Tipid Tips for Millennials

Millennials often get a bad rep for their spending habits, and they’re stereotyped for being unable to save enough for retirement, but this isn’t entirely true. Many young professionals can boast of having a decent amount of savings. Nevertheless, if you’re one of those who find it hard to consistently save money, here are tips to get you started on your journey to financial security.

1. Bring packed lunch and snacks to work

For many young people, food is probably one of the biggest daily expenses. So instead of eating out for lunch every day, prepare your own food and bring some snacks, too. This allows you to better control your food expenses and eat healthier meals.

Whole foods are definitely better options than fast food, and they’re cheaper as well. If you don’t have time during weekdays to prepare food, you can cook a huge batch during weekends and keep them in the freezer to last the entire week. Every day, you can simply grab a meal from your fridge and heat it up for your lunch.

Finally, make sure you allow yourself some food indulgences once in a while. For instance, treat yourself to milk tea or restaurant food during paydays. The important thing is to keep your food expenses in check without making yourself feel completely deprived.

2. Carpool with your family or friends

You might want to consider carpooling with a family member or friends who live and/or work nearby or are going the same direction. This way, you won’t have to rely on pricey Grab rides that could easily put a dent on your budget. Carpooling can also help improve your city’s traffic situation and create a significant impact on the environment as it lessens your carbon footprint. Not to mention, they can be fun!

3. Use technology to your advantage

A number of online grocery stores have launched in the last couple of years. Honestbee, MetroMart, and WalterMart are just some of your options. By doing your grocery shopping on these apps, you can avoid being distracted by miscellaneous items that you normally see in supermarkets. This means you could stick to buying only the essentials and refrain from overspending. Online grocery apps also offer discounts and free delivery promos from time to time, so that might be something you would want to take advantage of. By doing your groceries online, you can save time and gas, and avoid traffic, too!

4. Opt to stay in

Hold your parties or get-togethers at home if you can. Instead of spending on drinks at bar prices, you can ask everyone to pitch in by way of food, alcohol, or a fair amount. You can still have as much fun as when you’re in a bar. Organize a movie night, play board games, or simply share stories and catch up with one another. Opting to stay in allows you to be in a relaxed environment while saving on expenses. Your friends and family should appreciate that, too!

5. SAVE, SAVE, SAVE

Of course, cutting costs won’t do much if you don’t set aside a fraction of your income as savings. Ideally, you should be saving at least 20% of your monthly salary. However, you can also start at any amount — for instance, 5% of your salary — and gradually work your way up. The important thing is for you to actually save money every month. And don’t make a bad habit of checking your savings too often and thinking it’s not enough. It’s not the amount that truly matters, it’s the discipline. Someday, you’ll be making more money, and without the discipline, you’ll be in trouble!

6. Open a savings account

Keep your account for paying bills and other transactions separate. If you have a different account for your savings, you can track your money more easily. Think of it as sorting files in folders on your computer.

You can also prevent instances wherein you accidentally spend a part of your savings to pay for certain expenses. We are all guilty of impulse buying! You might even be interested in not having an ATM for your savings account so that you won’t get tempted to use the money in it. Whatever it takes, right?

7. Keep yourself accountable

Download a budgeting app or log your expenses in a journal. This allows you to see how much you’re spending on what. When you have a clear idea of where your money is going, you can determine a smarter way to split your budget. Set some goals and hold yourself accountable. If you fail to save for a month, make sure that it won’t happen again. You can also try to double your savings next time so that you can make up for the month you missed.

Saving up isn’t easy for everyone, but these simple tips can help if you need a boost. Here’s to a thrifty journey to financial freedom!