Millennials face a difficult financial landscape. In fact, compared to the landscape that their parents and grandparents faced, Millennials have their work cut out if they are to make it on to the property ladder. But by learning some simple techniques for saving money and reducing their outgoings, even Millennials can end up saving a worthwhile amount of money. Here is how.
Review Your Expenses
The best way of establishing where you will be able to save the most money is to take your most recent expenses and bills and go through them. Make a note of exactly where your money is going and how much of it is going out.
Once you have this information, you might be surprised by the results. If you have any regular outgoings that you don’t recognise, then make sure that you track down exactly what each charge is. If you have any subscriptions or other recurring charges that you’ve forgotten about, you might not need to pay them anymore.
No one likes paying taxes, but they are necessary. You can encourage yourself into better saving habits by opening a savings account with your bank and putting a certain percentage of any money that you receive straight into that account. Once this becomes an automatic habit, you won’t even notice that your expendable income is ever so slightly lower.
Even if you are only taking 10% each time, it will all add up to a reasonable amount of money before long. You may well find that you are able to treat yourself at the end of the year in a way that you wouldn’t be able to if you hadn’t made the extra effort to save.
There are a number of apps available like Moneybox that automatically invest money that you deposit and grow it for you. This kind of automatic investing is safer than trying to invest yourself, especially if you aren’t completely sure what you are doing.
Start a Side Hustle
There are more options open than ever before to entrepreneurial individuals who want to make money. If you don’t need to be pulling in enough money to live off without doing anything else, you have even more options.
Finding yourself a little side hustle to make some supplementary income can make a big difference to your finances. Think about it this way – if you can scrape together enough money to pay your water bill, that’s more of your income that you can keep for yourself.
If you can exercise enough self-control to keep all of the money that you make on the side to spend on your bills and other necessities, it can become a great motivation to keep it going. You might even find that what starts as a little side hustle eventually grows into a full-fledged business, who knows what the future holds?
Repair When You Can
If a household appliance breaks down, don’t just instantly throw it out and buy a new one. Often you can save money, and potentially reset your warranty, by approaching an authorised repair professional. For example, check out the Service Force website to find out more about AEG appliance repairs, as well as other authorised repair services that they offer.
With the right attitude, anyone can begin to save in a meaningful way. Don’t think that just because you are only able to put by a small portion of your income for savings that it isn’t worth it – a small savings fund is better than no savings at all. If you do it right, making the right savings decisions now could have a significant impact on your future.