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.

Happy saving!