Many millennials feel that they are aggressively thrust into “adult life” and feel completely unprepared. There are so many things that are thrown at a millennial living on their own. Internet, cable, phone bills, rent, utilities, the list goes on and on. Fortunately, it does not have to be the ominous terror that it may seem to some. Here are some money saving tips that every millennial should have in their back pocket.

Start cutting coupons

Wait, people still do that? Believe or not, they do. Roughly 2.5 billion coupons were redeemed in 2015. What’s even more surprising is that 90% of millennials say they use coupons, according to a Bloomberg report. Make sure, though, that you don’t go crazy just because there’s a sale. Redeem coupons and buy items that you’ll actually use, and don’t stockpile if you don’t need to.

Download finance apps

As a millennial, you probably already have tons of apps on your phone. Guess what. There are actually apps you can download to help you save money. There are various coupon/sale apps that let you know when items are on sale so you can eat at your favorite restaurants or shop at your favorite grocery store for a discount that day. There are also apps you can shop through that will give you cash back for certain purchases. See a list here.

Set a budget

This may seem scary, but understanding what you have to work with every month can make a huge difference in your finances. Sit down and write out how much money you bring in every month along with how much you need to allocate for bills and other expenses. There are also apps for this, so don’t worry about all that math. You can download an app that can help you track all your income and your spending.

It’s never to early to think about retirement

According to Forbes, it’s never to early to start saving for retirement. In fact, if you start saving at 35 instead of 25, you miss out on 10 years of time for your account to grow with interest. That can be worth thousands of dollars. You can invest in a 401K plan through your employer or set up an IRA account on your own.

Future you will certainly thank present you when you start seeing extra money in your pocket every month. Once you start following some of these finance tips, you’ll realize that some of these extra steps are totally worth it.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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