As millennials, don’t you feel like we’re constantly being asked, “why don’t you have a job yet? When will you settle down? When will you get a house? Why aren’t you saving more money?” We get it, but it’s hard to buy a house in your mid-20’s in this economy that you ruined for us, Linda.
So living in this (exxy) day and age, we’ve come up with a few sneaky money saving hacks that every millennial needs to know, so you can have your smashed avocado and eat it too.
#1 You Can Say No
Social events, three-day festivals, weekend trips and mid-week cocktails. It’s a world of temptation we live in.
FOMO is a very real thing, and it can be tempting to say yes to every social gathering you’re invited to. While it can be a great opportunity to get some new content for the ‘gram, your back pocket probably won’t love you for it. So, before you click going to every Facebook event, think twice about your commitments for the week and how much money you will be spending on your night (or weekend) out.
Cocktails are expensive. Two Long Island’s is equivalent to a bottle of tequila. That’s ridiculous. Don’t be stupid, drink at home.
#3 Budget Like A Boss
This one certainly isn’t something new but learning to budget like a boss can help you to save those extra dollars. The problem here is that you’ll most likely start out with a completely unrealistic goal, get frustrated when you can’t reach it, and then spend all your hard-earned savings in one go anyway.
Truth is, budgeting your money is easier said than done.
First up, figure out how much you’re (realistically) spending weekly on bills, utilities and other fun adult responsibilities (as well as those not so responsible purchases). If you’re spending more than you’re earning, work out what is unnecessary (and probably irresponsible) and consider cutting it out of your weekly expenditure.
Transfer those precious dollars that you’re saving into an actual savings account. If you really suck at doing this, set up an automatic debit system where said precious dollars get automatically transferred and you won’t even have a chance to touch them, which brings us to the next tip…
#4 Open A Damn Savings Account
(*Yawn*) This one’s a bit of a no-brainer, but you’re obviously reading this article for a reason. Savings accounts have great benefits, and if you’re smart, those weekly deposits will soon have you a fat savings account. Be sure to shop the market and compare your options with different banks and interest rates to get the most bang for your buck.
And it goes without saying, keep the bulk of your cash in this account. Interest is a severely underrated thing, and the more you have in your savings, the more free dollars the bank is gonna’ give you.
#5 No One Likes A (Brand) Snob
At the end of the day, the white t-shirt with the infamous logo serves the same function as the one from K-Mart (well, sort of). Be savvy about your shopping, not only with clothes, but with technology, and even food, invest in the basics that you know are timeless and you’ll use over and over again. You’re not Kim Kardashian, don’t go spending all your money and dollarydoos on unnecessary branded purchases.
Don’t get me wrong, treat yourself every now and then. But every purchase doesn’t have to be Prada or Ralph Lauren.
While we can’t promise these tips will make you a millionaire by the time you’re 30, they’ll do a damn good job of helping you build a savings account and set yourself up for comfortable living. #goals
Image Source: NBC