Money Tips for Gen Z

Unfortunately, Gen Z is not favoured in today’s economy. With the fast rise of the cost of living and salaries remaining the same, it is not easy to stay on top of things. But it is possible to educate yourself and learn to make smart financial decisions.

Making Money

First, you need income. Depending on your situation, the type of job you can get may vary. If you are at school (high school, college or university) I recommend a part-time job of no more than 15 hours per week if you go to school full time. However, if you are older or your school schedule does not take up your time every day of the week form 8a.m. to 4p.m. you can probably work anywhere between 15 and 35 hours, as long as it is not harmful to your studies (because in most cases, your success at school can determine your career and your salary for the rest of your life.

A part-time job is great, but also having other side hustles is even better. Thanks to the magic of the internet, there are a bunch of ways you can make money from home and in your spare time. I recommend everyone to set up an account for some kind of online marketplace. I really like poshmark, vinted and Facebook marketplace, with them you can sell lots of things you no longer need like books, clothes or furniture. It is a good way to declutter and getting money out of things you don’t need.

There are also websites or apps on which you can complete tasks and get paid for your time and effort like answering surveys, testing websites and more. Most of them will pay through PayPal or electronic gift card, so I do recommend you create a PayPal account to receive those payments.

Saving Money

Making money is great but saving it to spend towards a goal is even better. First, you should open a high-yield savings account with your bank. If you are still a student, you probably have a financial adviser assigned to you for free and they can help you choose the best type of account for your needs. If you don’t have a financial adviser to guide you: just remember that the higher the interest rate (of your savings account), the more money you make.

Once open, you need to regularly put money in that bank account. You have two options: the first and most simple is to program recurring money transfers to your savings account. Most banks allow you to set an amount and frequency at which you save money. For example, 40$ every single week or 200$ every month: your choice! The other option is to manually transfer an amount of your choice every pay period. The goal is to keep enough money in your checking account for your day-to-day spending and transfer the rest to your savings. It is even better if you kind of play a game of saving more and more every pay period.

Make the Most of Your Money

It is inevitable, we can’t save every dollar. We have to spend money every month. Fortunately, it is possible to make the most of it. I changed both my credit and debit cards to cashback. Meaning that for every dollar I spend, I get one cent back (or for every 100$, I get 1$). If you are not ready to get a credit card, you should not, but there are plenty of prepaid credit cards option out there, so you should check them out.

Other cashback options require a little more work: like Rakuten for online purchases where you have to go through them to make the purchase, as well as apps that pay you to scan your paper receipts. However, even if they are a little more complicated, they are “stackable” meaning that you can pay for your groceries with that cashback prepaid card AND scan the receipt and get even more money back.

Last but not least, is simply coupons and coupon codes. Whenever you have the occasion, look on the internet for that discount code or sign up for the newsletter to get that 10% off. You should always take advantage of those offers to make sure that you are making the most out of that hard-earned dollar.

*This article should not be mistaken for professional financial advice.