Millennials, those born between 1881 and 1995, have some tricks up their sleeves when it comes to savings. The truth is that they are considered digital natives, so that technology is part of their daily lives and they have known how to use it to achieve what they are so eager for many: to save money.
Savings habits you should definitely imitate
Perhaps because they have had to see their parents deal with the economic crisis and recession, they have devised ways to save without affecting their lifestyle so much. Of course there are exceptions, but the idea is to imitate the habits of those who are doing well:
1. Use coupons whenever you can:
Millennials are experts in finding discounts for everyone. Although it seems silly, the truth is that you can enjoy an equally wonderful dinner, paying up to 40% less. You just have to know where to look. There are many websites to which you can subscribe and also check the companies of which you are a client, be it banks, mobile telephony or supermarkets.
2. Have your savings yield:
Saving money on the mattress is history. Paying in cash is no longer attractive, on the contrary, when paying with a debit card, you have the option of accumulating miles, points, etc., which allow you to continue saving. In addition, millennials know that it is useless to save if money is not going to move or grow, so they have their savings in bank accounts that pay them interest. The idea is to compare your alternatives and choose the one that pays you the highest, but without charging you commissions.
3. Don’t be afraid of DIY (do it yourself = do it yourself):
Even if you don’t believe it, you can do many things you buy from yourself. Millennials know that and take the time to look for recipes, instructions, etc., to prepare their own dishes, cleaners or find a way to repair a damaged item.
4. Turn to technology:
The apps to control expenses exist and maybe they would help you more than that notebook where you write down your expenses and that always ends up forgetting in some corner. Ideally, you can write down each expense you have or have the budget at hand to see how it should be controlled. Go to your mobile’s app store and you will see that there are many free options.
You know, imitate the good of each generation and, in this case, these 4 millennial tricks that will help you hack your finances.