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A Money-Saving Guide for the Millennials

13 November 2019 No Comment

The millennials are certainly an interesting generation- there is no denying that. Although, whether they have got their spending priorities wrong or not is debatable, as they tend to favor experiences over material goods and services, one thing is for sure that they aren’t short-sighted or incompetent. They know what they are doing, and they are always open to growing their knowledge and take steps towards self-development.

The way millennials earn money and spend money is quite different from other generations. This is because many of them choose unconventional means of living- influencers, bloggers, freelancers, etc. They also use modern payment methods- mobile wallets, coupons, etc. So, naturally, the way they can save money is also different. The following are a few tips on that:

Use Expense Tracker Apps

Since the millennials usually lean towards cashless payment methods, it’s easier for them to track their expenses. There are dedicated apps for that, like Wally. It’s one of the best expense tracker apps that can provide you insights into your spending behavior and also give suggestions to make you more financially astute. It’s easy to use, has social features, and even protects your data from hackers with its advanced security measures.

Compare Before You Spend

The Internet allows you to find information about any product or service in a few clicks. Use this to your advantage before you spend money on anything. For instance, when you need a new pair of shoes, then you can turn to ecommerce websites like Amazon.com or Ebay.com to pick a product. Once you do, then you can compare the prices on comparison websites like pricegrabber.com and buy from that online store that offers the best deal. In the same way, you can compare home insurance, auto insurance, etc. to find the best prices. You will be surprised to see the difference in the costs and the features!

Learn Your Taxes

As a responsible millennial, it’s your responsibility to file your income tax on time. However, there are ways to save on your taxes too! For instance, you can check if quality for earned income tax credit, especially if your annual income is below $50,000. You can also check your medical bills and expenses to see if there are any items that qualify for tax benefits viz. acupuncture, wheelchair, eyeglasses, etc. Since the actual tax implications vary from one individual to another, you can find the best benefits for your profile by doing some research on your part.

Find Ways to Limit Your Spending

A lot of money can be saved by finding and removing unnecessary expenses. For instance, you can cancel subscriptions or memberships that you don’t really use. In the same way, if you shop frequently from a particular store, then you can get a dedicated credit card or rewards card for that- Walmart is offering one with Capital One.

There are ways to save money with creative thinking too. For instance, if you are looking to expand your home, then one of the ways to save money is to convert the garage or basement into fresh space, or add a new steel building.

Start a Side Gig

Let’s face it, there is only so much you can do to cover your expenses and also save some money before the month is over. If you really want to increase your savings, then you absolutely need a side project, i.e. a side job. The good news is that there are all kinds of things you can do to earn a quick buck. For instance, you can start buying used goods and flipping them for profit. These include expensive college books, laptops and smartphones, and even antique items. You can also learn a skill like programming, web designing, copywriting, etc. and create a portfolio online to attract clients, and hence paying projects.

If you want to generate passive income and have time, then you can launch a blog, or write a book, or launch a simple but fun mobile game. Any of these can work if your product is good.

Saving Money is Easy

If you are having a hard time keeping up with your bills and credit card payments, then you can take comfort in the fact that you aren’t the only one. Millions of people around the world struggle with their finances. However, with patience and determination to make a change, you can start saving money and become better with your expenditure. Of course, the tips shared in this blog can be of huge help. So, get to saving, and good luck!

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