As a millennial, saving money can be challenging, especially with the rising cost of living and stagnant wages. However, with some creative thinking and discipline, you can save more money. Here are five uncommon money-saving tips for millennials:
- Use cashback apps: There are cashback apps like Ibotta, Rakuten and Fetch that offer points and cashback on your everyday purchases. You can earn cashback on groceries, clothes and even travel expenses. Some apps also offer sign-up bonuses.
- Cancel your subscriptions: Monthly subscriptions for streaming services, magazines, and other services can add up over time. Consider canceling some of your subscriptions that you don’t use as frequently. Go ahead and take a look at all the services you pay for. You might be surprised how many you throw money at each month (or year) that you haven’t logged into for a long time.
Bonus Subscription Tip: Check for subscriptions billed through Google, Amazon and directly through the streaming service–you may find you’re being charged through both, especially when logging in online and through a smart TV. - Buy generic brands: Generic brands of food, clothing and household items are often just as good as name brands but cost significantly less. As a matter of fact, most products sold on store shelves with store brand logos are often the same product with different packaging. Try out some generic brands to see if you can save yourself some money.
- Use a budgeting app: Budgeting apps like Mint, PocketGuard and YNAB can help you track your expenses and stay within your budget. These apps can also help you identify areas where you are overspending.
MembersFirst’s budgeting and tracking app, MoneyDesktop, is free to members and accessible through online and mobile banking. Use this app to track how much you’re spending in various categories, rename categories, tag expenses and create goals. It may be a little eye-opening how much you’re spending in various spending categories. Pull in account balances and transactions from other banks, credit unions, lenders and credit cards to get a big-picture look at how you’re doing, financially. - Plan your meals: Meal planning can help you save money by reducing food waste and preventing impulsive purchases. Consider planning out your meals for the week and creating a grocery list with only the items you need. We aren’t going to tell you to brown-bag your meals, buuuut… there’s just something about looking forward to a delicious meal you planned and put together yourself! Plus, it’s a good feeling to know you control the ingredients and the menu!
Saving money as a millennial requires discipline and creative thinking. Utilize these tips to help you save more money and improve your financial health.
Don’t forget we’re here to help you find more ways to save, build a better spending plan, improve or build credit and so much more–and it’s completely free! Members can set up a free consultation with a Certified Credit Union Financial Counselor by clicking here.