May 06, 2022
Who doesn’t love a great financial tip? And, since I have the microphone right now, who doesn’t love great financial tips specifically for Millennials—those cool kids like me who were born between 1981 and 1996 also known as Generation Y?
Not all financial tips require major adjustments to your lifestyle, the assistance of a CPA, or the need to learn what exactly a bitcoin is. Some tips are simple. And we here at Credit One Bank’s Millennial Writers Headquarters are all about making things simple.
So, without further ado, here are five SIMPLE money management tips—from the Gen Y perspective—that will put some extra pep in your financial step.
There are a million subscription services out there these days. And, if you aren’t careful, you may find yourself paying the same amount of money—or more—in subscription fees than what you were paying before you so proudly announced on social media (and to anyone else that would listen) that you cut the cord. In fact, our average monthly spend on subscription services (video streaming, music, food, etc.) is $214.
Luckily, there are some simple ways to reel it back in and save a few bucks:
According to the National Coffee Association, Americans drink 656 million cups of coffee per day—with out-of-home coffee consumption up 16% since January 2021. If you combine that with the fact that the average cost of a cup of coffee is going up (thanks a lot inflation, supply chain issues, and climate change!), your caffeinated obsession may be causing you to spend a latte more on coffee than you may want.
So, if you are one of these coffee-craving consumers, think about what else you could do with that money—or even a portion of that money—if you stopped buying those venti double-espresso lattes with almond milk and a half pump of this and that. Or at least reduce the amount that you buy per day/week/month.
You can save money by making your morning cup of joe at home rather than buying it at your favorite coffee shop. Or, as awful as it may sound, you can replace that afternoon coffee with a cheaper “wake me up” like a glass of water and a walk—both free, last I checked.
There are a lot of helpful, entertaining, and easily digestible financial resources out there (cough cough…Credit One Central).
Programming note: This is in no way an endorsement of any specific resource (except for Credit One Central). Just simply a partial list of some options available to you. Did I mention Credit One Central?
You may be the last generation to remember a time before the internet was everything and when a no-skip portable CD player was the highest of hi-tech, but that doesn’t mean you can’t take advantage of technology today to enrich your finances.
We love our food. According to the U.S. Bureau of Labor Statistics 2020 study, Millennials spend 37% of total food expenditures on food away from home. While that number likely has come down some since 2020 (due to the COVID-19 pandemic), it’s still a decent chunk of change that can be saved if one were to change their dinner plans.
These are just a few simple tips to help you, my fellow Millennials, save some money as you go through this crazy thing called life. There are a lot of money management tips and resources out there—some big and some small—and it’s important to find the ones that help make your financial situation a positive one.
With his eyes set on becoming the next great ad man (at least until his comedy writing career took off), Marc earned his journalism degree and went straight into advertising for various gaming and tourism clients. He later expanded his credentials to include public affairs and communications work for several environmental science organizations before returning to his marketing roots. A lifelong scholar with recent studies in strategic communication, Marc enjoys tying humor into his writing and simplifying complex financial subjects into engaging and easy-to-digest content for a wide variety of audiences.
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