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Money Saving Tips for Millennials

Posted in News By Rentickle Admin

When it comes to money saving advice, you hear a lot – stop buying coffee and alcohol every day, opt for renting home furniture, let the car roll on Neutral when going downhill, and bring homemade food to your work; our question is, will all this really help create a corpus for the future?

Millennials are always being told that wages are stagnant, jobs aren’t enough, and the future is going to be a horrible place to live in. However, one cannot go through life blaming these ‘macro’ factors for their personal situations. All of those are not in your control. What is in your control are the following ways in which you can genuinely save some money:

Skip the starter house

A lot of people start their settling down process by investing in a small ‘starter’ house that they plan to upgrade later. Why though? Buying a house is a major commitment and needs a lot of work (and money). Apart from the fact that it seems like the logical next step, there is no reason to rush the process. There is nothing wrong with renting till you are ready financially, to buy an already upgraded home! And while you’re at it, you should also definitely consider renting home furniture as well. It offers a lot of benefits as compared to blowing a wad of cash on buying furniture and then being laden with it every time you move.

Live Like a College Student

College was the best time and almost everyone was broke throughout. Still, you managed to party and have fun in the limited means you had. Now, just because you’re working and have some extra cash, doesn’t mean you have to blow it all up. For a few years, especially in the beginning, live like a college student, even after you’ve left college. This will help you gain a head start in your financial situation, save you from crippling credit card bills, and let you have fun without having to spend a fortune.

Automation

Technology has progressed leaps and bounds, and it is time that we utilized it for something other than cat videos. Automate all your EMI, credit card, and utility bill payments. When you pay for everything manually, it tends to wear you down, and forgetting to pay is not a rare occurrence either. And while you’re automating stuff, why not automate your savings as well? Then is when you can spend what is left without many worries. This practice also helps in avoiding overdrafts and late fees. Remember to always spend what is left after saving instead of saving what is left after spending.

Go On a Cash Diet

Pick a month and go on a cash diet, which will be like a juice cleanse for your savings. Take your income and subtract the unavoidable expenses like debts, EMIs, savings, etc. Then, take the remaining amount and divide it by four. You have your budget for one week. Take out the cash from an ATM and limit your spending to that cash. In case you use your card to buy something online, take that much money out from your weekly cash and keep it for next week. This can be quite helpful in getting your savings and finances back on track and in helping you curb unnecessary cravings.

The most important thing to remember is that no two people are the same and no two people have the same situations. You will need to figure out what works for you and what doesn’t. You’re young and want to have fun, and you should! However, it is just as important to develop some good financial practices as well, like the aforementioned cash diet and renting home furniture instead of buying and the ‘future you’ will definitely be very thankful!

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