Tips for Millennials: 5 Real Ways to Save Money this 2020

Just like any other generations, the millennials, those born in between 1981 to 1996, also have their own share of financial insecurities.

In a survey from Charles Schwab, data revealed that almost two-third of millennials (ages 23 to 38) in the US are living paycheck to paycheck and at most, 38% only of the surveyed population felt that they were money-wise stable. This being true in the US, it is not far that this is also true anywhere else in the world.

Although there are millennials who are successful enough to not need any financial advice, there are those who apparently need some useful financial contents.

It is therefore imperative to check on financial education resources to help curb expenses and save a little penny to boost your bank account.  

Thus, if you were a millennial who need a bit of financial push, here are 5 Real Ways to Save Money. The following tips take into consideration the unique situations that this generation is currently in.

1. Needs vs Wants: Stick to What you Need

Some of the financial issues millennials face include “non-essential” purchases such as dining out in a fancy restaurant, entertainment, purchasing of luxury items to brag on social media and vacations that are not really must.

If you wanted to save an amount for your more important funds, then it is time to limit these “non-essential” purchases.

Stop impressing people on social media with your branded #OOTDs or luxurious vacations. Remember that these people, mostly you do not personally know, would not be there for you when you go bankrupt, except for some.

Just start living life for yourself and for those who truly matter to you. Know what you actually need and focus your financial resources on those. And, especially the ladies, stay out of beauty stores as much as possible. You surely know what happens when you start picking items from the cosmetic racks.

2. Choose a Practical City Accommodation or Move Back Home

A lot of millenials are independent hence they prefer to move away from home and live somewhere else, likely to a place where the job opportunities are rampant.

If you lived in an expensive city and earned just enough, then you got downside in terms of savings. But let not money stop you from experiencing the city life. What you can do to be a bit more practical is to choose a much cheaper but safe and comfortable accommodation.

Some of the ways are the following:

  • Find a roommate.
  • Move back home if you think it’s more practical.
  • Stay close to your workplace to cut transportation expenses.
  • Also, take note that when you live in the city, you also have more opportunities to make money. Explore these ways.

3. Limit Expensive Coffee Purchase

Admit it or not, most millenials have daily coffee habit that adds up to the daily expenses. Coffee shops and milk tea stations are booming everywhere because consumers are already hooked in this modern coffee trend. In fact, coffee shops are already used as an alternative library for some.

Nothing is bad in buying expensive coffee or staying long on cafes. Just make sure to be creative enough to not exceed on your budget and to keep a little extra amount on your pocket.

Some ways to save money on your daily coffee habit:

  • Resist the coffee temptation.
  • Flavor your own coffee at home or at your workplace.
  • Use vouchers or gift cards.
  • Download coffee apps to earn points which can be used on your future coffee purchase.

4. Automate

Take advantage of the digital tools. Going digital does not only let you save time, it can let you save money as well.

One way to automate and help your finances is through using digital wallet for all-in transactions.

Digital wallet applications are very much useful nowadays. These applications allow you to make payment or deposit to various bank accounts, send instant money, pay for your purchase with cashback or rebates and instantly save or invest. Majority of the apps’ features are for free and some even give you rewards or cashback.

Furthermore, automation of payments helps you prevent accruing late fees for unpaid dues. Keep the lights on and increase your benefits even more for being a good payer to the merchants and institutions.

Some popular digital wallets are:

Explore the features of these digital services and you will surely not regret it.

5. Be Financially Literate

Financial education is vital for you to be able to save money better. These financial literacy resources are widely available these days that you can easily get through them in just a quick tap of your electronic device. Instead of spending too much time on social media or on watching videos that are merely for fun, allot some time to educate yourself about money matters.

Read on financial blogs, follow financial pages or watch videos about finance. Acquainting yourself with the dynamic strategies to save money now would really benefit you in the future.

Little tricks like knowing what you owe, budget and availing installment packages, and learning best investment hacks are just some of the limitless things you can learn from financial contents.

Final Thoughts

It is not that we say “do not have fun and enjoy a lavish lifestyle”. If you have been working hard for your money, we are not taking away from you the right to enjoy and spend your penny the way you want it to.

The main point is just be wise, regulate your not-needed expensive purchases and keep on learning ways to avail financial stability early on.

  • We hope this blog can help and inspire our readers regardless of where they are from or whatever they do in life!

For Life and Law is also open to any article contribution which will potentially inspire others.

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