The current millennial generation (ages 18-30 years) is often criticized due to the habit of wasting money on things not important, like food-drinks (about 96 million dollars of money spent just to eat the millennial), walks, concerts, gadgets, as well as other entertainments.
This is certainly an alarming fact, especially given the soaring prices of land and property. On the other hand, the development of technology and the use of machines or robots are predicted to narrow many jobs in the future. In these circumstances, older generations like Generation X or Baby Boomers (born 1981 and above) often question: Can millennials survive?
Surprisingly, the survey results of a Bank rate financial site stated that around 60% of millennials in America already had the awareness to save. The savings money is prepared for future needs or unexpected circumstances. Concerns about employment, prices of basic necessities, and experience through the 2008 financial crisis made the millennial more careful about financial matters. The fact is very contrary to the expectations of the Baby Boomers generation so far.
How about you? Have we started saving to buy a house or the future? Or money you as long as it is still only used to pay for things consumables? For the millennial are still difficult to arrange finance, refer to saving tips here to raise money quickly and precisely:
Minimize the Use of Credit Cards
Tips for saving one are very crucial. Don’t even think of having more than one credit card. Even if your parents offer, reject the offer carefully. Too much using a credit card will only make you accustomed to debt, even though you will not always be able or able to pay the bill.
Special Savings Account
Today, every individual must have at least two accounts. One account functions as a savings account, while the other account is a current account. If necessary, separate your savings account according to purpose. For financial goals in the next 5-10 years, such as house DP or marriage fees, then create two different accounts for these two goals. Save a debit card for a savings account at home, no need to carry it in your wallet.
Law of 2 times the price
Millennials are often reviled for being impulsive in shopping. These savings tips are very important to suppress these bad habits: If the cash in your wallet is less than twice the price of the item you want to buy, then don’t buy the item. For example, you want to buy coffee for $ 5, but your cash is only $ 4. Get rid of the desire to withdraw money from an ATM, it’s better to buy alternative drinks under $ 4.
Take advantage of on-site auto debit owned several banks. Auto debit is very useful for moving money automatically to all savings accounts of yours. With auto debit, you don’t need to bother doing a manual transfer every month. In addition, you will also get used to using the money just as much as the amount in the account.
Bring Your Lunchbox
Tips on saving this may sound corny, but very effective. Just think, how much money is spent on eating out every day? Bring a lunchbox is an excellent alternative for the sake of the health of the wallet. This can help you to greatly save on expenses.
Twice a Year
Fashion trends come one after another, but that doesn’t mean you have to always be followed. Keep in mind the tips to save this one: Buy enough clothes, bags, and shoes twice a year. When shopping for these things, set the maximum nominal value, then choose the items well to guarantee that the items can be used without lagging the trend within a year, or at least until the shopping time comes again.
Living with Parents
Who says after graduating from college or can you work you have to live alone in a boarding house or apartment? As long as your workplace is still affordable, stay with your parents or siblings while saving to buy a private home. The cost of boarding is now quite high, not to mention if you have to pay additional electricity, internet and water bills. Don’t mind the spoiled stamp because you are still living with your parents, remember that you did it in order to save money.
Make it a habit of buying household needs in wholesale for the sake of saving money. Tips on saving this can be done on items such as bath SOAP, shampoo, toothbrush, dish soap, perfume, iron and others. Instead of buying in normal price every month, it is better to buy wholesale priced much cheaper to stock 6-8 the next month.
Although most of the millennial generation has already started saving early, only about 3% of those who have dared to invest. In fact, this investment option is now the more diverse, so the customer can choose the corresponding risks and profits. The investment is not an easy way to ensure you still have income in the future, even though it has not worked nor have a source of steady income.
The streets while Off-Season
Tips on saving for you lovers of the streets: Buy a ticket from far-away days and go off-time season (outside of red date or school holiday time). Usually, the travel tickets are booked since the previous few months much more affordable and there is plenty of promo, so that you can skimp and save the rest of the money for other things. In addition, went off-course season when more palatable because tourism is not too crowded by tourists.
That’s some tips on saving for the millennial. The above things may feel heavy, but it will be very profitable. The most important is the intention and discipline. If you already get used to saving, you do not need to worry and be ready whenever things happen unexpectedly. The habit of saving will make yourselves in the future thank you at this time. Good luck!