How To Not Always Be Broke: 11 Pro Tips For Millennials To Save Their Hard-Earned Money

With intense competition all around, millennials, without a doubt, are facing hard time earning money and keeping it. Their finances need major sorting out because of the kind of lifestyle they lead.

If you belong to the living-for-the-weekend generation, you probably know that spending more than you rake in is a real problem, and it's not exactly intentional on your part. It's time to change that. This is where we come in.

Here are some basic tips that'll help you save your hard-earned money.

1. Avoid outside food as much as you can.

If you sit down and calculate your monthly spending on the food you orders from outside, you'll know the difference. Also, it's not exactly doing wonders for your health, so that's one other reason to rethink this.

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2. Avoid going out every weekend.

We know weekends are sacred for you. You may be doing a good job of saving during the weekdays, but there are high chances you'll be broke after heading out on Friday, Saturday or Sunday.

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3. Invest in the right places so that you can save money.

First things first, know what investment is. Go to a finance consultant and get advice on how to start an SIP or explore other investment avenues. You can additionally buy health insurance or even just open a recurring deposit. The important thing to remember is the sooner you start saving for a rainy day, the better your finances will be.

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4. End of season sales are worth the wait

If you love shopping, you're probably losing money on that front too. But rather than not going shopping at all, play it smart - wait for the end of season sale. Better yet, wait till there's a 50 per cent discount on your favourite items.

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5. Try to lose bad habits (like smoking) that are costing you, literally

You know how much a single cigarette costs, right? If you just calculate how much you spend on smoking every month, you might just have more than one reason to quit it.

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6. If you can't afford to go to a certain high-end place, learn to say no.

Peer pressure can empty your wallet faster than you'll realise. At the end, no peer is a better peer than your bank balance.

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7. Use those food delivery coupons.

A 30% to 40% discount can alter your food choice. If it won't hurt your balance it won't hurt you.

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8. Buy good quality clothes that'll last longer.

Invest in a single pair of good quality jeans instead of getting two cheap pairs. Good quality items may seem like they cost a lot initially, but they'll last longer and help you save money on buying a new pair every two months.

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9. Start an emergency/rainy day fund.

They say at least 20% of your salary should be saved up. Over and above that, you should also add money daily/monthly to an emergency savings account for a rainy day. Emergency or not, it feels good to know you have some money to fall back on.

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10. Try splitting your living costs with someone

This will not only make living away from family more fun, you'll end up saving more money. From rent money to electricity and water bills, and even food, you'll end up saving quite a bit of money, if all your expenses are divided by at least two.

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11. Skip the cab and take public transport as much as you can

Think twice before taking a cab and start depending a little more on public transport available in the city. This in no way means you put your own safety at risk; take all things in to consideration and once you've done that, see if you can take the metro or the bus. In just one month alone, you'll end up saving money than would've otherwise been spent on costly cab rides.

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