Millennials think about many things differently from the older generations. They are hesitant to leave home, they prefer to delay marriage, and they are particular about where they work.
As a result, they may find themselves, home, with little responsibility and little income. If this sounds familiar, then this post can help!
Here are 10 tips to help you stretch that dollar, and maybe even make a few on your own terms.
1) Freelance or Take Side Gigs
Full-time work isn’t your only option for making money. Whether you already have a full-time gig or are looking for work, a freelance gig or side project can help you pull in some much-needed extra cash. And if you’re job hunting, you never know when a freelance project can turn into a full-time thing.
2) Use Financial Apps
Balancing your checkbook is so 1992. Keep on top of your finances by using apps like Mint to track your spending, save money, and ensure you’re not making any big financial mistakes. All that takeout might seem totally reasonable—until you realize it’s costing you hundreds of dollars a month.
3) Find a Bank You Love
Once you start making a steady income and making big financial decisions, you realize just how important it is to have a bank that you love. Find a bank that offers perks like free checking, low or no ATM fees, and a decent interest rate on your savings account.
4) Automate your Savings
Saving money is important! It might be tough to see that at age 25, but if you aren’t saving now, you’ll regret it in a decade—trust us! The easiest way to save money is to have it automatically transferred to a savings or retirement account (yes, it’s time to start thinking about retirement!).
Even if you can only afford to put away $50 every two weeks, in a year you’ll have $1200. That’s a deposit on an apartment that you don’t have to borrow from mom and dad.
5) Be Smart About Transportation
For a while there, experts seemed to think that millennials didn’t want to buy cars—but recent findings suggest that millennials are slowly coming around to the idea of buying cars. If you do buy a car, consider getting last year’s model to get a better deal with roughly the same perks you’d get from buying a new car (dealership warrantee, the latest technological and safety features). Can’t afford a car? Get a bike or ride the bus. Even if you own a car, you can save gas (and maybe a bit of money on your car insurance) by taking public transportation to work.
6) Bundle Your Insurance
Many insurance companies will offer you discounts if you get multiple policies through them. So see if you can get your renters and car insurance through the same companies to save a bit of cash.
7) Coupons, Deal Sites, and Sales
Coupons aren’t just for your grandma. Be a smarter shopper by looking for deals on everyday items like food and toiletries. And when you go shopping for new duds, hit the sale racks first—you never know what you might find. Also, join loyalty programs at grocery stores, department stores, and gas stations so you can ear points and save on future purchases.
8) Stop Eating Out
That $3 piece of pizza won’t break the bank, right? And heavens knows a long lunch at a café is the perfect way to break up the workday. If this sounds like you, consider rethinking your stance on going out to eat. Packing a lunch or carrying snacks takes foresight, but you almost always end up eating healthier.
9) Borrow or Rent
Just because you have a lawn that needs mowed, that doesn’t mean you have to go out and buy a lawn mower. In fact, that goes for any high-ticket item that you feel like you need to buy. If it makes sense, see if you can borrow or rent items like these.
10) Find a Financial Planner
You might be thinking, “Why do I need a financial planner if I don’t have any money?” Well, that’s exactly why you need a financial planner. While retirement and even homeownership might be decades away, a visit with a financial planner can help you build good financial habits and set yourself up for success down the road.
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