Being a millennial today is not easy. Much is expected of them, but the challenges they are facing seem to be endless. There is the staggering college loan, the cost of living has skyrocketed in the past decade, and the job market is very competitive, not to mention the not-so-ideal economic climate. Because of these factors, many millennials are still living with their parents and delaying having a family.
What millennials need are some practical ways on how to save money. If you’re a millennial, here are some money-saving tricks for you:
- Look for a part-time job that doesn’t require you to commute. Commuting to work means spending money on transportation. Sometimes, you get hungry on the way and so you grab a sandwich, which also adds to your expenses. However, if you are working as an online tutor at Cluey or as a content writer, for example, you’ll be able to work in the comfort of your own home and save on transportation and food expenses.
- Find a roommate or two. Renting an apartment can be outrageously high especially within city limits. And if you’ve just started working, rent can take half or more of your pay. It would be wise if you find one or two roommates who could pay half or two thirds of the rent and utility bills. Living alone is, of course, ideal for your own peace of mind. However, if it’s a luxury you simply can’t afford, you can always move back home and try again after a few months.
- Be thrifty on weekend nights. One of the things that a lot of millennials can’t seem to give up is their social life even if it means no financial security in the future. Older generations would often tell you to stop going out and save money, only for such advice to fall on deaf ears. You believe that all work and no play can be unhealthy to your physical and mental health. Hence, you’d want to constantly unwind with your friends. Here are tips on how to have a thrifty weekend night out:
- Invite your friends to your place or hang at your friend’s place and cook dinner instead of going out.
- If you have to go clubbing after dinner, choose clubs that don’t have entrance fees and the drinks are not overpriced.
- Go out only every other weekend.
- Save on the little things. Those little things that you spend on could add up, such as buying Starbucks coffee every other day, premium channels, all the extra toppings you put on your food, and getting that new phone which you pay for every month. It may surprise you, but all these things could actually save you more than a thousand bucks each year, especially that Starbucks coffee. Also, try not to take Uber and opt for public transportation. Be mindful of your time so you can wake up early for work.
- Prepare your own lunch. If you’re buying food at work and you average at 7 AUD per day, that totals to 1,008 AUD per year, which you can save if you bring your own food. If it’s hard for you to bring lunch, prep your food the night before so it’s good to go in the morning. Also, you don’t have to prepare lunch every day; at least three out of five working days is a good start.
- Look for promo codes when you shop. Online shopping has become so popular mainly because of the convenience it offers. It’s strongly advised not to do it often, and you should only shop within your budget. One way to save money when you’re online shopping is looking for promo codes. All you have to do is open another tab, type in the name of the product, and add “promo code.” More often than not, you’ll find good search results.
Conclusion
It’s not such a big surprise that a lot of the financial advice that people used eons ago are now being thrown at them and are not being followed because it just doesn’t work anymore. The tips above may come as a challenge to you, but you don’t have to do it all at once. Try to do one each week until it all becomes a habit. If you want to achieve financial success soon rather than later, learn to live within your means and have some more left by the time you get your next paycheck.
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