It often feels as though older generations criticize and pick fault with younger generations. “Entitled Millennials” is a concept that we see thrown around time and again through the media.
In the eyes of many, we are too preoccupied with capturing the perfect Instagram selfie or eating avocado salads and fancy brunches than we are concerned about being responsible adults, investing in properties, and so on.
The Truth About the Younger Generations
The fact of the matter is, things were easier in our parent’s days than they are now. It was easier to buy a house, easier to find a job after school or college, and easier to pay for an education.
Today, the student debt crisis is the worst it’s ever been, and with a global marketplace, things are getting more and more competitive.
While that doesn’t mean that we only care about avocado salads and branches, it does mean that it’s not going to be so easy for us to get mortgages and responsibilities at the same pace as our parents.
A New Generation Means New Opportunities
Luckily, we are an online generation. Millennials are the generation that saw the rise of the Digital Nomad (people working remotely from anywhere), social media influencers and notable online entrepreneurs.
The path to success and financial well-being is different now to how it was for our parents, but with the internet and a wealth of online information at our fingertips, we have more resources than ever to help us succeed.
5 Ways To Save More Money Than Your Parents Ever Did
Learn to Be Frugal
There’s a lot to be said for living frugally, or at the very least, living a lifestyle that is far cheaper than your actual incomings. You don’t have to be dressed like a hobo, sitting in your apartment with all lights off to save electricity and eating cups of 10 cent noodles, just make mindful decisions about your finances.
We live in an era where people are so eager to show off and impress others. Buying that fancy handbag may make you feel great for a short period, however, wouldn’t you prefer to know that you had a comfortable cushion of savings in your account? Something to fall back on if the going gets tough?
Consider Passive Income Streams
To the newbie online entrepreneur, passive income streams can sound like a pyramid scheme, or some black magic Voodoo, but the reality is that these are not only feasible ways to make money, they are feasible ways to make a lot of money.
Passive income is essentially money that can be earned while you are sleep, while you are eating a cheese toastie, while you are flirting with a hottie at a bar on a Friday night – virtually anything other than actually working – therefore it’s completely passive.
Starting a blog and utilizing affiliate marketing, selling advertising space, or accepting sponsored content is one way to make passive income. If you have a particular skill that you know is in demand, you can also create and sell your own online courses. Once the groundwork is done to create the course, anything made after is passive.
Get a Side Hustle
Whether it’s passive income like we discussed above or taking on additional freelance work outside of your main job, making extra money no doubt equals having extra savings.
The beauty of taking on additional work in this manner is that work can be project based with no commitments – ie if you are a Graphic Designer by profession, you can spend the weekend working on a project for a client, make a couple of hundred dollars, and then you are under no obligation to take on additional work again.
Monitor All of Your Finances By Yourself
Though there are disadvantages to being part of this generation, there are also advantages – one of which is the fact that we are much better informed and have access to more data than our parent’s generation.
Where older generations may have hired professionals such as Financial Planners to help them manage their money and make a smart investment or savings decisions, we are able to discover a plethora of tutorials, resources, and interactive advice forums with just a few clicks of our mouse pad.
Afterall, though financial planners and advisers exist to help a person manage their finances, their aim is also to make a profit. There is a lot of smoke and mirrors that surrounds this industry too. Financial Advisors may imply that processes are more complex than they actually are but younger generations, armed with data and resources know better.
Refinance Your Student Loan
The average college graduate today has over $30,000 in debt following them after they complete their studies. Student loan repayments are expensive and unavoidable, but there are ways to make handling over a part of our paycheck every month less painful.
Student loan refinancing enables you to consolidate your existing loans into one single loan. Not only is this easier to manage, it also typically comes with a lower interest rate, therefore, saving you money every month.