April 8th 2017
5 Money-Saving Tips for Millennials
Millennials, also known as Generation Y, are people born between the 1980s and 2000s. Research has shown that millennials have the largest influence on the world’s economy due to their purchasing power and population. Despite constant income, it is sometimes easy to overspend or spend more than what you need. So, here are 5 easy practices you can incorporate into your lives to save some spare cash.
Cook Your Own Meals
This works especially if you work in the town area, where food is typically pricier. Preparing your own meals may take up some time, but all you have to do is to prepare your meal the night before and place your lunch box in the refrigerator. On the following morning, heat up your meal in a microwave and pack it into an insulated bag. Not only do you save up money, you avoid the insane lunch crowd as well!
Sign Up for Free Memberships
Many shops and online stores nowadays offer free membership sign-ups to their customers. Most of these memberships offer discounts whenever you purchase an item or allow you to accumulate points. Most retailers allow these points to be redeemed for cash at your next purchase. These discounts can add up to a large amount particularly if you frequent a certain store. For instance, Topshop provides both a discount and point accumulation system. They provide 10% discounts to their members for every purchase and an additional 10% if you are a student. Additionally, every $1 spent equates to 1 Topshop point, and every 20 Topshop point can be redeemed as $1. Should you spend $100 every month, you save $10 and you have 100 Topshop points deposited into your Topshop account! Many other retailers provide such a system as well, and some examples include Challenger and Ikea.
Check Out the “Second-Hand” Store
Be it online stores or thrift stores, you can save yourself a ton of money by purchasing items from there. Buying items that had an owner before you don’t necessarily mean that your item will be worn out and old. Check out such stores and you will be surprised to find many unused items that are being sold at a very low price. This is due to the fact that many of these things were received as gifts or bought at the wrong size. Be pleasantly surprised when you visit such stores, as you will find all sorts of things there – from clothes to kitchenware.
Keep a Piggy Bank
Well, this piggy bank is not your typical I-have-to-save-ten-dollars-a-day piggy bank. One tip would be to put every 1 dollar and 50 cent coin received into a container. Should you “save” $1.50 every day, in 365 days, you would be able to save $547.50! This is an especially pain-free way to save and at the same time, your wallet would be less heavy too!
Given the sky-high prices of COE in Singapore, everyone can agree that it’s difficult to afford a car in this little red dot. To make matters worse, there is an increasing trend to the prices of public transportation as well. So here’s a great tip to save more even when taking public transportation – alight one bus stop earlier or one train station earlier and then walk to your destination. In the long run, you can save up a substantial amount and get some exercise done too!