Tips to Help Millennials Save Money
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Tips to Help Millennials Save Money

Posted on Thursday, January 21st, 2016 at 6:35 pm
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save moneyA report led by iQuantifi found that Millennials have financial goals that include increasing their savings and paying down their debt. These are admirable goals that are not typically easy to accomplish. What worked for the Baby Boomers when they were young might not apply to today’s world. Here are some tips that will help Millennials to save money.

Use Coupon Apps
You can find plenty of coupons in the inserts of the Sunday papers. However, coupons are going mobile now. This is great for Millennials that tend to prefer digital media to paper. Stores like Starbucks and Target each have apps that offer special savings, deals, and coupons (or that function like coupons).

Get the Loyalty Card
You can sign up for the loyalty card of your favorite grocery store for free. Doing so gives you access to a bunch of digital coupons that can be loaded onto the card. Pick the coupons you want from the store’s website. Those coupons will automatically be used when you are at the register.

In addition, the loyalty card from your favorite grocery store will make you eligible for a bunch of special deals that are attached to products from all over the store. Since you cannot realistically choose to stop buying food, you might as well use tools that let you buy food for less than full price.

Choose a Designated Driver
Going out for the night with your friends? Choose a reliable and trusted person who is willing and able to be the designated driver for the night. That person will make sure everyone gets home safely. Everyone in the group can buy the designated driver a soda – and it will end up costing less than a cab ride home.

Consider Staying In
Going shopping, dining at restaurants, and hitting the bars with friends can be fun. Unfortunately, it can also be expensive. One way to save money is to consider staying home instead of going out. Watch a movie on Netflix. Play some video games with online friends.

Pay Yourself First
This tip is for Millennials who have an employment situation that enables them to pay at least a minimum amount on all of their bills – and to have some “fun money” leftover. When your paycheck arrives, make sure to pay yourself first. Put some money into a savings account. Next, pay off your monthly bills. This technique forces you to start saving for emergencies.

Plan a Budget
Have you ever gotten to the end of the month and wondered where your money went? A budget can help with that. It forces you to be very aware of what you spend your money on.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.