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Thursday, March 28, 2024

4 saving tips for millennials and young families

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Trying to survive in the big city as a working adult or a young family while saving money? It’s possible to save despite the rising cost of living in major urban cities. 

4 saving tips for millennials and young families
Determine how much the household spends every month to know how much money they can save. 

Budget wisely 

The best way to manage spending every month is to prepare a budget plan at the start and stick to it all the way until the end. While others try the crude “spend half, save half” method, smarter people know that budget trackers and tools are the best way to keep one in check when it comes to taking control of their finances. Determining how much a person or a household spends in a month allows them to control their expenses and figure out how much money they can save.

Never say no to a freebie 

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New things don’t always have to mean “bought” things. Swallowing a little bit of pride and accepting things like second-hand clothes, bags, or even appliances and furniture can go a long way in helping an individual save money.

Get a credit card 

Millennials are known for being afraid to get a credit card, mostly because they don’t trust themselves with one. However, credit cards are actually a good way to help one pay for important big-ticket items like appliances for a home as it breaks the cost down into easy installments that are friendlier to the wallet than if a person had paid in full.

Use credit card when it counts 

Modern banking innovations have made present-day credit card a technological miracle. Use credit card for purchases that reward with points, travel miles, and other perks. For instance, RCBC Bankard Flex offers its users twice the rewards points on two categories that they choose: dining, clothing, travel, or transportation. Its other variant, RCBC Bankard Flex Gold, gives cardholders double rewards points on three categories that they’ll pick: grocery, gas, department store, household appliances, or travel. It also has flexible rewards redemption options that allow the cardholder to get the most out of their spending.

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