It’s a given that millennials do not have much money and yet as a generation, they are always told they need to save more money. Whether it’s student debts or the high cost of renting, generation Y are faced with the prospect of actually being worse off than their parents and grandparents. So how exactly can you make your money last until the end of the month while building up your savings?
The experts here at PIWoP - the brains behind the money saving, price drop alert tool, have put together list of tips for saving money as a millennial.
1. Find the right student credit card.
Unfortunately, a number of students make the mistake of waiting until after university to get their first credit card. As a result, when you try to apply for a mortgage or apartment, you have no credit score to back you up. Don’t be afraid to get a credit card while you’re at university. There are a number of credit card companies who make cards just for students so you cannot overspend and get into debt but still build a credit rating.
2. Get rid of some of your subscriptions.
From Netflix to beauty subscription boxes, the cost of monthly subscriptions can definitely add up! While they may only charge £10 a month, you can easily forget about the things you have signed up for, meaning these companies are getting your money for nothing. If you’re not using the subscription regularly, make sure you cancel it and put the money you would have spent in your savings.
3. Download a budgeting app.
You have probably heard it time and time again: “you need to set a budget” or “write up a list of all your outgoings!” Both phrases of which, are nearly just as annoying as “you need to think about your future.” However, making a budget isn’t the hard part, it’s sticking to one. There are a number of apps for budgeting and money saving which you can try - or if you want to keep it old-fashioned, try creating an Excel spreadsheet.
If you want to save money on your essential buys this month, why not utilise PIWoP’s price alert service, which helps you to track the price of the items you want to buy until they reach a price you’re happy to pay.
To find out more information about how you can save with PIWoP’s price tracking website, click here.