Millennial Savings Tips

Money Saving Tips for the Millennial

It’s not easy being a millennial (those born between 1980 and 2000) in our current economy. In fact, statistics show that the majority of those in their mid-late 20’s still live at home, as they simply can’t afford to move out. And as much as we love our parents – and their hearty homemade meals – we don’t really want to be sitting on the sofa with them every Friday night for the foreseeable future. Sound like you? Fear not. Here are a few top tips to help you get started with saving money, so you can flee the nest and start carving out a future for yourself.

First things first and this is less of a tip and more of a habit you need to get into right away – know what you’re working with. How much are you making? How much are you spending? What are you spending your money on? How much are you setting aside for food, entertainment, clothes etc.? This forms the basis of your budget, and the more you’re aware of your finances, the less likely you are to overspend.

Secondly, learn to say no. The FOMO might be real, but you don’t need to say yes to every invite. In fact, if you did a quick tally of how much you’ve spent on going out in the last month you’d likely get a shock. How much of that could have gone into a savings account, or towards rent?

Lastly, avoid (as much as you can), your spending pitfalls. That daily latte or deli lunch. That payday clothing splurge. Many of these types of spends are linked to patterns or behaviour. Do what you can to change it, for example taking an alternative route on your way to work that doesn’t go past the coffee shop, and your temptation to buy could very well be eliminated.

This is just the beginning though. Take a cold, hard look at your spending habits to see where you can cut costs and you’ll soon find yourself in a position to move into your own place, or buy your first car. Good luck!

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