Honestly, as a Millennial, we have got a pretty bad reputation when it comes to finance. Being called everything from spoiled brats to entitled, we have acknowledged that, as a generation, we are pretty bad when it comes to managing money in general. Though I must say, hats off to any Gen-Y member who’s actively been taking steps to become economically empowered.
Though according to CNBC, Millennials are surprisingly, well, cheap and frugal – which is good to some extent. In fact, we are so “economic” that experts are now even worried that we´ll pose a threat to the stock market and even the retail industry. Sounds crazy if you ask me, because even though we´re saving money in the pigi bank, we are still spending a crazy amount of cash on other “necessary” things. But nevertheless, I’m proud to see that a generation is taking the steps necessary to break out of the stereotypical habits – aiming for a more independent and responsible adulthood.
Here are a couple of things every Millennial should keep in mind when it comes to money:
1. Starbucks isn’t worth it. I know you’re like “what”, but I’m serious. You’re probably already accustomed to the whole “coffee while I study” routine, convincing yourself that it’s necessary when really, it’s not. Worst comes to worst, you can put in a little hard labour and make the coffee yourself!
2. No, you’re not too good for public transportation. Sure, getting a cab is much faster and not to say, way more comfortable. But sad enough, you are nowhere near those thoughts. Public transportation is significantly cheaper and saves you money to spend on other, more important, things.
3. Take advantage of Deal Sites. Work harder, not smarter – the name of the game. Just apply this to your spending habits and you’ll definitely see your stack of cash grow. Now I know how it feels when you buy a pair of expensive sneakers and people notice that you’ve bought a pair of expensive sneakers (I know you care). Tell me this though, wouldn’t if feel just as good, if you bought the same items for a knockoff price? I mean unless you’re shopping at Versace, most of your valuable items can be found at a much cheaper price-tag.
4. Learn how to cook. I honestly don’t care how good McDonald’s new burger is, learn how to work the stove (and oven)! And once you do, you’ll understand that noodles aren’t the only thing that are there to satisfy your stomach.
5. Don’t spend too much on relationships. I know it sounds mean, but it’s the truth. When investing in something, always have a return on investment. See what I mean? Don’t spend more than you can afford on a “relationship” that’s only going to last for a couple of months.
Picture Credit: Tumblr