Millennials are a generation that some people consider to be a bit lazy and not working to their fullest extent. According to 2019 TD Ameritrade report most Millenials worry about housing costs and cant save up for a happy retirement. a quarter of Millenials hold a bachelor’s degree but most of them have students loan. A survey by MyBankTracker found out that 30% of them are ready to sell at least one of their organs just so they can get out of their student loans. There are a few money-saving tricks for a millennial that is not hard to do. Some Millenials don’t even plan on getting married due to a lack of funds. it’s already hard paying for housing transportation and taxes it will be even harder to support the family. they prefer living alone or with a roommate, so they can split the taxes.
living in a big city
For some becoming a student means living in a big city, for some it might fun at the start but later on, it becomes hard and needs more money than expected. there are tricks for everything especially when it comes to living in a metropolis.
When you start to look for an apartment try to find a roommate also because its easier when you split housing money into two, you’ll be better off living in a suburban area rather than in center of a big city, its costs less plus you won’t need to worry about high prices for shopping transportation and etc.
What most Millenials are learning in time is that transportation can be really cheap if you take a public bus, trolley or a subway. instead of spending your budget blindly on taxies and renting cars you can spend less and that won’t affect your budget as much. besides trolley and subway can be way faster than getting stuck in traffic.
don’t spend too much
there are things that everyone likes including Millenials but its not always easy to get them. sure everyone fancies a brand new phone or latest fashion clothes but it’s not necessary if you are trying to save money in 2020 as a Millenial. It’s better to keep and take care of your things that are useful but not brand new. sometimes you must say no to luxurious things. it might not seem much but every day when you save at least 10$ it adds up and becomes easier for the next day
Invest your skills
If you are a Millenial that means that you have to have a job. you need to sustain yourself because funds are not easy to obtain. Try to work hard and find a job that suits your skills. if your good at it you will be able to make more and worry less. But for some it’s not easy finding a job that suits you and your skills, for that matter, it will be not as easy you might fancy but there is a first time for everything. modern problems require modern solutions you must try as best as you can and adapt to the new environment that’s in front of you.
Plan smart not fast
As a person who lives in an apartment with a roommate and does not spend a lot of money you still need to schedule your activities and create a time table. For example, plan a month as you like but don’t include stuff that costs a fortune. If you work full time and have maybe a one day rest from the workplace you can use that day for your pleasure.
As millennials, you might think that working for a whole month with only a few days of rest you deserve a time of your life to party hard and do the things you find fancy. In truth you should do the things that are as fun as you want them to be but plus they should not include luxurious things, for example, renting cars or going to a club that costs a fortune. Remember its better to have fun in a group rather than doing it alone.
Create a monthly budget and try to not spend more than you have planned. It’s easy to spend more money than you find reasonable but during the time you will start to lose more instead of gaining. everything you do or buy must be planned by you for your budget calendar. Sure there are times when a millennial has to do or get something that is not in the monthly budget but its always easier when you know what you want for tomorrow and how much are you going to spend on it.
What most people forget is that you can spend your free time with the things that will help you entertained for days even months, for example, grab a book or watch a TV series. do things that don’t stress you. you can play video games, read books or take walks to the park. a good way to spend your time is trecking and working out.
In my experience hiking and trekking are far better than spending your night in a club or a bar. Not only is it better for your budget but its also good for your health.
Everyone loves going on a vacation and spending the time of their lives but as a millennial, you must also know how to save money. Instead of going on a vacation without any plans try to organize your transportation, food rations, activities and most importantly your budget for the trip.
On your vacation, you can also use the local public transportation instead of special transport that is meant for tourists, remember they cost more than any type of transport. You can buy an economy class ticket instead of a business class. that will help you make more savings. At the end of the day, you might think that it’s not a big leap forward but when you take a look at your budget you will realize that you are improving your budget.
Take a look at your calendar and your budget if you have a breathing space you should consider to look for a part-time job to make more money. During holidays or weekends if you have free time use it wisely. Everyone likes to visit their friends and loved ones but if you want to save money for taxes housing and safe retirement you must sometimes look the other way and start working even more for a bright future.
It might not sound fun but when you look at it you’ll realize that alongside your full-time job a part-time job will get you even more money that you can add to your budget. why not make a 100$ more just by working a few hours in a week.
Unnecessary things in your life
Another good method how to save money for Millenials is canceling your subscriptions on apps or channels that don’t interest you anymore, don’t have them just for the sake that one day you might use them. Instead of buying books get a library card and instead of cable television there is a lot of alternatives for you to spend less and not use cable.
You will easily burn your budget if you get a pet that you cant take care of. Remember a pet needs a lot of money to be in good health and looked after. Your friendly companion will need food, medical treatment, accessories and time for you to dedicate and with that time gone you can not be as productive as you would like to be.
make purchases offseason
Whenever a new gadget, video game or a book comes out don’t try to be the first one to buy them because it will cost you a lot, instead, wait a few weeks maybe months for the price to drop. Also if you wait long enough for a sale you will get your desired item with fewer expenses.
This also goes for renting a place to stay. For example, its winter and you want to go to a skying resort or a hotel try to rent your apartment before the season comes because when it does it will be way more expensive and you will then have to change plays for your 2020 budget.
All in all, with these simple tricks you can save up for your taxes and your retirement savings. Its always better to do the things that you like rather than the things that are popular for others and that cost way more. Don’t be someone who wants to impress others by getting luxurious things, instead get what is necessary for you and for your well-planned calendar.
At first, it might seem useless later it will be odd but in the end, when you will look at your 2020 budget you will see that you saved a lot and you can improve it by doing the same and even better for the years to come.