befitting to them than an old FedEx box in my drafty basement. And best of all, I’ll get new books for my old ones.

Once again, why didn’t I know about this site sooner?

As for savings, this member testimonial speaks for itself:

“I have been a member since 6/21/05. I have saved over $378.00. I have sent and received so many books I have lost count. What a great site. Keep up the great work that you all do. Now wouldn't it be great to start swapping DVDs. I'm also a member of cdswap.
Patricia M. - NEWTON, MA - 3/20/2007

Quote Source: PaperBackSwap.com


Photo: bookpublishing.com

The Mashable 8

One of my classmates a contributor over at Mashable.com. I don’t know much about the site, only that it’s tech related, but I did run into this post via a Google search. I probably won’t be able to include it in my article, since there’s some payment included when using these swapping sites (I’m working the free angle), but I thought it was worth a post.

Mashable’s “8 Sites to Swap Your Stuff”