Six Easy Ways Millennials Can Save More Money

The millennial generation has really changed the game and innovated how we earn and spend money! With so much attention around whose wearing the latest designer or going on the most expensive trip, you would think finances would be discussed more often! Many of us millennial graduates are in debt and some make the mistake to turn a blind eye to the situation. . . but “forgetting” about your debt won’t make it disappear. So here’s a few ways you can begin saving more money and living a financially debt free life!

Pay Yourself First

I know this sounds weird but paying yourself every time you get paid is essential. This is the money you’ll be saving for any future goals or emergency incidents. Start off slow and put aside a set amount every paycheck, you’ll be surprised at how quickly this money adds up. If you cannot pay yourself due to bills, evaluate why that is. Are you spending unnecessary money elsewhere that could be going towards yourself? Can you make a sacrifice to cancel any subscriptions like Netflix, Hulu or Apple Music?
 

Create a Separate Savings Account

If you’re notorious for transferring funds from your savings to checking then this tip is especially for you! I personally love doing this myself because once the money is deposited, that’s it. The reason why this works for most people is because the money is out of sight and quickly out of mind! Nonetheless, since it’s at another banking institution it’ll take two business days to transfer any funds (if absolutely needed). Making the funds more difficult and annoying to retrieve is exactly what we want! So it’ll persuade us not to even try because completing the steps aren’t worth it. . . nor is the guilt! 🙂
 

Set a Specific Goal

When you know what you’re saving for then you have more drive to stay disciplined. Whenever a trip is coming up, I remind myself of exactly why I need to put the money aside. Then I go through the notions of thinking how I’d feel if I couldn’t afford to do x, y and z while away on vacation (or whatever it is you’re saving for). It really works for me and keeps me on goal for accumulating the money.
 

Stop Going/Eating Out

I think most millennials nowadays enjoy staying home and watching movies but for the ones who don’t, this is for you! All the going out to parties and eating out has to stop immediately! I know $5 for lunch here and $20 to get into a club there doesn’t seem like much. . . but it all adds up. Don’t believe me? Write down every time you spend money on eating out or going to a club/party and see how much the total is after 12 months. You’ll be amazed at what else you could’ve done with that money!
 

Use Cash Only

I personally hardly ever walk around with cash, but when I do I watch my spending more. This is because the money is easily tracked and I can see just how much I’m spending in real time. When we swipe our cards for everything, we don’t notice how much money is actually being taken out of our checking accounts. So instead, try taking out the necessary amount of cash that you’ll need for the week. This way, you avoid overspending and keep yourself in check with impulse buys and spontaneous night outs.
 

Live Below Your Means

Ah man, this is a big one because with Instagram everyone has to have the most expensive (insert whatever here). Please, don’t let the hype of impressing people cause you to go into debt. This is a time where we need to learn how to live below our means. . . why? Most of us are in our twenties therefore, we’re still climbing the ladder within our jobs/careers. Which means, we haven’t reached our highest potential of earning yet! Every new job or career change, should essentially come with a monetary promotion. Once we get that pay raise, it should be no problem to store it away and continue to live like we never received it.
 

I hope these tips help you to reach your goals with saving and becoming closer to financial freedom! Saving is a discipline that we all need to establish as a habit in our twenties. Once we continue to get older, our bills can begin to get larger so we need to know how to successfully save for the future! What’s some of your saving habits/tips? Please let me know in the comments and don’t forget to subscribe!

Until next time ASSASSINS. . . Stay Disciplined!

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