As a Millennial, you are probably dead tired of hearing how you need to save more money for the future. You are a member of the generation faced with being worse off than your parents, so you might think that you will never be able to own a home let alone move out of your cheap flat or parent’s basement.
It can be a challenge to save money when you are weighed down by student debt and high rent costs, but other millennials seem to be saving. So how do you save money like other millennials? This article will tell you!
Saving vs Social Life
Some millennials think that making smart choices about spending money means that they will have to sacrifice their social life. Thrifty millennials set a budget for themselves and stick to it, meaning that they find ways to hang out with their friends and be social on a budget.
Look for pay-what-you-like gigs at comedy clubs, who often showcase up-and-coming comics in low-cost shows. Apply online for free tickets to a taping of your favourite TV show like Later…With Jools Holland or Have I Got News for You and even University Challenge.
Check out the CityMunch app, available in hundreds of restaurants in London, Bristol, Manchester, and Bath, that offers discounts when demand is low and saves you a bundle on dining out.
Stay on Track
Record your income and expenses every month so you know where your money goes. Set a goal of creating a surplus every month, even if it is small, and put it aside in a savings account.
Eventually, this surplus will grow be put to work in a stocks and shares account or pension fund. By sticking to a budget, millennials can be mindful about choices on how to spend their money.
Look for Deals
After rent, one of the biggest costs for millennials living on their own is energy. In order to save money, thrifty millennials conserve by keeping the heating turned down, taking faster showers, and other energy saving measures.
Making sure their energy costs are at the lowest level they can be by comparing suppliers is another way smart millennials are saving hundreds of pounds.
Even if you have a landlord who has designated the energy supplier to your flat, it does not hurt to compare your gas and electricity and save. This online tool needs only your postcode to be able to find and compare hundreds of energy deals in a matter of seconds, and it is free! You could save as much as £390 per year, so it is worth mentioning to your landlord for that kind of savings.
Search for Discounts
Travel is another big expense that millennials have to deal with, but there are plenty of discounts to be had when you combine rail, tube, and other network discount offers and cards. Other millennials commit to giving up rail travel completely, choosing to walk to work and save the transport fees whilst also gaining fitness.
Bringing your own lunch to work is another way to save, with an estimated £30 per week free to spend on other things. One great tip; the Too Good to Go app, which was developed to save food waste by selling fresh, unsold food at outlets across the country, and will save you a bundle on lunch.
By starting small now, your savings mindset will serve you well as you get older and pay off in many ways. Start studying your income and expenses and set a budget, control your spending and look for discounts and deals, and commit to saving a little every month, setting a goal to reach a certain amount for emergencies.
This is a collaborative post.