want to save money ?
12 Essential Money Lessons all Millennials need to know
Smart Money Tips
#1. Retirement fund & magic of compound interest
There is honestly no right time to start investing. If you start saving from a young age you will retire really rich, since your monies will increase exponentially with compound interest
You may have heard the term magic of compound interest but what is it actually.
#2. Create an emergency fund
You may think as a millennial why I even need an emergency fund.
But saving for a rainy day never hurts. Emergencies have a terrible way of surprising us when we least expect it.
During troubled times we are already emotionally and mentally strained so we don’t need an additional worry about finances.
Make this commitment to yourself to start an emergency fund ASAP. Each month set aside some amount for this purpose.
#3. Keeping up Appearances
Just think for a minute whether you are living for yourself or just living to keep up appearances.
#10. Get rid of freeloaders
We all have that one classic freeloader friend who is always wants to have fun but never take the responsibility.
Freeloaders never pay their bills; never return the money they owe you. Suffer from amnesia if you remind them of paying back.
If you have such people in your life ask yourself if you need such people in your life.
#11. Myth of Independent life
The charm of living independently is so exciting.
It means free from prying eyes of parents, living in your own apartment, unlimited fun with friends, some impromptu road trips, concerts, clubbing, dining out. I mean that’s the dream right!
But many would hate to admit living independently can be difficult even lonely at times.
Further, you are responsible for right about everything – your rent, grocery, car servicing, paying utility bills, managing your money etc.
Gradually, the lure of partying all night also fades away. Many a time you might be cash-strapped.
#12. Save in little ways
There are so many ways you can saving up small amounts each day. You just need to make little tweaks your lifestyle to save more. Here are some tips.
A. Cancelling multiple streaming subscriptions.
B. Invest an hour each week for meal-planning.
C. Brewing your own coffee.
D. Tracking your credit score every six months.
E. Opting for carpooling or public transport.
Share this with your friends and help them to save the money.
Smart Money Tips
#1. Retirement fund & magic of compound interest
There is honestly no right time to start investing. If you start saving from a young age you will retire really rich, since your monies will increase exponentially with compound interest
You may have heard the term magic of compound interest but what is it actually.
#2. Create an emergency fund
You may think as a millennial why I even need an emergency fund.
But saving for a rainy day never hurts. Emergencies have a terrible way of surprising us when we least expect it.
During troubled times we are already emotionally and mentally strained so we don’t need an additional worry about finances.
Make this commitment to yourself to start an emergency fund ASAP. Each month set aside some amount for this purpose.
#3. Keeping up Appearances
Just think for a minute whether you are living for yourself or just living to keep up appearances.
#4. Ditch that Credit Card
Getting a credit card is the norm after you attain a certain age also it seems cool to have one.
But what if I said you don’t actually need a credit card. In fact I have never used a credit card, totally by choice.
My debit card is quite good, it fetches me generous cashback points each month. It keeps my spending in check, since the amount is deducted from my savings account at time of purchase.
#5. Track Monthly Expenses
I know creating a budget may seem boring but it’s totally worth the effort. You need to track your expenses and income sources to know your spending habits.
Trust me this will only help you in being more financially aware. It less than takes 10 minutes to track your daily expenditure.
#6. Create some financial goals
Goals-setting gives you a purpose and keeps you motivated. Your financial goals are equally important as other goals.
But remember to set realistic and reasonable targets, don’t go overboard with too many things.
#7. Have a loan repayment plan
Remember the magic of compounding interest; well it works in the reverse way too.
When you avail a loan, its repayment consists of the paying loan plus an interest.
Before taking a loan, research where you’ll get loans at a low interest rate. Most importantly, have a repayment plan in place.
#9. Financial Education
I really feel any sort of financial skill you acquire will only help you in long-run.
Consider learning about investments like mutual funds, real estate, crypto-currency and stock markets. Be curious about investment methods.
Getting a credit card is the norm after you attain a certain age also it seems cool to have one.
But what if I said you don’t actually need a credit card. In fact I have never used a credit card, totally by choice.
My debit card is quite good, it fetches me generous cashback points each month. It keeps my spending in check, since the amount is deducted from my savings account at time of purchase.
#5. Track Monthly Expenses
I know creating a budget may seem boring but it’s totally worth the effort. You need to track your expenses and income sources to know your spending habits.
Trust me this will only help you in being more financially aware. It less than takes 10 minutes to track your daily expenditure.
#6. Create some financial goals
Goals-setting gives you a purpose and keeps you motivated. Your financial goals are equally important as other goals.
But remember to set realistic and reasonable targets, don’t go overboard with too many things.
#7. Have a loan repayment plan
Remember the magic of compounding interest; well it works in the reverse way too.
When you avail a loan, its repayment consists of the paying loan plus an interest.
Before taking a loan, research where you’ll get loans at a low interest rate. Most importantly, have a repayment plan in place.
#9. Financial Education
I really feel any sort of financial skill you acquire will only help you in long-run.
Consider learning about investments like mutual funds, real estate, crypto-currency and stock markets. Be curious about investment methods.
#10. Get rid of freeloaders
We all have that one classic freeloader friend who is always wants to have fun but never take the responsibility.
Freeloaders never pay their bills; never return the money they owe you. Suffer from amnesia if you remind them of paying back.
If you have such people in your life ask yourself if you need such people in your life.
#11. Myth of Independent life
The charm of living independently is so exciting.
It means free from prying eyes of parents, living in your own apartment, unlimited fun with friends, some impromptu road trips, concerts, clubbing, dining out. I mean that’s the dream right!
But many would hate to admit living independently can be difficult even lonely at times.
Further, you are responsible for right about everything – your rent, grocery, car servicing, paying utility bills, managing your money etc.
Gradually, the lure of partying all night also fades away. Many a time you might be cash-strapped.
#12. Save in little ways
There are so many ways you can saving up small amounts each day. You just need to make little tweaks your lifestyle to save more. Here are some tips.
A. Cancelling multiple streaming subscriptions.
B. Invest an hour each week for meal-planning.
C. Brewing your own coffee.
D. Tracking your credit score every six months.
E. Opting for carpooling or public transport.
F. Making cash payments whenever possible.
Share this with your friends and help them to save the money.
Thank you!
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