Millennials are widely known for being tech-savvy and confident! At the same time, we have a bad rap of not saving enough money!
But is it true?
A 2020 Bank of America report reveals that about 73% of millennials in the US are saving money in some capacity!
You might be surprised to know that the percentage is up from 2018 by almost 10%! Millennials are really trying hard to save as much as possible!
Minimalism helps you simplify your life and focus on your basic needs. It’s is all about decluttering your unnecessary things, including expenses!
Minimalist millennials are using simple, everyday tactics to save money!
Let’s see what they are:
1. Not keeping up with the Joneses
Does the brand of your clothes matter? Or the type of car you’re driving?
No, it doesn’t!
You can try to impress others by flaunting your brand new clothes or car, but those material things don’t bring happiness to your life!
While they might bring temporary joy, that will fade away rather quickly, leaving you looking for the next thing to buy to get that same feeling. It never ends!
If you don’t spend on unnecessary things, you can instead save that money!
Managing your money as a minimalist can pave the way for a financially secure life ahead! That’s why minimalist millennials just focus on the basic amenities they need. They don’t buy expensive stuff just to impress others or get that temporary hit of endorphins after a new purchase!
Instead, learn how to live your life simply and happily. Create more memories and gain more experiences!
2. Repairing clothes
Have you ever come across holes in your socks or popped a button?
Guaranteed this has happened to you! Instead of just tossing your clothes and buying new ones to replace them, repair them!
There are tons of tutorials online for quick sewing jobs like this. What might take you 15-30 minutes to do, could end up saving $-$$$!
Repairing your clothes instead of buying new ones each time will definitely save you a lot of money!
3. Skipping the mall
No doubt, browsing the mall and trying on clothes with your friends can make you feel good! The downside is that you may feel like buying them even if you don’t need them!
You’ll also likely stop at the food court and pick up snacks or drinks which are gonna add up over time too.
Obviously being tempted to buy things you don’t need will hurt your finances!
Visit the mall only when you need to go shopping to buy the necessary stuff. If you want to spend quality time with your friends, think of other activities to do. You can go for a walk, go to a movie, etc. By avoiding your mall adventures, you’ll save money while still having fun!
4. Having friends over instead of always going out
Do you love hanging out with your friends at a pub or a cafe?
I admit, it can be a lot of fun to meet for coffee or drinks, but at the same time it can really affect your budget too!
A 2017 FoxNews report revealed that millennials in the US were spending more money on coffee than retirement plans!
Minimalist millennials trim these unnecessary costs. Invite your friends to your place and arrange your own entertainment!
Cook at your place and plan a minimalist dinner party with your friends. You can play cards, sit around the fire pit, and talk your heart out with your friends.
You can still have a blast and save a substantial amount of money!
5. Staying away from convenience foods
Eating pre-packed foods can take a toll on your health and budget in the long run! Eat a minimalist diet to stay healthy and take care of your finances too!
Home-made food is way more nutritious and cheaper than pre-packed meals. Having healthy foods can help you to stay healthy and wealthy as well!
6. Implementing the 30-day rule
Do you feel like buying a product immediately after seeing it?
If yes, try waiting 30 days before buying it. Money smart millennials tend to avoid instant gratification! This is the importance of the 30- day rule!
Wait 30 days to decide whether or not to purchase the product. Often, it happens that after a month, you may not have that urge to buy.
You can easily save money by waiting before making purchases! Besides, during that time, you can decide whether or not you really even want or need it after all!
7. Handling student loans strategically
Many millennials graduated with a huge burden of student loan debt. It’s affecting their savings and the way they are managing finances! In fact, many millennials are putting off their plan to buy a home because of student loan debt!
Once graduated from college, work on paying off your student loan asap! To help make it more manageable, you can learn ways to consolidate your debts and pay off your multiple student loans with comparatively lower interest rates!
With a lowered interest rate you can save money on your loan payments and pay off your loans more easily!
So, I hope you have got a brief idea about how minimalist millennials implement simple changes in order to save money. Nothing here is radical or overly hard to do! Make a few small changes to simplify your finances and minimize your debt and you’ll be well on your way!
As you can see, minimalism, as well as saving money are habits that you need to practice!
This article was written by Valentina Wilson. Valentina is a personal financial blogger. She loves to analyze personal financial matters and help others manage their finances in a better way. Traveling is also her passion. She loves to travel and explore different places by herself. To connect with her, go to her Facebook | Twitter or visit Bestdebtconsolidation.org