9 Realistic Ways That Millennials Can Save Money

Millennials are constantly trying to figure out ways to save money. But saving money is not an easy task.

With rent, utilities, groceries along with other bills etc you have to really prioritize saving if you actually want to become successful at it.

Also, in this generation more millennials have gone to college than before. As of 2020 the debt among millennials from attending colleges and universities is higher than it has ever been.

With so many millennials having debt they tend to live very frugally and not reward themselves as much as they would like to.

1. Millennials Can Reward Themselves With An Allowance

Yes, you obviously want to save your money. The goal is to always save more than you spend.

But you can award yourself with an allowance of some sort though.

Having that base allowance helps you determine how much money you can splurge with until the next pay day.

For example, say that you’re a millennial making $600 every week. When you get paid you should give yourself an $100 a week allowance.

$100 is enough to where you’re not pinching every penny that comes out of your pocket.

You can still enjoy the occasional Starbucks coffee once or twice a week in the morning before work.

Besides, by giving yourself an allowance you’re learning how to budget your money.

Most millennials are currently renting to budget and save money. By budgeting and renting, this helps millennials to be able to save for a home in the future whenever they are ready to settle down.

2. Millennial House Buying Tip: Save Up For It

If you’re a millennial currently looking to buy a home just know that buying a home is a big commitment.

Remember, when buying your first home don’t rush into it. It might seem like the most logical step into adulthood, but that new home can wait until you save enough for an affordable down payment.

Buying a house is a great long term investment if you have the right finances and resources. By waiting a few more years, you can save even more for that all- important down payment.

Renting might not be what you’ll want to do forever, but for now it’s a short term sacrifice for a long term goal.

Every action that you take with your finances has to be short and calculated. Especially when it comes to the daily small activities in your life that you enjoy.

3. Look After The Small Expenses

Do you keep your lights on inside your home before you leave for work? Or do you have premium cable instead of regular?

Stop doing those little things if you want to achieve your goal of saving money. Pay attention to the small expenses that eat into your ability to add to your savings.

4. Millennial Commitment

Do you have a monthly premium Netflix or Hulu subscription? It’s time for you to give it a break if you’re serious about being a millennial who is saving money.

Instead of paying for the premium subscription, you could downgrade to the regular.

Also, do you eat out three to four times a week? If so, how much is it costing you? Everyone has a different schedule, but eating out a lot adds up very quickly.

The best solution for that problem is to make your own meals. Meal prep on a Saturday or Sunday for your upcoming week.

Meal prepping will save you a lot of money and time instead of making a impulsive food decision.

5. Millennial Money Saver: Downgrade Your Housing To Upgrade Your Lifestyle

Moving back in with your parents might not be your first choice, but making that transition back into there house can save you a lot of money.

But if that’s not possible, then the next best option is to find roommates. Having a roommate is a great situation for a millennial looking to save money.

Even though you’re still paying for rent, utilities etc all of that will be split between you and your roommates.

6. Millennial Debt Reduction Strategy: A Timeline For Paying It Off

A great way to gain momentum is to start by paying off your debt from the smallest to the largest.

By paying off from the smallest to the largest you will start to see quick wins. Those wins will help you stay focused on your goal by having your debt reduced.

Have you ever thought about getting a second job to help reduce your debt?

7. By Having A Part-Time Job Millennials Can Chip Away At Their Debt

Having a part-time job could definitely help you out financially.

Not suggesting that you should slave yourself by working 35 plus hours at your part-time job.

But working an extra 15 to 35 hours will give you the extra income that you could use to save or even invest with.

Make sure that you find a part-time job that works comfortably around your full time employment.

Try having a goal of working your part-time job for 4 to 6 months. It’s a short term sacrifice that will pay off.

By just saving $150 a week from your part-time job that comes to $450 a month.

If you save $450 a month for one year that comes out to $5,400.

That’s an extra $5,400 that could get you close to paying off your debts.

8. Applying The 30 Day Rule In Your Life As A Millennial Is A Great Strategy

Have you ever been just plain bored and gone shopping? No real reason, just wanted to.

Don’t worry it’s okay. Everyone gets the impulsive bug to buy every once in awhile.

Remember, you have control over your finances. Not the other way around.

If you see a item that you want, stop, take a deep breath and ask yourself “will I need/want this item in 30 days”?” If the answer is no then put the item back immediately.

By applying this strategy into your life it’ll help you gain even more control and power over your finances.

By having more control over your finances, it’ll be a lot easier for you to save money instead of being tempted to spend it.

9. From Paycheck To Savings: The Easier Way To Save Money

Saving is a great option for any millennial who wants to put money away without worrying about it.

You can start with any amount you feel comfortable with. $100, $75, or even $50 a paycheck is good.

Challenge yourself to see how much money you can save at the end of the year by following this method.

To Sum It Up: Saving Money Might Seem Like A Challenge But It’s Worth The Challenge

Many millennials know the importance of saving money. While for many people saving money might seem like a very hard task but it’s not.

It takes patience, but most importantly, it takes self discipline.

If you can stick to a system and remain patient then you’ll see your savings account go up slowly but surely.

As a millennial in 2021, you need money. Maybe even more than any other generation.

Just make sure that you’re making smart financial decisions daily. It’s not about how much money that you make, but how much you save.