How To Manage Your Money As A Millennial?

First of all, stop worrying and take actual steps!

 
How To Manage Your Money As A Millennial?
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As a millennial, I am sure you are always receiving A LOT of financial advice from people. But the problem is that those advices do not take into account the exceptional situation that the Millennials are in. The general financial tips and techniques do not really work for us. People say that the Millennials more stressed about money than their older generations. I bet we are! We have seen our parents struggle for it their entire lives. And now, we are sulking in our own education loans. So damn right, we are quite worried. And we are confused. If you are too, here are few money management tips that MIGHT work-

Audit Your Expenses

See which expense can be avoided and which can be reduced. Act upon it!
See which expense can be avoided and which can be reduced. Act upon it!

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Be your own accountant. Okay first of all, please maintain accounts. You can just use a diary or one of many apps available for it. All you have do is keep a log of the traditional “hisab”- basically how much, when, and where did you spend your money. Use this information to audit your financials. Make not of the expenses that can be avoided in the future. Spending less is also a way of building more wealth. These cost cuttings only seem insignificant. Once put together, you can actually save A LOT on an annual basis.

Be Indian

If there’s one thing Indians are better at than the whole wide world- it’s saving money. I am not even kidding. It has been economically proven. So, just do what we Indians do. Irrespective of how much you are earning, make sure you save some portion of it. You can do this on a percentage basis. Maybe fix a 10 or 20 per cent of your earnings to be transferred to your savings. You will be surprised how much you can save over a course of years. You can use a PPF account of FD account for such a saving. It’s safe and it also gives better returns than a typical savings account.

Multiple Sources Of Earning

You cannot be satisfied with what you are earning. Look for more!
You cannot be satisfied with what you are earning. Look for more!

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Here’s the tough part. You belong to the millennial generation. So, it is time you live like one. In order to save more money in your unique position, you must think of a side hustle. Think of a freelance or contractual job apart from your traditional fulltime job. This will really help you meet any extra expenses and even save some for your future endeavors. You can also consider working at multiple places on a part time bases. The point is to earn as much as possible. Do not be satisfied with your income.

Finally, be rational and do not take miscalculated steps. If you don’t have the money, do not dine in at fancy restaurants or shop from expensive brands. There will be a right time for everything. Remember that!