From a 2014 poll by Bank of America show that 58% of millennials are saving money each month, and 1 in 2 pay their credit cards in full each month. In addition, 53% say they feel they are good at reducing their debt. Clearly, many millennials are more money conscious than they're given credit for and are not just ‘taking it all for granted’.
With that in mind, the millennial generation is clearly one that thrives on savvy savings advice that can help them make the most of their hard earned cash. The following four points offer a few things you should be thinking about in order to make the best financial choices.
Start saving now
It’s important to make savings on a regular basis and the younger you start the more you can save. Even small amounts make a difference. With a money saving app you can automate your savings so you don’t even need to think about it, or set up a savings step that sweeps ‘digital loose change’ into a savings wallet every time you buy a sandwich or a cup of coffee.
Always keep your job in mind
You are more likely to succeed in a job you love, as not only are you more likely to devote more time of it, but you will also feel more invested in your work. In turn this can possibly lead to faster promotions, a higher salary, or just a happier work life balance. Make sure you take time to find a job you love.
Additionally, when it comes to saving pennies, if possible live as close to your job as possible in order to but down on commuting costs. Being able to walk or cycle to work will save you hundred, if not thousands, of pounds over the course of a year.
Be ready for you wedding
The average cost of a wedding now is over £30,000. Therefore, the earlier you start saving for it, the less money you will need to beg borrow and steal when the big day is finally approaching.
Highly political affairs, weddings can be incredibly stressful and costly. If you are in the throes of planning your own wedding just remember; your wedding, your business. Only invite those you really love and don’t feel pressured to invite anyone you don’t want there. It’s too expensive.
Your pension matters
Retirement may feel impossibly far away, but the earlier you save into your pension the easier your retirement will be. The rule of thumb is to pay-in half of your age (ie. if you are 26 you should be paying in 13% of your salary). However, if that’s too much for you right now then do the math and pay as much as you can. You can always increase your contributions when you begin earning more money.