The Weave

Stories and insights from the people at Investors Bank

5 Savings Tips for Millennials, by a Millennial

Let’s face it-- being a millennial is hard work. Between mastering the art of the Instagram selfie and practicing how to type a thousand words per minute on our phones, some of us have neglected to learn “real world” skills. In particular, I’ve seen firsthand how some of my Millennial friends have lost their way financially. Here are some simple tips that young adults can follow to help them save money.

Homemade is better than gourmet

It’s an often occurrence, for convenience or taste preference, that many people decide to skip the packed lunches and homemade coffee for expensive sandwiches and lattes. According to one estimate, Millennials spend upwards of $25 a week at their favorite coffee shop, not to mention the countless dollars we throw away for lunches and dinners. Take the initiative and decide that making your meals at home is more cost efficient and most likely healthier for you.  

Understand your financial weaknesses

Everyone has their weaknesses. Whether it is the new sushi place that opened up downtown or a pair of cute shoes that you “need,” everyone has a guilty pleasure. These undeniable weaknesses should become something that is planned out and budgeted for in advance. Instead of cleansing your life of spending money on such niceties, specifically save money for such things. Indulge only when it is financially responsible, and not on instinct.

Don’t be afraid to Netflix

Often it is the idea of many that going out for dinner and a movie is more exciting and fun than staying in and watching a movie on a streaming service. That is wrong. Don’t feel pressured to go out for dinner or for drinks on the weekends all the time. Spend the night in with yourself or friends and cut your cost for the day or night drastically.

Bring it back old school

There are many activities that millennials partake in that can cost a serious amount of money.  Just ask our coworker Melinda about her frequent weekends in New York City (do it- she has really good stories). But that’s why you need to "bring it back old school." Try activities that used to spark your curiosity and mind like when you were a child. Whether it is a walk at a nearby hiking trail or attending a community event, indulge in the free joys of life. Step outside and take advantage of the world around you.

Learn from your peers

One of the most interesting aspects of being a millennial is the incredible social interaction that can be experienced from social media, or even in person. Take tips from your friends and fellow peers about how to budget and spend money carefully. Look to see what others around you are doing to pursue their financial goals and try to imitate some of those aspects in your life. Whether it be giving up drinks at a bar in favor of being able to afford the rent, see this as an opportunity to grow and learn for the future.

 

Are you a Millennial looking for the perfect checking account? Look no further than Investors Bank’s YourStyle Checking. It comes with cell phone protection, identity theft coverage, and rewards for your debit card!

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*The views, opinions and positions expressed by the authors and those providing comments on these blogs are theirs alone, and do not necessarily reflect the views, opinions or positions of Investors Bank, or any employee thereof. Investors Bank makes no warranty, express or implied, as to the accuracy or reliability of such content.