5 Money Saving Tips For Millennials

Dated: 09/14/2016

Views: 341

Millennials are largest growing home buying group since the baby boomers.  And, the competition to buy a house if going to be tough.

Get ahead of the competition by saving as much as you possibly can for the down payment on your new home with these tips:

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1.  Budget (know your numbers) - This should be more of a habit then a tip, create a budget and know your numbers. Whether it's an app, a spreadsheet or a notebook, you should know your finances. You should know exactly how much your making, how much your spending and where it's all going.  knowing where your money is going is going to help you keep track of those happy hour drinks with friends or the new clothes or all that take out. Ignoring your finances and be very dangerous. Being aware of your finances can help save you from overspending.

 2. The power of NO - FOMO (Fear Of Missing Out) is a real thing. Don't feel like you always have to say "Yes" to everything.  If you go out often, food and drinks can be a major drain on your finances. It's OK to decline an invitation or maybe suggest a less pricey option of Netflix and Chill. This can do wonders for your budget. You should also understand your emotional pitfalls when it comes to money. Are you an emotional shopper? know and avoid the risk of overspending you might later regret. 

3. Hide your savings -  If you can't see it, you can't spend it. It can be a slippery slope when it comes to dipping into your saving. If you do it once or twice without a seeming consequences it might become a bad habit. When you invest, in lets say a mutual fund, you are not only putting money where you can't touch it now, you are also growing that money. Win - Win!

4. Get organized - With so many monthly bills and clubs, all these things add up fast! Rent, cable, Netflix, internet, electric, phone, car and all necessary. Keeping track of all the due dates can be difficult and costly if you miss a payment.  Miss a payment and the late fee and interest can become outrageous.  You can change a lot of due dates with a simple phone call to sync with your pay day and even set up automatic payment. Saving you in late fees and headaches. 

5. Set Goals - Whether you want to retire early and travel the world, have a large family, have a great home, you need to know what it will all cost you. and, how to save for that goal. Setting small, achievable goals can be a confidence booster and keep you on the right track. When you see that you can save $100 per paycheck in the next 6 months and have a stress free holiday, the rest of your goals won't seem so far fetched!

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Have you though of some unique ways of saving some money? Please share them below!

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