Saving money does not need to be as difficult as you might think. There are some easy things you can do that will really help. And before you know it, you will have saved up enough to pay for that dream experience you’ve always wanted. There are some really simple things you can do that will mean less money wasted on things you don’t need, leaving more money for that holiday or festival you have always wanted to go on. Here are 10 easy things you can do:
1. Save money on entertainment
Don’t waste money on needless luxuries when you can just get it for free. Cancel the gym membership and go jogging, forget the cinema and use a cheaper streaming service instead like this one. These two changes alone could save you over £100 a month!
2. Don’t buy a car.
Cars come with big monthly payments, plus hidden costs like petrol, tax, and insurance. These extras can add 20% to your annual car bill. Save money as a millennial by being smart and joining a car club or car sharing service. Even better, save money and the environment and rent an electric car.
3. Cook for yourself
Get off those expensive delivery apps. The average Brit spends £80 a month on food deliveries and takeaways! Help the environment and your wallet by cooking at home. There are loads of great apps that will deliver the exact amount of raw ingredients you need to cook the perfect meal. And guess what – no plastic.
4. Stop vaping
To save money as a millennial you can go a long way by quitting some bad habits. Forget vaping. It’s bad for you. And it costs over £200 a year. Plus let’s face it, no one wants to sit next to the vaper at dinner.
5. Set up a savings account
It’s super simple to do online. And to save money as a millennial for years to come be sure to set up a direct debit transferring a small monthly amount from your current account to your savings account. Pick a small number, try £10 a month. Once you get used to it you won’t even notice it leaving your account. You will be surprised how the small amount adds up over time.
6. Motivate yourself with a goal for your savings
Pick a dream and go for it. Research the cost of a ticket to your favourite festival, and split that amount into affordable monthly savings. Then when the time comes you will have the cash ready and you won’t feel the squeeze! Saving money as a millennial can be fun and it can help with your dream ticket.
7. Put away surprises
Any cash gifts or bonuses – pay them straight into your savings. Forget the impulse purchase that you won’t want next month. Put it away for a rainy day.
8. Act as if you are still repaying a loan
When you finish paying off a loan, keep paying the same monthly instalment but send them to your savings account instead! You have managed to budget for the loan repayments, so now just pay yourself instead. You’ll be happy you did it once it’s time to fly off for that summer vacay.
9. Save on your energy bills
This might not be sexy, but its so simple and let’s face it – better to put the money in our pockets than the big energy companies. There are lots of apps out there that will switch you to a cheaper and greener energy supplier. They even handle all the switching for you and will do it for you every year. It has never been more simple to save money as a millennial on your energy bills. One click and you are done.
10. Search for vouchers before checking out of your online purchases
When you’re at the checkout, never leave the voucher section empty before checking online. A quick google and you can normally save money with a voucher code! 10% savings might not seem like a big deal, but it can all go towards the next fab experience you’ve been saving up for.
It’s as easy as that. Ten ways to save money as a millennial, which are not as difficult as you might think. You don’t even need to do all of these. Just try one or two to get you going. You will see it quickly adds up and becomes super easy.