- Personal Finance
3 Ways Millennials Can Save Money
It is really hard to save money. Let's be honest: with living costs rising faster than wages and student loan debt getting worse each year, it might seem impossible to save. It's no joke that the millennial generation is one of the most economically disadvantaged generation in American history.
But one thing you must do is save money. You know all too well from the Great Recession of 2008 that the economy can take a nosedive fast, and it is important to be prepared. Layoffs can happen for many different reasons, and the state of social security for when you retire is looking more and more tenuous. Savings is a cushion against economic problems that come up during your life. Not to mention, it will ensure you retire comfortably.
Here are some ways to save money.
1) Free is king.
You cannot pass up free. Free education, free entertainment, and free wifi are all valuable things to save you money. You can save money by canceling your internet and going to the library to use theirs. On top of that, when you are there, you can check out a book or a movie that will keep you occupied at night, so you won't miss your late night internet lurking sessions.
Youtube is one of the best websites for those looking for free education and entertainment. Aside from hilarious parody music videos, there are also web shows, which are like low-budget short TV shows that are fun to watch. You can also find audiobooks on Youtube as well, and plenty of tutorials. Why pay for a gym membership when you can look up yoga videos online, for instance?
2) Split the Netflix cost.
Why pay for cable when you have Netflix? Hundreds of hours of entertainment at your fingertips, all for less than ten dollars a month. You probably already know that and are already there. But you can make that cost even less if you split the bill with your friends or roommates. You can have up to five individual profiles on any Netflix account, so you can potentially get your monthly bill to less than two dollars. Just make sure to coordinate a little so one person doesn't hog all the Netflix time.
3) Put at least half the money you are saving to student loan payments.
You're probably wondering why I'm telling you to give up half your savings. But putting it into student loans will save you more money in the long run. The interest piles up quick and then gains on yourself. If you only put down the minimum payment every month, you will probably end up paying triple the original loan amount total. Paying more now will save you thousands in the long run.
While your economic future might seem bleak, saving your money will go a long way to protecting you from future losses and helping you live comfortably.