This is the first time when a generation spent more money by the time they were 21 and unable to earn it back due to an oversaturation in the employment market when it came to college graduates. While some people can hustle to stay afloat, others need a little help, so here is some advice from us to you if you’re a millennial who is looking to save money.
Seek Out Pockets of Cash
Similar to hustling for the money, you can usually find pockets of cash tied up in things like life insurance programs or savings bonds that were set up for you when you were younger. Sell your life insurance policy and this will free you from paying premiums. Take some time to review a guide on everything you need to know about life settlement taxation and you may be surprised at the opportunity that was hiding in plain sight all along.
Get a Roommate or Move Back Home
If you live in a city like most millennials, you will either have a shoebox apartment or live in a shared rental agreement. If you are not one of those people and have the place to yourself, then you can easily save money by asking a friend to move in and split the bills. If you have suffered due to a lack of social activity thanks to the pandemic this is a way to instantly change that because it means you have someone other than your cat or houseplant to talk to – two-way communication. Make sure you have a look at your tenancy agreement to check it’s legal to sublet because if you live in a building with nosy neighbors then you could get in trouble real fast. Or move home and work it out with the folks – both are good options.
Choose a Low-Interest Credit Card
When used correctly, credit cards can build credit and grant you a temporary break from being harassed for payment. Make sure to never spend more than you can afford to repay. Spend a little and then repay in full every month so that you prove yourself a useful borrower to the financial institutions. And, by all means, extend the credit allowance but never extend to the line amount without repaying it in full or you will leave yourself climbing through high-interest debt.
Skip the Drive-Thru
This is part of a larger problem when it comes to money-saving, but did you know that the $4 or $5 coffee you purchase could add up to upwards of two thousand per year? Making your coffee at home could boost your savings by a couple of thousand every year. Invest in a reusable insulated cup that will give you that coffee-on-the-go vibe so you’re not missing out. You can even buy coffee from Starbucks; buy an espresso machine and you’ll still be making huge savings. Now copy and paste that across the other areas of your life where you are paying for the convenience not the actual product.