Get Wealthy Like a Millennial: 10 Tips For Saving Like the Richest Generation
As a millennial, I’ve often been accused of being reckless with my finances. But the truth is, my generation has been diligent about saving money and building wealth. In fact, recent research suggests that 75% of millennials expect their wealth to increase in 2024. So, what’s the secret to our success?
Millennials as the Richest Generation
According to research published by the Guardian, millennials are on track to becoming the richest generation in history. Despite years of headlines about our supposed frivolous spending and poor saving habits, we’ve managed to build wealth despite facing numerous major financial struggles.
Tips For Saving Like a Millennial
1. Get Creative About Saving Money
We’ve become masters at finding clever ways to save without giving up the things we love. Whether it’s cooking at home instead of eating out or finding free entertainment options, we’ve learned to be resourceful with our finances.
Living frugally doesn’t have to mean sacrificing fun
2. Use Technology To Save Money
We’ve grown up with technology and have found ways to harness digital tools to save money and simplify our finances. From budgeting apps to cashback credit cards, we’ve learned to use technology to our advantage.
3. Always Look For Deals
We’re known for looking for deals. This generation has learned how to find the best bargain by embracing technology and utilizing rewards programs.
4. Cut Unnecessary Subscriptions
We can’t afford to sign up for every subscription, so we’ve sought ways to cut out services that don’t add value.
5. Get Serious About Paying Down Debt
We’ve seen the impact of the damages that credit card debt can cause, so we’ve looked for ways to eliminate it.
6. Pursue Side Hustles To Make More Money
We’ve relied on side gigs to tackle the challenges associated with saving money during periods of soaring inflation, debt repayment, and retirement planning.
7. Spend Money on Experiences
We tend to value experiences over possessions, which can lead to less spending on material possessions and more savings.
8. Prioritize Retirement Contributions
We’ve seen the consequences from older generations of what happens when you don’t plan for your retirement, and we don’t want to be stuck working into our golden years.
9. Take Ownership
We’ve been forced to take ownership of our finances since we’ve experienced major economic issues.
10. Embrace Second-Hand Shopping
We’re known for our second-hand shopping and usage of online platforms to flip stuff.
If you want to build wealth like a millennial, one of these ten tips should help you get started. Remember, it’s all about being creative, using technology to your advantage, and prioritizing your financial goals.
Start building your wealth today
