Millennials (someone who was born in the 1980’s and is reaching adulthood in the 21st century) are continually being faced with the fact that their lives are under constant financial pressure. The present state of the economy in the UK is making it difficult for them to live as free of financial fears as their parents, also known as Generation X. With the cost of goods and services on the rise, many millennials are finding it harder than ever before to be able to afford to buy a house or even be able to put money away for emergency situations, with their wages falling short of inflation rates. While there is always the option of taking out a short term loan in times of need, it is not a viable solution for long term money management success. In order to help our millennials with making their money go further, we have come up with the following ideas:
One of the easiest ways to keep track of your in-goings and out-goings is by creating a budget that is realistic and able to be stuck to, no matter what! Whether you do this mentally, in a spreadsheet on your computer or via a dedicated app, make sure that you do so as soon as possible. Facing your financial situation early on means that you will be able to make progress with saving money and making a difference to your overall financial stability far quicker.
Always shop around for the best deals
While some may argue that our technology fuelled world is a hindrance in some ways, it most certainly comes in handy when you are looking for the very best price for something. In order to make sure you are always making the smartest shopping decisions, you should always strive to compare deals and prices to ensure you don’t ever end up paying more than you should. Here are some of the best ways in which you can shop around for the best deals:
- Google voucher codes when shopping online – be it for takeaways, clothing or gifts.
- Sign up to email newsletters from shops and companies that you use often. They could help you save a lot of money by letting you know when they are running a sale or special offer.
- Use price comparison websites when it comes to buying insurance or holidays etc. as you will be able to pick the most affordable provider for you.
Reconsider the way you travel
If you are looking for a way to save money on a day to basis, then something that can help considerably is rethinking the way you travel. Whether it’s getting to and from work, to and from the shops or home after a night out with your friends, there is money to be saved as long as you are committed to making some changes. For example, rather than taking your car somewhere, you could try to take some form of public transport to save on parking or petrol. Or you could get out of the habit of getting a taxi unnecessarily and walking – or at the very least get someone to drive back with you in the taxi so you only pay half of the fare.
Avoid retail therapy and ‘emotional shopping’
While we realise it can be all too appealing to splash your cash after a long, hard day at work, this is a habit that you should seek to get out of as it can cause serious problems in the long term. Instead, you could look towards investing your money in a hobby or pastime that enables you to get rid of your stress or boredom in an alternative way.