3 Things Any Millennial Can Cut Out and Save Money
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Many people in the millennial generation are struggling with their finances. However, there are many ways in which a millennial can save money on their monthly expenses. By cutting expenses and saving money, they can then invest it in a savings account with the best interest rates. This is a great way to get started building an emergency fund.
Of course, there are things like rent and electric bills which you cannot realistically cut from your budget completely, but chances are there are some expenses you are paying for every month that are not adding value to your life and you could do without. Below is a list of three things that any millennial can let go and save money without damaging their lifestyle much, if at all.
One of the easiest things to cut out in life is cable TV. There are many reasons for this, including how much more productive you will be if you don’t have a TV subscription calling your name every night, plus there’s the simple fact that there are so many TV viewing options outside of the cable. There are a variety of streaming services that anyone can sign up for that allow for on-demand viewing.
They are usually cheaper than cable and they offer a wide variety of shows and movies so you can watch whatever you are in the mood for. Saving even $30 a month on cable TV will go a long way in reaching your financial goals. You can always go back and resign up for the services if it is something you just cannot live without.
Mobile Phone Bills
Another area in which many Millennials can save money is on their cell phone bill. Although few people would be willing to give up their smart phone completely, there are some services that will charge you based on how much data is used rather than just a monthly subscription. This is especially a good option if you are hooked into a Wi-Fi network most of the time anyway because you won’t use much data.
Cutting your mobile phone bill down from hundreds of dollars a month to less than fifty can make a huge difference in the lifestyle of a millennial. At the end of the day, you have to decide if this is an area that you are ready to make a change in or if you are satisfied with the status quo. Chances are that you can make a change without it affecting you much.
Finally, almost everyone could cut down on their driving expenses. Although people in the millennial generation do not drive as much as previous generations, this is still an area that can be cut back. Most people understand that driving increases fuel costs, but there are also other costs to consider as well.
For example, cars depreciate at a rapid rate and the more that a person drives the faster their vehicle is going to go down in value. This is especially true if you buy a new car instead of a used car. Over time, driving less during the week will make a huge difference in expenses by saving you money on gas, maintenance, and depreciation.
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