An article from Young Adult Money says “57% of millennial employees are stressed about their finances, with 48% saying financial matters is the top cause of stress”; also, “45% are using credit cards to pay for monthly necessities because they can’t afford them otherwise” which may really say a lot about most millennials’ personal financial priorities.
On the other hand, there are also millennials who proved to begin actively looking for investments and it’s most likely real estate. As i-millennial.com said, “In 2016, about 40% of real estate sales were contributed by millennials aged between 27 and 35.”
Whatever the reason for the aforementioned being stressed with finances is, it’s not late for the yuppies to start saving up while still enjoying that time of their lives most especially if they plan on being a condo owner anytime soon. Here are 5 creative and simple ways to save money that if put into habits will really benefit in the long run.
Remember that planner you got when you went crazy about collecting coffee shop stickers last Christmas? The year’s already in half, but dust off that planner as it will still be useful not only for making plans but also for keeping track of your budget daily or weekly as well as your expenses.
Most financial experts would really suggest this as it will make a big difference in your spending habits. A blog called Everything Finance says that “it combats mindless spending”, “tracking your spendings puts your expenses in black and white” and that “knowing is half the battle”.
Window shopping may be therapeutic, but also becomes a great distraction for saving up money because you tend to plan on buying things you actually won’t need. Groceries are a must but go to the store with a list only with the items you need. Instead of buying and using paper towels, have a real towel. If there is really a need to buy stuff, buy strategically. Idealme.com suggests buying stuff in season. “This takes preparation and foresight but can help yield some great savings”.
You’ll most likely agree that you spend more on weekends than on weekdays which leads to being broke on days before the next payday. If that makes sense to you, practice on no-spend weekends. Declutter your space and sell it online, read a book, watch free movies online, sort and organizer your laptop files, or call your friends for a group workout are some activities to do than spending time in places that will make you bring out cash or swipe your cards.
There are many generic items and/or not-so-famous brands you don’t notice at first have the same effects as it contains the same ingredients. Examples of these are lotions, cleaning agents, and makeup products as well. Local (and also eco-friendly) underrated brands nowadays exists that makes bags and shoes for affordable prices but looks classic, neat and do not compromise good quality.
Your daily expenses come mostly from food and in real life, your “tipid” meals from fast food restaurant don’t really make you save money when it’s frequent, but actually get the most part of your budget. Though they say you shouldn’t deprive yourself of all these good food, packing your own lunch sounds good as well! Stay within your budget by cooking your own food. This way, you save more or spend it somewhere else important.
These are just a few to begin. First and foremost, it starts with the willingness to save and the rest will eventually follow. Also, setting a goal that drives you to save like buying your own condo will help you lessen your expenses.