5 Ways Millennials Can Save and Get “Richer”

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Illustration by JOSH MCKENNA

Cool Ways to Save

In hindsight, saving money can seem daunting and often viewed as a long process with delayed returns.

1. Keep Two Bank Accounts

I have a spending account meant for my meal and public transportation fares as well as miscellaneous spendings like clothes, skincare products, video games, and more.

2. Save at a Specific Denomination Consistently

Pick any denomination that you’re comfortable with based on your spending power. It could be $5, $10 or $100. Be consistent in your savings and never miss a day.

3. Eliminate Things That You Don’t Need to Spend On

Every month, I’d review my monthly bank statements — or keep track of your finances in a notebook detailing your monthly savings and expenditures — to sieve out items I’ve been unnecessarily overspending on.

  • Cab fares
  • Expensive dine-out meals

4. Visualise the Way You Save

Make a vision board of your saving progress. Each time I save, I’ll put a checkmark, and it has been one of my greatest motivators in sustaining my saving streak instead of breaking it.

5. Make Full Use of Discounts and Promotions

Period. This is the only time where crazy deals happen, and most retailers hold mega sales from time to time. Do yourself a favour and check on the website or store assistants for any promotion before paying your items.

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A dog lover with a passion for writing. | Email: charlenee98@gmail.com

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