Millennials are getting a bad rap. They’re often portrayed as lazy, unmotivated, and unwilling to work hard. Most millennials tend to spend money impulsively, they do not save or find ways to boost their income.
But the truth is that there are plenty of ways millennials can grow financially–even without traditional jobs or investing in stocks. Here are some brilliant money-making ideas for young people who may not have the resources they need to jumpstart their financial growth.
Give Yourself an Allowance
The best thing that you can do for yourself is to give yourself an allowance. You are making a conscious decision about how much money you would like to have every week or month and then only spending the amount allotted to you.
This way, it will be easier for people trying to live independently to make a budget and stick to it. You can also decide what percentage of your income you would like to save, which will help you achieve financial freedom in the future.
Create New Accounts for Your Savings Goals
A simple way to save more is by opening an account dedicated to your goals. Make sure you pick the right kind of savings accounts for what you need them for, though. If you have trouble deciding on what kind of accounts to open, you may want to consider consulting with Evolve Bank & Trust as they can help you figure out just that.
If you have a short-term goal like buying something special or paying off debt (student loans), then consider using a high yield checking account instead! Or if it’s a long-term goal like early retirement, then you’ll likely want to use a high yield savings account.
Set Up Automatic Payments
Millennials need to set up automatic payments for both their living expenses and savings. Paying bills automatically is one way millennials can learn how to manage money, so they aren’t surprised by a huge bill every month.
Additionally, making weekly or monthly transfers into your savings account will show you exactly where your money is going and help you grow your savings over time.
Cut Down on Those Expenses
Most millennials tend to be broke and in debt. It can be hard to find ways to get out of debt and become financially stable, but it is possible. There are a lot of ways millennials can cut down their expenses to gain financial stability.
For example: avoid going out all the time because this will save you from blowing your money on drinks, and appetizers. Another way would be avoiding buying lunch every day at school or work because even if it’s only a few dollars, they add up over time.
Also, cut down on impulse buys like jewelry and clothes. Lastly, it would be good to look for a second job and sell some of the stuff you don’t need anymore (like old video games or books).
The main takeaway from this article is that millennials can grow their financial situation by using these smart ways. If they keep working on it and save money, there’s no reason they won’t be able to make a lot of progress in their lives.