As a millennial, it can be tough to save money. The cost of living is currently at a near-record high, and the temptation to rely on credit can leave you in further financial difficulties.
It can feel like an impossible task to maintain financial independence, but there are ways to make it easier. Here, you’ll discover some of the best ways you can save money as a millennial in today’s challenging economic times.
Ditch one of your bad habits
A great way to start making savings, is to ditch one of your bad habits. Recent research conducted by Barclay’s, shows that on average millennials spend around £441 a year on coffee and other daily treats. So, if you are a coffee lover for example, you can switch from
buying takeaway coffees to making your own at home. It’s a very simple change which can help you to save a surprising amount of money.
Once you’ve combatted one bad habit, you can work on eliminating others too for even further savings.
Create a plan and actually stick to it
It’s no secret that one of the best ways to save money is to not only have a savings account, but also a plan of action for actually putting money in it. This could mean something as simple as depositing $50 from your paycheck every week. If you generally receive a tax refund, then you could deposit all or a portion of it into your savings. There are plenty of tax tools available online that can help you determine your tax refund eligibility. Consider switching insurance providers if you find one that offers a cheaper monthly rate. However, instead of merely paying less, deposit the difference into your savings. There are plenty of ways to boost your savings, you just have to have the proper planning, motivation, and discipline to keep you on track.
Cut back those utility bills
Utility bills are one of the major expenses a lot of people struggle with. However, there are some great ways you can make savings on your bills. Investing in curtains and blinds can help seal the heat indoors during colder weather, while a smart meter can help you keep track of how much energy you’re using. It’s worth noting here that before you do opt to have a smart meter installed, you’ll want to compare different
suppliers to ensure you’re with the cheapest one. Once you have a meter installed, it’s difficult to switch providers.
Switch to discount shopping
There are lots of ways you can cut back on your shopping and searching for discounts is one of the best. Take grocery shopping for example. Supermarkets constantly have offers available and they change regularly. You’ll also find different stores have different offers. So, you could potentially get all of your weekly shopping to coincide with the latest offers available.
Avoid eating out
Eating out is one of the major expenses you’ll face. After you’ve been working hard all day, the last thing you feel like doing is cooking. So, it’s tempting to either eat out, or order a takeaway. The trouble is, this works out far more expensive than cooking from scratch. So, if
you really want to save money, it’s worth cutting down the number of times you eat out in a month. As you can see, there are lots of great ways to save money as a millennial. The above is some of the best things you can try. Even if you follow just one tip, it’s going to help you to save a lot of money each year.