Millennials And Money: How To Get More Out Of Your Paycheck
Money is one of the most pressing concerns for millennials. We are known as the generation that struggles to get on the housing ladder and find jobs that pay high wages when we graduate. If you’re a millennial, and you’re finding it tough to survive from one payday to the next, you’ve come to the right place. This guide will hopefully help you get more out of your paycheck.
Easy ways to spend less
Most of us, if we were honest, would admit that we spend money on unnecessary items. That night out when you throw caution to the wind or the daily coffee you grab on the way to work. We’ve all been there. If you’re really trying to cut down, and ensure you make it to the end of the month without having to scrabble around for loose change under the sofa cushions, be more militant about budgeting, especially when you’ve just been paid. When your balance is looking healthy, it’s easy to get carried away, and this can lead you to regret decisions you made earlier in the month when payday is a distant memory.
There are so many easy ways you can spend less, from taking lunch to work with you and making a coffee at the office to walking or cycling to work and swapping expensive dinners or nights at clubs for cheaper social activities. If you don’t already have a budget every month, now is the time to start budgeting. This will help to prevent overspending and give you more control over your finances.
You’ve paid your rent or mortgage, but your monthly outgoings don’t stop there. What else have you got to cover with that one paycheck? Your phone? Your bus, train or metro pass? Gas for the car? Electricity? Water? Health, car, and home insurance? The list can seem like it’s endless. The reality is that most of us have several payments coming out of our accounts in any given month. If you can get better deals on every payment, you could save a huge amount of money.
Whether you’re looking for a new credit card, you’re searching for the best interest rates on auto insurance, you want to take out a loan, or you’re tired of dreading the energy bills arriving each month, it pays to shop around. You can compare prices using websites within a matter of minutes. Even small monthly savings could soon add up.
If you can put money aside each month, this could help you set up an emergency fund or boost your balance if you’re thinking of buying a new car or putting a deposit down on a new house. If you find it hard to resist spending money that’s sat in your account, set up a direct debit from your current account to a savings account. If you don’t already have a savings account, look at interest rates offered by different banks and choose the account that best suits your needs and preferences.
Most of us would love to have a little bit extra at the end of the month. Hopefully, this guide will help you to spend less, save more, and squeeze a little extra out of your paycheck.