Making hundreds of dollars straight after getting out of college only happens in movies. Millennials who have completed their college, struggle for financial independence for years. Although the literacy rate in this generation is the highest as compared to previous generations. The education comes at a price that requires millennials to pay the debt in the coming years of their practical life. Stop wasting money & follow easy money-saving tips.
Life can be hard for students and even when they have graduated due to college fee loan repayments. Around 60% of the millennials rent apartments and 25% prefer to stay with their parents because they cannot afford to live alone by themselves due to the high costs of living especially in big cities.
Millennials cannot follow the everyday money saving ideas that are vague and apply to all. Saving hacks for millennials are different and unique, which we are going to discuss in this article. Let’s take the 50-30-20 rule for income. How can millennials save 20%, spend 50% on needs, and the rest of 30% for fun and entertainment when around 50% of their income is spent on paying rent.
We have shared everyday money-saving tips for millennials to save money by making better financial decisions every day. Consistency is the key, there are small habits that you can adopt to save and come out of debt.
Easy Money-Saving Tips:
Share Your Apartment or Live with your Parents |
Living in a luxury apartment means spending a good portion of your income on rent. Living in a big city can be very expensive and even if you cannot live in an old and musty apartment you have a choice. Find a roommate and share the apartment’s rent and utility bills. According to research, sharing an apartment can save one around $700 in utility bills and rent, if living in a big city such as New York, Boston, or San Francisco.
One of the easy money-saving tips includes moving in with your parents. It may not seem like the best idea but it can save you a lot of money. You don’t have to live with them for free. Pay them the rent for staying with them, if they don’t accept it, you can put this money in a savings account.
Skip Eating Out | Simple money-saving ideas
Something like having a cup of coffee at Starbucks every day or eating your lunch out at a restaurant can cost you a hundred or more dollars a year. Cooking at home can be interesting and you will be able to discover your culinary skills also. Eating out once or twice a week is a good idea to treat yourself for all the hard work you do every week.
Money-saving ideas are simple and easy to follow if you are up for actually saving money and changing your attitude and the way you look at money. Stopping yourself from doing these little things can make a big change and you will be able to do much better at saving.
Make Small Lifestyle Changes | Easy money-saving tips
Take one small step at a time. When you are trying to save money, you should not be going on a bare-bones budget or trying every single ‘saving hack for millennials’ on the internet. You will not be able to say consistent and doing everything at once is not practical.
To save money, start taking small steps at a time. To cut back on your bills, do not let the water run idle, turn off the lights when you don’t need them and walk to the nearby shops for grocery and take a bus to work. It is that simple to save money. Make these changes slowly and gradually in life to save and gain financial independence.
Don’t underestimate the leftovers, if you are eating at a restaurant or cooking at home. Pack it and put it in the refrigerator for your next meal. It will also save you the cooking time.
Stop Using Instagram
How many times, have you scrolled through pictures of your friends and old classmates of taking vacations, eating at fancy restaurants, and flashing their new car or home?
Instagram only adds frustration to your days where you have the opportunity to be productive and happy. Comparing yourself to others is not going to help. You are unique and you should be grateful for what you have. If you want to go on a vacation or buy your dream car, set realistic goals, and work towards them.
Log out of your Instagram account or stop scrolling through them all the time, you will be happier and more contented. If you want something in life, it should be because you want it not because your Instagram friend also has it.
Pay your Debt as Soon as Possible
Living within your means is about thinking and earning before you spend. If you are stuck with debt, there are several ways, you can pay it off. Stay motivated and start living below your means. Sell your car, if you have to and commute by bus or subway.
Financial stability is not about staying stable because you keep on borrowing money and life a luxury life while buying everything with your credit cards. It means that you are stable and not in a financial crisis.
Create a Second Income Stream
If saving seems impossible with only one job or income stream, start a new one. Invest the money you have in mutual funds or start a part-time job. Starting a new hustle might be the only way to save for a better future.
If you are good at something, give online consultations, start an online store or do anything that you are good at. Paint pictures and sell them. If you know a second language, teach it.
If you are a millennial who is worried about personal finances then you should change your habits ad start making small everyday sacrifices to save money & follow amazing & easy money-saving tips. Putting off your plans such as marriage, buying a house or others is not a good idea. Nothing is going to work on its own and this is why you need to start saving gradually. It’s time for you to start living within your means.