Millennials are taking a beating nowadays as the older generation constantly make fun of them for being entitled or being high on self-esteem. But when it comes to saving money, millennials know a lot of weird ways to save money more than anyone else, and we can all learn from their creative approach to managing their finances.
CNBC reports that millennials are actually smarter about money than baby boomers, as they make budgets, set savings goals, ask for financial advice, and have flexible and realistic retirement expectations. In addition to that, they have also perfected the art of saving money in clever ways, and Refinery 29 has compiled a few tips from adults ages 18 to 34 on the weird ways that they save money.
One millennial manages to have fun while keeping his finances in check by only eating appetizers when going out with friends. Janie, 27, has also set a separate budget for “fun stuff” by designating a jar for the additional expense.
“I only use that money, not my debit card, for fun lunches out, so if I don’t have the money with me, then I’m going to eat the lunch I brought from home, and not go out with co-workers,” she told Refinery 29.
Another began to charge money for giving freelance business advice. Apart from getting cash, the person has also successfully bartered by getting personal training sessions and social media training in exchange for his advice.
Some millennials have also mastered the art of splitting entertainment accounts, and it’s not unusual for several friends to split the cost of their Netflix or Amazon Prime subscription. They have also found ways to spend less on groceries by subsisting on one type of food, such as peanut butter sandwiches or instant ramen.
Instead of heading somewhere for the weekend, millennials have perfected the art of the staycation, opting to stay at home to watch Netflix, organize their closets, or read. Some have also actively searched for free activities or events to go to as a way to save money.
Make fun all you want about their penchant for selfies and the latest gadgets, but when it comes to saving money, millennials know what it’s all about.
For more, check out Jobs & Hire’s tips on easy ways to save money.
