Paying off student loans, paying high rental costs, attending special events, and paying for health insurance are making it harder for millennials to save up for their retirement fund. Here are some money saving tips on how millennials can master their personal finances while they’re still young.
Since millennials are embracing technology today more than ever before, they should also use it to manage and automate their finances. These are some apps that can help: Digit, Acorns, and Mint.
Millennials and Money: Watch for Little Things That Add Up
That $5 cup of coffee, your post-work cab fare, and your happy hour outings are all taking a toll on your wallet. Little expenses here and there may seem harmless, but they really add up over time. Invest in a decent coffee pot, take public transportation, and learn how to mix your favorite cocktails at home so you can invite friends over instead. If you put those little expenses into a savings account, you might be surprised at how it accumulates over just a few years.
Cook at Home and Bring Your Lunch
The millennial generation is also the foodie generation, but that doesn’t mean that you have to eat out at restaurants for every meal. Learning to cook will provide you with a valuable life skill and a healthier way to eat that’s much more affordable. You can set aside the money you save for when you need it most.
Beat Student Loan Debt
Since the millennial generation as a whole is so highly educated, student loan debt is a huge concern. Look for scholarships and live modestly to keep loans to a minimum. If you already have student loan debt, try to pay it off as soon as possible so you can start saving and building your credit.
Saving with Structured Settlement Cash
If you are receiving regular payments from a lawsuit or annuity, one effective way to take control of your personal finances is to sell some or all of your structured settlement payments for lump sum cash. This is also a good way to start paying off student loan debt and start saving money for your future. However, this is a route best pursued with guidance from a qualified financial manager.
Contact Novation Experts for Money Saving Tips!
There are many things to consider before selling your future payments for structured settlement cash. For a financial solution that’s right for your needs, call the specialists at Novation today.
*Novation is not a financial advisor or consultant and strongly recommends that you speak to a lawyer or accountant before making any significant financial decisions.