So here are some tips for Millennials to save money.
- Set an automate deposit on the same date as your paycheck that transfers 10% of your paycheck into your savings account.
Most people can’t fathom doing this. They say, “I can barely pay my bills as it is!” Ok, that’s not a valid excuse, and worse, it’s one that will keep you trapped forever. If all of sudden your job really did pay you 10% less, you would have to figure something else out. You would pick up a side hustle. So impose that 10% tax on yourself and let your savings start accumulating. Trust me, whatever you were going to spend it on right now, you won’t remember a year from now.
You have to learn to draw up a budget each month and then stick to it. That’s the best way to avoid stressful situations halfway through the month. There’s no point in looking fabulous in your new shoes if you don’t have petrol money to get to work.
- Turn off your lights. Seriously.
One of the easiest ways to save money is on your utility bills. You’ll be amazed at what it difference it makes to your bank account when you start slowing down on the unnecessary light and heat. Utilities–electricity, gas, Internet, etc.–all add up fast. One of the worst habits you can have is to leave the heat on all day when you’re gone, or never turning off your lights. Use Electric Rate
- Monthly budget because every month is different.
If you are consciously writing down your budget for every month you will consider that month’s events. If it’s a friend’s birthday or weekend away you will be able to adjust your budget to make it last longer. Cause let’s be honest – every month spending is different.
Mint is a great way to continue your money management. You can connect your bank accounts and credit cards and it will organize your spending based on categories you select. At the end of each month, you’ll get a pretty good sense of where your money is going.
- Make your lunch.
I rarely obey this tip because I’m such a foodie and love eating out and trying new places but honestly, last month I slowed down on the eating out and all the coffees and it made a world of a difference. It also makes eating out on the weekend a real treat and not something you just do during the week. It’s amazing how much you can save in this arena.
A few months ago my boyfriend and I joined a group Netflix account and has saved us a couple of Rands/Pounds here and there. I also stream DSTV off his brothers’ account, which means I save a couple hundred Rand. So, for some advice, go to Netflix with a couple of friends and save easy money.
- Stop the credit card debt.
This is more of a best practice, but it’s also a Cardinal rule–right up there with putting 10% of your paycheck directly into your savings account. Don’t, ever, for any reason, accumulate unnecessary credit card debt. I’m talking about the kind that comes with online shopping, or extravagant vacations, or “keeping up with the Joneses.” It’s not worth it and it becomes such a burden as the interest increases. So if you’re in debt get it paid off and never look back.