5 Ways to save money like Millennials
According to CNBC, millennials are saving more of their paycheck compared to those over 30 years old. The key is to start saving early and establish a good habit. As pointed out in the CNBC article “If millennials can save money, you can, too,” by Landon Dowdy, paying yourself first is a good place to start.
Here are 5 ways to save money like Millennials and pay yourself first:
- Set up a direct deposit that puts a portion of your paycheck to a savings account before you spend any of it.
- Download money saving apps such as Goodbudget, Wally or Mint that can be used to track your spending and set up budgets.
- Try to save 18% of your income for retirement.
- Use low cost online brokerages and invest in the long term.
- Keep track of where your money is going by using personal finance apps to increase your saving habits and secure a strong financial future.