Saving money, especially when you’re young, can be challenging. But, that doesn’t mean that you can’t manage your money like a BOSS!
With today’s technology, literally at your fingertips, there is no reason why savings and spending should go unmanaged. Right now, Millennials are stepping into or are a few years into the beginning of their careers. Managing bills, a new job, new expenses, and oh, yeah, that college loan can be daunting, but not unruly.
Track Your Spending
Mobile and online banking offered through your Credit Union can help you organize your spending habits by categorizing and charting your account activity. Don’t worry – it sounds fancy, but it’s as easy as 1-2-3! Simply set up your expenses as they come in (grocery, entertainment, rent, etc.) and then the application (either online or mobile) charts your monthly spending. So, you can see if you’re spending more in one month versus another and if you’re spending more in one category (like entertainment) than another.
Find & Use Discounts
When shopping, be sure to click, baby, click! That’s right, coupons, reward points, and loyalty perks are offered on almost everything. Now, not everyone has time for extreme couponing, but younger generations have been engrained to utilize their mobile on a daily (okay, more like hourly) basis to have information at their fingertips. So, the next time you buy tickets for an escape room, grab dinner, go grocery shopping, or place your online order, browse to see if there are promo codes, discounts for pick up/delayed delivery/free shipping, loyalty programs, or online/in-store coupons that you could use to save money.
Set Up Credit/Debit Alerts
Being aware of your surroundings is always important, especially when it comes to debit and credit cards. With increasing fraud, most credit unions provide their members with account alert services. Sign up to get alerts on account activity, balances, transactions online/mobile, and changes to your sign-in. All these tools can help you stay protected against fraudulent charges.
Don’t Forget to Have Fun
But it’s not all about saving money… we also want to indulge just a bit! As young professionals, Millennials are often on the go, so why pay for a TV subscription? Instead, invest in an app-based solution (such as a Fire TV Stick, Roku, or Chromecast) that uses Internet or other standalone services that allows multiple users on the same plan (just check terms/services first). Any of these online options are great for some relaxing downtime, catching up on a few movies, or binge watching.