5 Money Saving Tips for Millennials
Posted by MoneyKey on June 6, 2016
The millennial generation faces financial challenges just like the generations that came before it. Whether it’s technology, new style trends or home décor, millennials are trying to attain everything they need within the budgets they are limited to. Here are some tips and tricks that millennials can use to start saving today.
- Use public transportation – Having a car brings with it expenses such as gas, insurance, maintenance, and unexpected repairs when accidents happen. While taxis and other car services, such as UBER, are convenient, they can also get expensive over time. Public transit is a great alternative and can be very effective in helping you save funds and stick to a budget.
- Always stay current with debt obligations – It is always important to stay on top of one’s debt payments. Millennials need to know what they owe, budget for that expense and stick to their budget so that they can make their payments. Eliminating unnecessary spending and focusing on repeat, monthly expenses such as rent, can help with putting excess money into savings. In the event that there is an unforeseen and unavoidable expense that results in a shortfall in your budget, consider using an online short term loan to quickly get the funds you need.
- Get a roommate – Living alone is great for providing a sense of independence and privacy. However, living alone, especially in a larger city, can become expensive. A great way to save money is to split rent with a roommate or consider moving in with family for a period of time.
- Get a side gig – Often times, having one job is not enough to cover one’s day-to-day expenses or afford the extra things one wants to buy. Having a second job could help by providing extra income for daily expenses. It’s important to focus on necessary purchases and prioritize items that one needs versus items that one wants.
- Avoid uncertain investments – Many young people are tempted to invest in ideas or products that may not be right for them. It’s important to get the right advice when making investments and ask yourself the right questions: “Can I afford to lose this money?” and “If I lose this money, will I be ok?” If the answer is no, then one’s focus should be on saving the money instead. People should never invest money they can’t afford to lose in high risk areas.