7 Clever Money-Saving Tips for Millennials

Saving money in your younger years is one of the smartest financial decisions you can make. That’s because you’ll learn early to find ways to cut corners. That kind of financial discipline will benefit you during your entire life.

Here are 7 clever money-saving tips for millennials.

1. Learn to Say “No”

You don’t have to say yes to every money-spending opportunity that’s presented to you. Learn to live without certain creature comforts, entertainment, or items that are meant to present an image.

There is no need to convince anybody else that you’re “well off.”

Instead, avoid impulse buying and decide to live within your means. When you develop good spending habits during your early years, you’ll find that they last a lifetime and enable you to save a fortune over your lifespan.

2. Clip Those Coupons

There’s no reason why you shouldn’t take advantage of savings that some brands make available to everybody. Coupons are a great way to trim your grocery budget.

Get a subscription to your local Sunday paper and run through the coupon section each week. Ask your neighbors who don’t do “the coupon thing” to share with you their coupons so that you can save even more money.

Also, take advantage of local stores that offer double- and triple-coupon days. You’ll save big.

3. Enjoy Customer Rewards Programs

There are many companies that offer customer rewards programs. If you shop at those stores frequently, there’s no reason why you shouldn’t take advantage of the program and save yourself money or earn extra perks over time.

4. Invite Friends Over Instead of Going Out

It’s the prerogative of the young to party. As a millennial, you unquestionably love hanging out with your friends at the local watering hole. However, that can get very expensive over time.

Instead of stopping by the local bar, invite friends over for a few laughs. You’ll save money on drinks and tips.

5. Entertain Your Children Cheaply

Baby expenses can run very high. However, that doesn’t have to be the case.

Kids are easily entertained. They don’t need toys that were purchased at a retail price to stay amused. You can trim costs on child expenses by frequenting garage sales and consignment shops. You can also get creative and literally make your own toys for your children.

6. Bring Credit Card Rates Down

You might be paying extraordinarily high interest rates on your credit cards. If you have good credit, you should be able to get those rates down.

Contact your credit card company and see if it’s willing to bring your rates back to earth. If you’re paying 12 percent, 14 percent, or 16 percent interest rates on your credit cards, you’re wasting a significant amount of money.

If your companies won’t lower your rate, pay attention to your mail. You could get a lower rate offer from a competing credit card company.

7. Buy Used Cars Only

There aren’t too many items that depreciate faster than vehicles. Make it a point in your life to only purchase used cars or you’ll just be throwing money away.

You might be tempted to fork over cash for a shiny, brand new car or take over a lease on a really cool ride. You’re not helping your finances when you do that.

Stick with used cars and save money.

As a millennial, you’ve got quite a bit of life ahead of you. Make sure that you start good money-saving habits while you’re young.