Sometimes saving money can be a lot easier said than done.
Millennials might even feel like all of their money is just going to paying the bills and paying off their student loans.
If you are a millennial and looking to save money, here are 10 tips for saving money as a millennial.
Tip 1: Little by little a little becomes a lot
When it comes to saving money, it can be really discouraging to feel like you can only save a few pounds each month.
Saving something right now is better than saving nothing and hoping you have more in the future.
If you can only save £5 a month, that’s still £60 a year!
Tip 2: Set up multiple savings accounts
If you are planning holidays, saving up for Christmas, or any other savings goal, it’s important to have multiple savings accounts for them.
This will not only keep things organized but make sure you don’t lose track of how much you’re saving.
Tip 3: Do a spending freeze
Every month, challenge yourself to go one week without spending a single penny!
Get creative and host friends at home, and eat only using the food you have on hand.
Put any money you would have spent to one of your savings accounts.
Tip 4: Learn to cook
Cooking is not only a useful skill to know, but can help save you money!
Knowing how to follow a recipe and make great meals at home will help you save money on eating out, and keep you from wasting money on convenience meals.
Tip 5: You don’t need Netflix
I know this sounds crazy, but trust me!
There is a whole world of books, board games, and other ways to entertain yourself!
Go outside and go for a walk, hang out with friends, or find some other way to use that £7+ each month!
Tip 6: Learn to negotiate
Your bills are not always set in stone.
Learn to call up your bill providers and negotiate your rates.
You might just save a few hundred dollars off your bills.
Tip 7: Get savvy at the supermarket
Look at the weekly adverts before you even walk into the superstore.
Look through for the best deals and take advantage of those deals while you’re shopping.
But don’t go buying things you won’t use!
Tip 8: Start aggressively paying off your debt
Those debts only get more expensive over time.
Instead of letting them pile up, make a plan and start getting serious about paying off your debt.
That money you would have spent on them, you can now use to save.
Tip 9: Buy used first
Whenever you need a new appliance, clothes, or even a phone, check the used market before you buy new.
Many items can still be bought at the same quality but for a fraction of the price!
Tip 10: You don’t need as many subscriptions as you think
If you’re paying for subscriptions, there’s a good chance that most of them are going to waste!
Rethink some of your subscriptions and memberships and evaluate whether they are really worth the cost.
You don’t have to have your life together to start saving money!
The savings you put away now can help you out down the road when you need it.