Millennials Money Management: The More You Save, The More You’re Safe
Weekly brunches, the latest designer bags, and the newest iPhone can put a dent in your wallet. For most people, these items are luxuries and aren’t on the top of their list for things they need. These items are worth the splurge for millennials, and for a lucky few, they’re a necessity. Living a life of luxury may be fulfilling temporarily but it can become a dangerous habit.
Why Should You Save Money?
Saving money can be a real chore if you’re living from paycheck to paycheck. However, saving up and not spending too much can benefit you in a lot of ways.
First, you’ll have better security. Emergencies are unpredictable, but if you have enough savings, you’ll have enough to cover your medical bills.
Second, it will give you more satisfaction. There’s nothing better than being able to buy a new car, remodel your house, and graduating college with your hard-earned cash.
Lastly, you’ll have financial freedom. Saving your cash gives you the power and freedom to live on your own terms. You won’t have to worry about making ends meet because you’ll have enough money to pay expenses like rent, utilities, among other things.
Not to mention, saving money gives you the flexibility to do what you really want in life, such as opening a new business, going on vacation, or indulging in your hobbies.
Saving is much easier when you have a separate bank account for this specific purpose. For your own comfort, you should choose the one with good and visible online banking software. Also, pay attention to the costs of opening and managing such an account, as in some cases, those costs may ruin all your savings efforts.
The Facts
The reality is that Millennials aren’t that good at saving their money. Around 67% have savings of less than $1000, and 33% have no savings. Out of those, only 15% have savings of more than $10,000.
Millennials tend to get a bad rep for having questionable financial decisions. We all know this generation tends to splurge on experiences such as weekly brunches, the latest designer clothes, and let’s not forget music festivals. However, good money-saving habits aren’t impossible to instill. Here are some tips for saving up for millennials.
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