So you've fallen into the generation where housing is unaffordable, education is not free and health cover costs more than you really want to think about.
And you can't even eat a slice of smashed avocado on toast without some Baby Boomer telling you that's why you're locked out of the housing market.
But it shouldn't be all doom and gloom.
Here are just some of the ways those in Gen Y (and any other generations for that matter) can help move their finances in a better direction, and maybe even buy a home.
Have a plan
You've got to have a plan. It might be for 12 months, five, or even 10 years.
The only thing that is certain is not having a goal can pretty much guarantee you'll be in the same place you started.
Become an expert
Read up, see how weekly auctions go and watch the markets.
Some are predicting the property market will slump, and cities like Melbourne and Brisbane will see a 15 per cent drop in value in the apartment market, so watch accordingly.
It means when you are ready to buy, you will know a lot of the property traps and potential wins.
Go through your spending and debt with a fine-tooth comb
We're not for one minute suggesting you should give up your delicious avocado on toast. But have a really good look at where your hard-earned money is going.
Are you paying for a gym membership you don't need?
Could you get a more competitive price on your car insurance?
There are plenty of ways you could save money, such as
- taking your lunch to work
- using public transport where you can rather than driving
- paying off your debt if you've got credit card debt or personal loans
Replace spending in free fall with being frugal
Once you've seen how much you actually spend each week, it can be a little daunting.
One coffee a day can add up to more than $1,000 per year.
But it isn't about being completely boring.
There are plenty of blogs and websites for inspiration including one by a US couple called The Frugalwoods and another called the Simple Dollar which deals with creating better financial habits.
The idea is to stop spending money on the things that don't bring your life any joy.
Increase your earnings
Times are tough, and for some young Australians a lack of work and lack of full-time work is a big point of frustration.
While this does depend on the city you live in, there are still ways you can earn a little extra cash.
Apps like Uber, Airbnb and Airtasker all allow you add extra money to your pocket.
Have a spare room? Take on a flatmate.
Got a flat full of clothes you don't wear? Sell them.
Automated savings
Unless you really are living week to week, and there are plenty of young Australians that do, you should be able to automatically save at least some of your wage.
Put this into an account that you can't touch, and as your earnings go up, increase your contributions.
Ask for help (if you can)
If your parents are in the position to, ask for a loan or for them to go guarantor.
If that seems too daunting for your parents, they may be able to consider family guarantee finance as a way to help you with deposit.
If they can't help you in that department, but they live in the same city, ask to move back in for a while.
It doesn't work for everyone, but if you have a plan, outline a timeline and what you can contribute financially and around the house.
Take advantage of grants and schemes
There are a lot less concessions for home buyers nowadays, but there are still a couple that still exist.
In Queensland you can get a $15,000-$20,000 grant for new homes, depending on the date of the contract.
In South Australia you can get $15,000 for new homes.
The NSW and VIC governments announced the stamp duty waiver or concession for first home buyers for homes up to certain amount.
Lower your expectations
To be realistic and learn the art of compromise.
It may take 2 or 3 stage for you to get what you think it to be a perfect home.
This might also mean looking further afield or even interstate for your first purchase.
And remember, if you don't buy a house it's not the end of the world
Don't beat yourself up too much.
It's a heck of a lot harder to get into the market than it was 20 and even 10 years ago.
But having a plan, watching your spending and putting away for your future will serve you well even if you don't end up making a purchase.
*Please note, not all of these tips will suit every individual and you should always get professional advice before making any big financial decisions.
-- Adopted from the article by Jessica Haynes published by ABC
