Saving has become exponentially hard in today’s world. And yet, we bring you Saving Tips for Millennials (That Actually Work).
Millennials are people who are in between 20-30 years of age right now. Anyone above that is older to be of this generation and anyone under is known as a Gen Z child or a Gen Zer.
How did saving become so hard?
So, How did Saving up become so hard? Well, not always was life so complimented. In the earliest generations, people wore the same outfit daily because there was no concept of soap or washing your clothes.
As people built homes and began to get private the concept of clean and not clean arose. This is thousands of years ago. Sanitation became a problem, then after that people needed extra clothes and the clothesmaker were high in demand.
One the demand was so high that all other businesses or trade became less profitable more and more people entered the trade fo clothing and tailoring.
Eventually, all dressmakers had to reduce costs and improve designs due to the fall in their prices because of competition. And fast forward this to today, Fast fashion brands like Mango, Zara, Outfitters and so many online have made it particularly easy to buy clothes at somewhat cheap rates.
This has complicated our lives. Because every country wants to trade in the international community, everybody is trying to sell unique things. With social media and digital media, you can advertise anywhere in the world and then ship your products with ease. This is why having everything you see has become so important as well.
So now it is hard to save, despite the fact that we all know we should.
Why other Saving Tips for millennials do not work:
If you are on Instagram and Facebook then you can not resist purchasing all these useless and cute things you find online. This is no longer a woman-only problem. It is a problem of all genders and across the world. This is where saving comes in. Nobody has a surplus to save anymore.
In fact, where children rely on their parent’s money this becomes even more complicated. This is because these children will work at an advance system whereby they have already spent what they would have gotten this month.
Saving Tips for Millennials
You and I both know that we need to save up some money so we can do better things with and actually spend at something meaningful like a trip abroad, traveling with friends in another city, buying some gadgets or actually starting a business venture.
But, we know it sounds difficult. So here is how to motivate yourself, clear your mind and actually begin saving. These are simple tips for good results, once you start it will become easier to follow daily. Remember, it takes about 40 days to turn an idea into a habit. Can you resist the temptation to spend all your money for 40 days?
1. Follow the 1% Rule:
You can start by calculating how much money do you have per month. And if you don’t then honey your first step is to change that.
So anyway, once you have sorted that out, you should start saving 1% of that. If you do have a business then you need to save 10% of your profits plus this 1% of your savings. This will give your business security and you some control over your expenditure.
2. Plan how much money you want to save
If you want to save up for something special then plan. Think of the money needed to do that comfortably divided it over an attainable number of months and voila! That’s your goal.
3. Print out a picture of all the things you can do with your target money
Now, get a picture of all your dreams. And paste it into your room. This way you can be focused.
4. Make a list of items you absolutely need to buy every month
Once you list down everything that you feel is an absolute necessity then do the right thing. And cut this list down into half. Pledge to yourself that you will not spend it or stop before you get it.
One of The Best Saving Tips for Millennials
Not knowing what to do in life is another millennial problem. Either you get a job, start hawking things or you sell services to your own family, you gotta start anyone.
When are you starting? Good Morning Pakistan!