If you’re anything like most millennials, it can feel like budgeting is impossible. With not much income and a seemingly unlimited stream of expenses, how can a young person make it work? As it turns out, with just a little planning and strategy, you can survive and even thrive on a tight budget. Here are seven financial strategies to live well while staying within even the narrowest of means.
Whatever number it says on your phone bills, medical expenses, cable bills, or almost anything else doesn’t have to necessarily be what you end up paying. Make sure to call and ask about discounts, plan changes, or anything else that can save you money, whether it’s on recurring or one-time expenses. Sometimes simply inquiring can open up opportunities – and the worst they can say is no.
This is the tough one. No one likes to see the end result of all those receipts they crumple up and throw away, but it’s crucial to understand your spending before you can change it. Keep track of all (and we do mean all) of your spending for a week or two, and examine it closely. Do you really need that $4 daily latte? Can you bring your lunch to work? Can that opening night trip to a movie theater be replaced by Netflix? You’ll find all sorts of unexpected ways to save.
Out-of-network ATM fees are one of the biggest avoidable expenses that many people have. Each trip to that machine at the 7/11 can cost up to $4. In addition, even having a checking account can cost money! Examine no-fee alternatives to these problems, whether it’s joining a credit union or just making sure you have enough cash on hand to avoid random ATMs.
Many products that we buy or projects we undertake have cheaper alternatives that we can make or do ourselves with a little bit of effort. Whether it’s making your own laundry detergent or cleaning (or even renovating) your own home, a DIY spirit can save you big bucks.
One of the most important financial strategies to live well is to make sure you’re prepared for emergencies. Have a low-interest savings account. The people at Living Well, Spending Less suggest keeping at least $1,000 in the account at all times.
We all love giving our parents, friends, or partners that expensive gift that wows them. But that kind of gift-giving can lead you into big debt. Set a low limit on how much you’re willing to spend on presents – you can be thoughtful and kind on any budget.
With all of this saving and budget-watching, it’s important to keep things fun. Make sure to build small splurges into your budget – we suggest around $15-$20. If you do these occasionally, they can actually be inspiration to keep going during the hard slogs.
A recent study by SoftwareAdvice says that job seekers have a mixed reaction when it comes to recruiters texting them.…
More and more people want the flexibility to work from home. So it stands to reason that more remote job…
When you head into a job interview its important to come up with your key "selling points" says Career Coach…
Contract Worker vs. Full Time Employee: Things To Keep In Mind In just a few years, it's expected that four out…
So what’s it like to found and manage your own online and print mag? Balaconis shares the deets: How did…
Ah, digital marketing. It’s all the rage right now, especially for millennials. But I don’t mean that unkindly—we have the…