There are lots of reasons why your generation need to save money for the future. And there are some crucial guidelines on how Millennial can save money for their future. Here are five top money saving tips for Millennial. Let’s take a look…
1. Find out Your Expenses
Figuring out your monthly expenses is not that easy as you thought. To make it simpler, use a tool like a notepad or pad or diary, and note down your consistent month to month cost on every month like Netflix, rent, Gym membership, Internet, utilities, etc. If you do that, you will know how much you have to spend and how much you save at the end of the month.
2. You Can Start a Side Hustle
Nowadays, we live in such an economic condition where side hustle has become an art. By doing that, you can earn a couple of extra money which can help with your savings. There are different kinds of side hustle you can pick such as driving, affiliate marketing, delivery service, picking up trash, etc. It will ensure your money flow and make a great chance of saving money.
3. Make Auto Payments
Regarding your consistent month to month payments, choose the Automate payment system for your every bill. By doing that, you will never miss a payment, and your credit card never gets hit at once. There are lots of Banks that provide automatic payments oppose to your credit card. You can set a monthly budget which can cover your total monthly expenses like food, rent, and other activities.
4. Live a Simple Life
Live a simple life doesn’t mean that you should skip all of your hobbies and recreational activities. Avoid high quality of life, in a general form. But this could mean different aspects to different people. Remember, you should avoid those things which are not necessary to do but reduce your cost dramatically, and you can easily ignore those fancy things. For example, thrift your clothes instead of purchasing from the shopping mall, avoid fancy parties, travel on public transport, etc.
5. Purchase a Second-hand car
Buying a brand new car is likely to be a luxury but nothing else for Millennial. It will cost some unnecessary money from your pocket and one year later, the value will down by up to 30 percent. If you need a vehicle, go for a second-hand car which is well maintained and looks good. It will bring the same value as your new car and save lots of money for your near future.
Millennial often got frustrated and confused with their current financial crisis and couldn’t take responsibilities on their own. Hope this article will help you a little. If you still have questions regarding this topic you ask us at Manasquanbank.com. We can help you with how you can save money for your future. Thanks!