With prices constantly increasing and global markets being in a shaky position, the young are slowly realizing they need to save up sooner than expected.
Millennials, who are the youngest in the job market today, are forced to re-think their finances from the get-go. Saving money, however, is easier said than done, especially when earning a starting salary.
Here are five tips for the millennials who wish to kickstart their money-saving habit.
1. Ignorance is not a bliss. When it comes to finances, you need to know what you’re working with. So, if you feel money seems to be disappearing somehow, make sure you start keeping track of it. Use a paper, a spreadsheet, or an application; basically whatever helps you pinpoint how your money is being spent.
2. We all need teamwork. When you start going to the gym, having a friend around always makes it easier. It’s the same thing for any habit, even saving money. So try having your friends engaged in the new habit. Instead of having that fear of missing out on the weekly planned outings, try to meet up at a friend’s house instead. That way, you’d be saving money, having fun, and supporting each other in the bigger money saving cause!
3. Save money where you can’t see it. If you’re on a diet, you won’t keep all the junk food around the house would you? Why should it be different with money? When trying to save up, make sure your money won’t be placed under the cushion in the living room for you to dip into at anytime. Instead, invest in mutual funds, treasury bills, or any other investment that fits your saving goals.
4. Set small goals. Human beings need goals to keep them going, so try to set small attainable weekly or even monthly goals. For example, set a goal that you would save $100 every month. Seeing the results will encourage you to save even further and it will get easier with time.
5. Keep investing in yourself. The more you grow and develop, the more chances you have of increasing your streams of income. Investing in personal development can help you grow in your job or even start your own personal business. The point is, the more you learn, the better are your chances of gaining and saving money.
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