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A Millennial’s Guide to Saving Money

There are too many articles out there claiming that Millennials are people who have little to no knowledge about their finances. But this isn’t the case at all because, although there are Millennials that have money problems, there are also those that are very good with it—much like the other generations.

You may ask then, ‘why are they being seen as such?’ The full answer could be complicated; however, one factor points to their use of credit cards, which some people from other generations demonize a tad bit much.

Admittedly—as already mentioned—there are some Millennials who are having a hard time saving money. If you are one of them, don’t fret because this post is for you!

Here are some tips you can follow to help you save some moolah!

Have a Workable Budget 

The first thing you must do in order to save some cash is to create a workable budget.

When you write this down, you must keep in mind your spending habits. For sure, you have some ideas on how you go and spend your hard-earned money. Do you like going on a coffee run every morning? Do you often eat out? Or do you go shopping so you could keep up with the latest trends?

Whatever it is, keep them in mind when you are assigning a figure for your daily/weekly/monthly budget. After all, you don’t want to go overboard and end up being discouraged when you can’t keep up.

Open a Savings Account that You Can’t Easily Access

Already have a savings account connected to your checking? Well, we’re gonna tell you now that it simply won’t do. This is because you can easily access it, especially given today’s modern technology.

In order to avoid the temptation of dipping into your savings account, you are going to have to open a new one; we highly suggest for you to open one wherein you can only withdraw if you go to your bank. By doing so, you are more likely to think about moving money from this account.

Learn the Art of Saying ‘No’

Millennials are very social beings. They like hanging out with their friends to grab some drinks, eat some food (and maybe Instagram them), or watch the latest movies.

We’re not saying that you completely forego them. It’s nice to head out every once and a while. But if you are someone who often goes out simply because you can’t say no, then now is the time for you to learn how to do so.

Don’t feel pressured that you must always say ‘yes’ so you could hang with your friends. If you feel like you are going over budget, let them know about your situation. For sure, they will understand.

Think about Your Future

As a Millennial, your future might not be at the forefront of your mind. But if you want to successfully save money, you must think about it every now and then.

If you prefer, you could set up some goals that will encourage you to maintain your budget and save more. For instance, 10 years from now you plan to have your own place. Or you plan to be completely debt-free 5 years from now. It’s up to you if you want to keep them big or small.

Takeaway:

These are only some of the things you can practice to help you save money. Keep in mind that the money you set aside would be used for your future needs. After all, you never know when an emergency can occur. If it does happen, you will be prepared and won’t be caught off guard. And for those who need further assistance, you can always consider getting a loan to help you out.

Sources:

https://www.huffingtonpost.com/entry/a-millennials-guide-to-spending-and-saving_us_59baeae4e4b0390a1564dc14

https://www.theconfusedmillennial.com/a-millennials-guide-to-money-management/

https://www.forbes.com/sites/rent/2015/08/27/the-7-best-money-saving-tips-for-millennials/#d002aa73706c

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