How To Save Money As A Millennial

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Soooo I am a millennial and I love spending my money. I’m surely not the only one who looks at their bank account completely confused on how and where the money went. So I’m not lecturing you about the expenses you make and why you shouldn’t do it. The way to do it is – spending your money wisely. I’ll tell you HOW to spend money wisely and save money as a millennial.

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I might be taking my own advice since I seriously have a shopping problem sometimes. Gotta say, I have been getting better at it and saved more money during the last few months. Somehow I feel like it’s hard to save money as a millennial with Instagram and other social media channels triggering us to buy more, go on nice trips and to be “in the game”. I have a few tips for you to save money as a millennial by spending your money in a smart way. This can be small changes or motivational things that will help us save more money without feeling missing out.

Keep track of all your expenses

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This overview might take a little while to create, but it’s easy once you have it. I don’t always make this on my laptop in Excel. Sometimes I’ll write it down or save my receipts to see where my money is going. This gives a clear view of your expenses and to avoid the “where the heck did my money go”-phase I’m sure we’ve all had at some point. I bet there are some things where you can save money on. Don’t buy the €5 coffee at Starbucks every morning on your way to work or school but bring your own coffee from home. Buy less lunch and bring your own lunch. Small things can already make a big difference!

Read more: How To Budget As A Student

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Set small saving goals

Some banks have the option to make different saving goals within your saving account. It’s different per bank but I’m sure they all have it in some way. Mine does and I made about five saving goals. The ones I have are:

  • Car – in case my car gets broken and I need to pay for it.
  • Birthday and holidays – we all know the December month can be so, so expensive. I love the holidays and buying gifts, but it’s hard to fit it all in the two months before. My goal is to save money every month so I’ll always have money for gifts! Without stripping down my weekly/monthly budget all at once.
  • Vacation – I’ll pay for all my trips and traveling with this money.
  • Other – this is mainly for emergencies. If my laptop needs to be fixed orrrr when it’s actually broken and I need to buy a new one.
  • Home – I’m saving up for my own house and I’ll save this money for the first month of rent and the furniture and all that expensive stuff.

As you can see, the goals don’t have to be super complicated. The small goals work (for me at least) really motivation and I’m so excited to save money and have those goals!

Read more: How I Organize My Life

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Keep a weekly budget

Now I know this might be a bit controversial and I definitely don’t always stay under my weekly budget. Hardly ever if I’m honest. BUT let me tell you, it’s so nice to plan it out and not have those money issues at the end of the month. I’m sure I am not the only one who needs to absolutely SURVIVE the 1.5 week before my payments roll in again. I hate it and my weekly budget avoids all of this. The hard part is to keep track of it and one thing that helps for me, is having two different bank accounts. I have one bank account where all my bills and official stuff comes in and goes out and I have one bank account for all my personal expenses. I’ll transfer money from one bank account to the other bank account on the last day of every week.

Read more: How To Increase Productivity

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Have a set date to look at your main bank account

So my bank account is the one where all my money comes in with all the bills and official stuff. Side note, if you’re a freelancer – this is more difficult since you won’t have specific dates when your payment rolls in. Definitely try to find a date or moment during the month to do this part.

I sit down at the beginning of every month when I have all my money. I have a list of all my bills that need to be paid like my phone bill or less official stuff like Netflix and Spotify, but obviously important to pay. One thing I do is write down the dates where the bill needs to be paid. I always know when I need to pay and there are no surprises during the month. This is when I decide how much money I want to save and then divide the amount of money into the smaller saving goals. I always make sure to leave some money on my main account, just in case. Furthermore, I think about the different expenses I have to make. For example, gas for my car or investments into my business or simple things like clothes or shoes.

Read more: How To Save Time In The Morning

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These things won’t change your lifestyle massively and it’s not my point to make here. I wanted to give you a few tips that will make it easier to save money as a millennial and to spend your money more wisely. It’s so, so easy to pay our shoes or clothes with our credit card and forget about it. As we get older, it is important to be completely aware of our expenses and I feel like this is a great way to do so.

I am 23 and still kind-off new to all of this. I have lived on my own and had the responsibility of paying all my bills but it’s still so tempting to go on a shopping spree and almost spend your entire monthly budget which is not what we’re going for. I want to know if you guys have any saving tips or budgeting tips. What’s your secret?



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workspace, tips to save money, how to save money as a millennial, tips to spend your money smart, how to keep track of your expenses
workspace, tips to save money, how to save money as a millennial, tips to spend your money smart, how to keep track of your expenses
workspace, tips to save money, how to save money as a millennial, tips to spend your money smart, how to keep track of your expenses
workspace, tips to save money, how to save money as a millennial, tips to spend your money smart, how to keep track of your expenses

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