Everyone wants a better future, of course. Behind the effort and hard work, another way that can be done to achieve a better future is by saving.
Many people think that saving can only be done for people with big salaries, but that’s not always the case you know. Because today’s young people or millennials who don’t have permanent jobs or large salaries can also increase.
For those of you who have been having trouble saving, here are some effective ways to save for millennials.
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1. Create a budget
The first thing you should do is create a budget. It may sound trivial or even inconvenient, but making a budget is very important for your finances.
With a budget, the balance between your income and expenses can be balanced.
When you get a salary, immediately make a budget like what you have to pay for the next month, budget for meals or daily necessities, credit card fees and so on.
2. Track daily expenses
Many people think that daily expenses don’t have a big impact on your finances later. Even though daily expenses that are often done can make you more extravagant.
If this happens, you must immediately track the various daily expenses.
After tracking it, you have to choose which expenses are really needed and which are not.
3. Pay off credit cards
This third point is related to the first point, which is that you have to make a budget to pay off credit cards.
Why do credit cards have to be paid off immediately when it can be in the following months? The longer you pay off the credit card, the credit card interest will swell and eventually will make you spend more money.
Some even think that credit cards can be very ‘suffocating’, so you should pay off your credit card immediately.
4. A special savings account
Now more and more people are using more than one savings account, you can also follow this method, yes.
But keep in mind to create a special account for savings that have a low discount. Of course, this method will really help you in saving.
5. Focus on repeat production
Try to focus on recurring expenses that you often do. Make no mistake, because these recurring expenses can make your savings dwindle.
If you feel that this recurring expenditure is very draining of money, try to reduce it and replace it with other alternatives.
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6. Resist temptation
Online store The more scattered the tempting discounts, the more likely you will be tempted to buy things when you don’t need them.
Instead of wanting to save, it actually makes you more wasteful. Therefore try to start resisting temptation.
Trust me when you can’t get a discount now, a discount at another time is still waiting for you.
7. Pay off debts
Have you ever heard that debt will only make life uneasy? Let’s start now trying to pay off debt.
Even though the nominal debt is not too large, you must still pay it off immediately so that your life is more calm and comfortable.
If you don’t have enough money to pay off all debts, pay off the debt that is considered more important first.
8. Choose food
Do you feel that the biggest expenses are in monthly shopping, clothes shopping, or transportation? Big mistake, because your biggest expense is on food.
Yes, everyday food can unknowingly make your expenses more and more. It’s true that you need to be frugal, but that doesn’t mean you don’t eat at all, right?
It is better to choose foods that are economical and filling. Once in a while you can buy food that you like or want at least once a week or two.
9. Plan a savings goal
And the last is to plan a savings goal. You have to know what your savings will be for? And how to manage it?
By planning for savings, of course you will be more excited and really focus on the savings.
In addition, you will also focus more on your goals and dreams in the future by planning this savings goal.
The methods above are fairly simple, but have a tremendous impact on your finances. Now millennials can save effectively if they follow the 9 ways above.