Money-Saving Tips for Millennials
If you think us millennials are terrible with money-saving, please think again. According to a survey from Bankrate.com, “38% of millennial adults (18–29) reported saving 6% to 10% of their income. Of those aged 30 to 49, just 33% reported saving as much, with the total moving down to 28% for those aged 50 to 64.” Now isn’t that refreshing?
Experts agree that saving 15% or more of your income is ideal, and saving as little as 6% is a positive step. But what if you can’t afford to save even that much? Don’t worry fellow millennials! We’ve got you covered with these easy money-saving tips for any salary level.
- Use Tech Tools — These apps can help you save and even invest your money automatically.
- Acorns (US only) — On purchases made through a linked checking account, Acorns rounds the purchase up to the nearest dollar and automatically invests the change into a diversified portfolio you can customize.
- Digit (US only) — Through a linked checking account, Digit analyzes your income and spending and finds small amounts of money it can set aside for you in a special savings account.
- Read eBooks — There are plenty of options for cheap e-readers. You can even install free apps on your phone. Project Gutenberg is a great resource for all the classics and you can even rent or borrow e-books from your local library.
- Listen to Podcasts — Podcasts are having their moment. The quality is only increasing and most of the best podcasts are free. Apple has a slew of podcasts to choose from and Overcast is another popular resource.
This is far from an exhaustive list, but it should help you start healthy financial habits moving forward.