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Although we all still feel like kids most of the time, most of us millennials are well into our mid 20’s and early 30’s. When you’re settling into adult life (kinda), it can be a challenge to know how and where to save money. It’s easy to get into spending habits that aren’t always beneficial in the long run, and burying your head in the sand regarding your finances is an all too tempting option. Therefore, people can often find themselves struggling towards the end of each month, and ensuring that bills are paid, and having enough left over for everything else that life brings can be tough. That’s why it’s time to ensure you’re doing all you can to make positive changes to your spending and saving habits so that you have a bright and comfortable financial future ahead.
Bear in mind that it’s not going to be the easiest thing ever, but with a bit of hard work and dedication; you’ll be able to improve your monthly finances and give yourself some peace of mind in the meantime. At Money-Smart Millennials, we believe in living below your means and saving appropriately. But remember that this is the 21st century and the world does not work as it did for our parents 30, 40, 50 years ago. As much as possible, find ways to diversify your income to increase your positive cash flow. Keep thinking about the future and the long-game; you’ll get into great money habits soon enough; it just takes practice! Nobody’s born with great money skills (apart from an annoying few), so stop beating yourself up, and congratulate yourself on wanting to make changes and improve things (you’re here after all). The following are some ideas and advice for those who want to start saving their money for a better future.
Wipe That Slate Clean
OK. It may be harder than it sounds. In 2015, 68% of college graduates had student loan debt averaging $30,000. Some people with postgraduate education rack up six figures worth of debt. Most people start their adult life with some sort of debt hanging around their neck, and it’s no fun at all. If there is a high-interest rate to contend with; you debts may be spiraling at a rate you feel you have no control over and the light at the end of the tunnel may seem like a myth. Therefore, it’s worth checking out sites like debtconsolidation.co so that you can get an idea of how consolidating your debt can provide you with a manageable monthly payment so that you can free up some extra cash. Feeling like you have your debts and repayment options under control will be a great boost to your financial confidence, and you’ll be able to look into other areas regarding your spending and saving habits.
When consolidating your debt, do your homework. Don’t engulf yourself into a deeper hole. My recommendation is to practice some patience and only pull the trigger when you feel confident about the solution.
Learn More About What You’re Spending money on around the house
Much like your rent or mortgage payments; your energy and utility bills may leave a dent in your bank account every month. Unlike your rent and mortgage, these bills can be improved and changed if you’re willing to dedicate an afternoon to do a little research surrounding what you’re paying. The good news is that energy companies will compete for your business and will often offer you their best rate if you contact them and offer some competitive rates from other companies. There are plenty of resources online that will take the hard work out of price comparisons for you, so work out how much you could be saving every time you have a hot shower or bath the kids and start getting a better deal.
If you own a home, looking into having solar panels installed should also be on your radar. In fact, in some areas, you may save up to $8000 per year. Google has launched a tool called Project Sunroof that can tell you how much you could save by going solar according to your location.
By creating a detailed plan of action and then following through with your budgeting plans; you’ll be able to ensure that you and your family have a great financial future ahead, which will take a little pressure off the whole adulting thing.
These are just a couple hacks meant to help you save a bit more every month. It doesn’t stop there. As a responsible adult, it is your duty to be financially aware of what’s going on with your money. Being financially stable does not happen by accident.
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