5 Money Saving Tips for Millennials
October 4, 2016One of the challenges that millennials deal with is that there’s just too much info out there on any given subject. This is especially true when it comes to finances and budgeting. Many have all the tools for budgeting, and read about money saving tips all the time but just don’t know where to start. Success will therefore depend on knowing how to sort through the tons of information and create practical methods for saving.
Budgeting efficiently also frees up your resources so you can devote them to projects and causes that really matter and make a difference in this world. Here are a few tips to get you started on saving and managing your money more efficiently:
Top Money Saving Tip: Get a Roommate
One way to take a major chunk out of your expenses is to get a roommate. This has the potential for significant monthly savings on rent (usually in the area of around $700/month!). While adding a roommate into the picture can be a big adjustment for some, it can be worth it considering how much you’d be shaving off of your rent. Be sure to factor in your roommate situation when searching for new floor plans.
Master Your Bank App for Your Phone
Depending on your bank, their phone app might allow you to do some really cool stuff. For instance, some apps break down your monthly expenses by category, such as food, entertainment, gas, retail, etc. This allows you to see exactly how much you’re spending in each category and make any necessary adjustments. Some banking apps also allow you to deposit checks simply by uploading a picture of the check.
Oh, and speaking of phone apps, there are some wonderful apps out there that can help you plan and stick to a budget. Explore budgeting and savings apps like Digit or Mint.
Drive Less Often
A huge monthly expense for many people is gas, especially if you’ve got a long commute. A difficult part about gas expenses is that gas prices change frequently, sometimes from day to day. This can make it hard to plan and budget accurately for the long run. You can cut back on gas costs by:
- Taking public transportation
- Riding a bike or walking
- Working from home when possible
- Carpooling
Make Your Own Coffee and Bring Your Own Lunch
If you’re spending $4 or $5 everyday on your cup of joe, that’s costing you close to $2,000 a year! See if you can make your own coffee, either at home or at the office. This will allow you to control your coffee expenditures, as brewing your own is definitely cheaper. Likewise, pack your own lunch when you can. A $10 lunch every day adds up to $50 each work week!
Beware of ‘Lifestyle Creep’
Job changes are super frequent for the average millennial. Some millennials change jobs every year or sooner. These job changes are often associated with hikes in salary, since most people only accept a new job if it pays better.
Enter “lifestyle creep.” This is where a person begins spend a bit more here and there after a pay increase. While increased spending may improve your short-term quality of life, lifestyle creep basically negates any chance you might have at saving in the long run. So, do treat yourself — just be sure you’re not getting swallowed up by lifestyle creep.
We hope these money saving tips will help get you started in the right direction towards managing your resources in the best way possible. Another aspect that can help save money and time is to move into a residence that has lots of time and money-saving amenities, like a built-in fitness studio, or self-storage units for residents.
Are you interested in living in Falls Church, one of northern Virginia’s most exciting communities? Contact us today at West Broad Apartments for more info, or schedule a tour to see the premises for yourself!
