Sensible Spending For Millennials

February 24, 2017

The press and media love writing about millennials. There are always so many stories and articles about young people just like me and you, who have all been lumped together under this label. And most of the time, all the press we get is usually negative! If you listened to the press, you’d believe that we millennials are lazy and broke. Well, it’s true that we are pretty broke, but we are far from lazy! In fact, lots of us are self-starters, entrepreneurs, and self-employed. It’s the system and economy’s fault that we find it increasingly difficult to earn a fair wage!

But, have you ever wondered how loads of other millennials are able to spend so much on cool clothes and nifty gadgets? As a matter of fact, how are some people aged between 18 and 34 able to save up for a deposit for a house? True, they could be some of the few lucky ones who have been able to grab a dream job that pays a good wage. But there is probably another reason behind all their success – they are just very sensible when it comes to spending and saving.

I’ve recently been speaking to some of my friends who are often quite flush and always seem to have some disposable cash left over at the end of the month. ‘How on earth do they always manage that?!’ I used to ask myself. Well, now I know, and so do you!


Budget, Budget, Budget!

All those people who seem to have some extra money to play with, haven’t just magicked it out of thin air. My friends told me that they work really hard to manage their money. Some have even created useful spreadsheets for themselves into which they enter all their incomings and outcomings. Don’t worry if you have never tried to manage your money before, there are now plenty of apps and websites that can help you figure out your figures. But most of it is just common sense. So, if you know your mother’s birthday is coming up, it’s probably a good idea not to go on so many nights out. Otherwise, you won’t be able to afford any gifts for her. Each month’s budget will normally reflect your usual spending, but you should also take into account special events that could be expensive, such as birthdays and Christmas. Just don’t go over the top on all your special spending!


Budget Brands Are Fine

There are loads of different brands out there; I’m sure you will have noticed a few different ones in your favourite shops. And you will have noticed that each brand’s clothes come with slightly different price tags. If you have your heart set on saving, you should always opt for the budget brands. After all, why spend a week’s wages on a pair of trainers, when you can save some of your hard-earned cash and buy a cheaper brand. Don’t be put off by the cheaper price tag; the clothes made by the budget brand will look just as good as the more expensive ones. They just won’t come with the same fancy logo and brand name!


Is That Expense Really Necessary?

One thing that struck me when talking to my friends about finances is that they are really good at evaluating each and every expense they face. It is important that you always ask yourself whether you really need to spend money on certain expenses. For example, so you really need to spend a lot of money on a new car and insurance? The answer is probably not, especially if you live in a big city that has excellent transport links. There are lots of other expenses that you can probably do without. Such as a Sky TV subscription. You will find that you can now get all your favourite TV shows and films on streaming services, like Netflix and Amazon Prime. One good way to check all your expenses is to work your way down your credit card bill. Take a look at every payment. Is it a regular expense? If so, evaluate whether or not you need to pay for this product or services every month. If it isn’t necessary, you need to cancel the monthly payment.


Get Rid Of All That Temptation

There are lots of temptations out there in the big bad world that try to get us to part with our cash. And there is no bigger source of temptation than newsletters from companies and brands that land straight in your inbox. You will be way too tempted to click on any links that you get sent, and they will only send you to lots of deals and discounts. And, no matter how much money off a product you will get from the deal, you will certainly be able to save a lot more money if you just refrain from buying anything! So next time you have a spare few minutes, why not use them to work through your inbox and unsubscribe yourself from all the different promotional newsletters that you’re signed up to.





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