Generation Y or also called as Millennials are the people born from the 1980s to 2000s. Research shows that this generation has the largest influence when it comes to the world’s economy. This is due to the millennial huge population and their strong purchasing power. Though they have constant income, there are times when they overspend and put their savings at risk.

For some, they end up asking the help of a trusted money lender in Singapore to get extra money. However, with this resort, most millennial accumulate their debts and make it more difficult to pay off loans. This is the main reason why this generation is having a hard time making use of their income to their advantage.

Why Most Millennials Can’t Save Enough Money

There are a lot of factors that affect how millennials use their money. These factors are the main reasons why they end up not having spare money for savings or emergency funds. Most of them have a lot of issues with handling their finances. With their income, millennial divide it to expenses such as:

· Rent

· Food

· Transportation

· School

· Utilities

· Occasional parties and night outs

As you can see, despite the number of bills that they have to pay, millennials never seem to put off partying or having fun. Although some don’t really spare money for parties, the rest of the bills they have to pay are enough to leave nothing much for savings.

It is also the main reason why many from this generation call for a money lender to pay for extra bills or emergency
purposes. If you belong to this generation, a lender can actually help you and not burden you if you can pay for it on time.

Being a millennial with all the growing expenses that you may have, it can be difficult to save. However, it is essential for anyone to start saving and learn how to manage their finances strategically. If you are eager to learn how you can save more, there are several tips that you can do.

Money-Saving Tips that Millennials Can Try

For someone who is eager to save more money, there are definitely a lot of ways on how you can make your income cover all your
expenses and still have extra for saving. Some of the money-saving tips that you, as millennial, can try are the following:

1. Start Learning How to Cook Your Meals

There is no better way to save money on meals by cooking it on your own. Yes, the process may take some of your time, but you can actually spare some of your time at night and prepare your meal for the following day. There are also some who can create meals over the weekend that is good for an entire week. Now, as the week starts, all you have to do is to eat every meal in the microwave and you saved a few dollars from your daily meal expenses.

2. Make the “Second-Hand” Store Your New Department Store

If you’re one of those who loves shopping for clothes to get the best OOTDs, you can actually ditch your usual routine in the department store or any clothing kiosks. Find a “second-hand” store within your area and make it your new department store. The type of clothes and the prices there are sure to surprise you. Or you may even visit Refash.sg as you can recycle your old clothes as well.

Keep in mind that not all items from thrift stores are worn out or old. Some of these are gifts that the receiver can’t use, items given or bought at the wrong size, or any unused items. These items are usually sold at lower prices. Visiting such stores, you’ll feel overwhelmed by the fact that it is not just a typical department store. You can find almost anything from clothes, accessories, to kitchenware.

3. Take Advantage of Free Memberships

Shop online with discounts by taking advantage of free memberships from online stores and physical shops. There are some stores that offer free memberships and give you discounts as you purchase a certain item. Others will require you to gather points and you can redeem it for cash the next time you purchase.

If you’re frequent to a particular store, you can save a lot from the accumulated discounts or points you can use when buying. There are also stores that provide a minimum of 10% discount to students and loyal members.

4. Make Your Journey to School or Other Places a Part of Your Daily Exercise

One sure way to save is by ditching public transportation if your destination is just a few blocks away. Aside from walking, try to find a bike like oBike, MObike, you can use as a means of transportation for farther destinations. Make your journey to nearby places a part of your daily exercise and you’ll notice how much you can save from this simple tip.

When your destination is too far, you can skip taking the last train or bus ride and walk. This way, you can save the money you’d spent on that last ride. To make this work for you, see to it that you leave early from your dorm or apartment to avoid being late to any of your schedules.

5. Your Old School Piggy Bank Still Works in Saving

Unlike the usual saving pattern that you have when you were young, you can try to set a minimum amount you’ll put in it. You can try putting at least $1.50 or at least $2 a day. Within a year, you can save much and use it as an emergency fund. Putting a larger amount every day is more beneficial, but make sure you don’t put everything in it as you can use the
rest for daily necessities.

When saving money, you have to put in a lot of efforts and at the same time stick with how you manage your finances. As your expenses are growing, it is highly recommended that you also learn for ways on how you can pay all of them while still saving what is left of your income.

Conclusion

It may be difficult for millennials to come up with strategies on how to save money. However, being eager to save and follow your budget, you can eventually make things work for you. In case you need extra funds for emergencies, you can always call for a reputable cash lender in Singapore to help you. This is advisable especially when you are expecting extra income to pay the lender at your agreed date. Make it a point to prioritize saving some of your money as you’ll never know when you can use it.