It seems that every few years the world comes up with a new name to slap onto a group of young people. Generation X, Baby Boomers, and Traditionalists are all large groups of people who were born and lived throughout the 20th century. For myself, and anyone else born between 1977 & 1994, we got stuck with the label of “Millennials”.
On top of the abnormal focus on millennials within the business world, they had also come into an incredibly disheartening and difficult time, due to the state of the economy. However, it is not all that bad. The challenges that millennials were born into have shaped them into one of the most educated and diverse generation of individuals – and to top it all off, millennials have acclimated quite comfortably into the world of frugality.
As this group of young individuals is diving into the adult world, their ability to stretch their finances is often envied throughout other generations. Being able to manage finances in a world where virtually everything is rising in price is an incredible feat – but how do they do it? Below are 6 ways these young individuals can make the most out of their money before, during and after college.
Be Smart
Young people are often able to save money quite effectively. This is due to a majority of these folks being aware of the impact of credit cards and unnecessary loans, causing many of them to stay as far away from them as possible. This means that a majority of these people’s lives (and money) is not being consumed by unnecessary bills. This financial freedom allows us to put money away for when it is truly needed. Thankfully, today’s world creates many opportunities for people to combat what is thrown at them and save in nearly every aspect of life.
Be Thrifty
Although it has been around for ages, the art of thrifting has been glorified with this generation of young individuals. However, there are a vast amount of thrifting opportunities outside of buying cheap, used clothes. For example, as this generation pushes on through college, many of them are taking advantage of buying used textbooks, because there are little-to-no differences between new and old textbook editions. This money-saving tactic should always be reviewed on a case-by-case basis, but being aware of thrifting opportunities can be an enormous win in the frugal life.
Use Technology
The technological world is constantly growing, and the millennial generation is fully aware of this and taking full advantage of the situation. Things like shopping and financial management apps and websites are fueling the way young people shop, because they are often offering better deals than the actual storefront offering a similar product. Keeping up-to-date on various shopping websites will help you find incredibly low prices on just about anything you need in the day-to-day life.
Get a Side Job
In today’s society, it can be rather easy to get second job to help supplement your income. With the availability of online, work-from-home jobs, many young individuals are able to make an extra $50-$100 per day doing something they love by simply investing a few hours per day into it. After all, making an extra $1000 per month is quite possible in today’s world, thanks to these freelance opportunities – just be sure to remember to rest so you don’t spend it all on coffee.
Overall, there are a plethora of money-saving opportunities for individuals of all ages to take part in throughout their college life. It is important to set personal goals and stick to them in order to make the most of your money. Be smart and have fun.
Thank you for reading. Let’s continue the conversation! Find me on Twitter: @Trvshlvrd_RR.
Article contributed by Taylor Tomita
Taylor is a writer residing in Boise, Idaho. When not writing, he can be found playing guitar in the bands Stepbrothers and Boy On Guitar. You can probably also find him wandering the town in search of pizza. Follow him on Twitter!
