Millennials have distinct spending patterns from older generations. In order to make their lives simpler, millennials, for example, are ready to spend more money on conveniences.
Millennials are also more inclined to spend money online shopping and eating out than they are to cook at home. Ride-sharing services and grocery delivery are their alternatives to purchasing a car outright. Despite the fact that it may cost more in the long run, many millennials believe that the convenience that these services provide makes it worth it.
Savings and spending must be balanced if a generation that lives "on-the-go" wants to accomplish its financial goals
Making a budget and saving money isn’t always simple, but they're a skill that everyone should have. If you are a millennial, here are 8 budgeting tips you can put into action right away to help you get your financial situation in order. You won't be free of financial problems overnight, but you will be on the correct track moving ahead.
Make a budget plan
Forming a budget plan is the first step in saving money. Having a budget plan helps keep track of costs and close any loopholes that might lead to overspending. Budgeting does not have to be a one-size-fits-all strategy, because what works for you may not work for someone else.
As a result, you must create your budget while considering three factors: cash flows, liabilities, and financial goals. You can use budgeting apps that are simple to use. Using these applications, you'll be able to keep track of your income and spending with ease, as well as find ways to save money along the way.
Follow the 50/30/20 Budget Rule
The 50/30/20 guideline is useful if you're having trouble coming up with a budget plan. According to this rule, you must devote 50% of your income to necessities such as utility bills, groceries, school tuition, and monthly loan installments.
You can spend 30% of your money on wants which include things like dining out, purchasing new clothes, or buying a gadget. The remaining 20% of your salary must be put up for savings.
If you stick to this budget guideline, saving money will become your second nature.
Track your spending
If you keep track of your spending, you can identify trouble areas. You are also more likely to think twice before making a purchase if you have to put it on paper. If you keep track of everything you purchase in a notepad, spreadsheet, or app, you'll pay more attention to what you buy and you’ll more likely spend less aimlessly.
Another reason why you should track your spending is to become more conscious of your spending patterns. If you know where your money goes, you can simply change your bad spending habits.
Make little alterations to your lifestyle
Millennials' way of life is drastically different from previous generations. Millennials desire a number of small luxuries in their daily lives. Though not all extra expenses are damaging; certain lifestyle changes might result in considerable savings over the long term.
Small changes that can make big differences:
- Making your own food - You may save a lot of money on food by preparing more of your own, instead of spending a lot on takeout or delivery orders or dining in restaurants. Instead of stopping for fast food on your way to a day trip, bring your own snacks or lunch.
- Use discount codes and coupons - Even if you focus on reducing expenditure by cutting purchases, you'll still have to buy certain items. When you do decide to make a purchase, make sure it is the least expensive option feasible. To save money, seek coupon codes and apply promo codes wherever possible.
- Do not store your credit cards on online accounts - It's inconvenient when you have to input your card information each time you want to buy something. That inconvenient aspect is precisely the point. The likelihood of making a purchase drops significantly if you have to grab your wallet, get your card, and type everything in rather than just clicking on a "buy now" button and be done with it immediately.
- Find cheap entertainment and leisure activities - You don’t have to spend a lot of money to have fun. Rather than going to a pub, organize a small get-together in your house for your friends and family if you're all trying to save money. There are several low-cost activities that you and your group can enjoy.
- Spend with cash only - Credit and debit cards may be addicting to swipe, but you may not know that you spent too much until you check your balance or receive your credit card statement. In the meanwhile, you may benefit from cash spending in two ways. First, it reduces your spending because you are limited to what's only inside your wallet. Secondly, it saves you from credit card debt. The guideline is simple: don't buy it if you don't have the cash.
Benefits of Budgeting Money
Having a money-saving strategy in place can alleviate the financial stress that can result from emergencies or a sudden job loss. If your car breaks down or someone in your family becomes ill, having savings readily on hand can help you avoid going into debt as a result.
Budgeting can guarantee that you always have enough money for what you need and what is essential for you. You may have a financial goal of purchasing your own home. You may have seen a condo for sale in Manila, condo for sale in Quezon City, condo for sale in Makati, condo for sale in Pasig. Budgeting will keep you focused on achieving your financial goals. It will help you realize what's more essential for you. By mapping out your goals and your savings and spending strategies, you will focus more on what you are attempting to achieve and are less likely to move from unplanned purchases.
By following the tips provided above and making cuts where you can, you will be able to start saving money and lowering your monthly spending. Discipline and patience are required, but the outcome will be well worth the effort.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that is strategically located within inner-city areas, in close proximity to premium universities and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, and Crown Tower University Belt. It also has pre-selling projects in the said area which include Vista Recto, Plumeria Heights, Tennyson Heights, Bradbury Heights, Sky Arts Manila, and Kizuna Heights.
Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan. It also has pre-selling condo projects in the said city such as Hawthorne Heights and Vista Pointe.
Vista Residences offers a condo property situated in major locations in Metro Manila – Makati City, Ortigas, and Mandaluyong City. If you are looking for a condominium where you can easily move in or a property that you can invest in, Vista Residences has ready for occupancy condo units and pre-selling condo projects. Salcedo Square in Salcedo Village Makati, Laureano Di Trevi in Chino Rocess Makati, The Currency and The Spectrum in Ortigas Central Business District Pasig City and Vista Shaw in Shaw boulevard, Mandaluyong City.
To continue its mission in providing condominium homes for Filipinos and investors, Vista Residences is now offering a premium condo living in the other areas away from Metro Manila. You can experience a warm and relax condo vibe in its condo in Baguio – Pinehill, Canyon Hill, and Brenthill. Now in the south, Vista Residences has Suarez Residences, a pre-selling condo in Cebu; and The Loop, a ready for occupancy condo in Cagayan De Oro.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
Vista Residences is part of Vista Land’s roster of condominium brands that cater to millennials and young professionals. The other vertical brands include Camella Manors, COHO, and Crown Asia.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
