There are plenty of books about money tips or savings. In this blogpost, I will share some of my actual ways that will surely help Millenials spend their money.
1. Create an Effective Budgeting Plan
You can create a more effective budgeting plan. By doing this, you have to know where your money is going and you should customize it where the money is supposed to spend.
You can create a budgeting plan by asking: How much is being spent on rent, utilities, groceries, debt, and entertainment? Once you have created a clear picture of where your money goes in a typical month you can begin to spot trends and problem areas. After you’ve found the problem areas you’ll have a better idea of where you can cut back and by how much. As you can see, the idea is to paint a picture of where your money is going and is not so much about tracking every single peso you spend throughout the day. Yes, that can also be a helpful exercise to keep spending under control, but that’s also what turns most people off about budgeting; hence, they fall off this discipline after a few weeks.
2. Have a Discipline
This is also the character on how you manage your finances by controlling your expenses at the same time without sacrificing the important aspects of your life. Saving money is not everyone’s talent. The ability to save money is not inborn either. It is something that you have to do with the money you earn. This is respecting yourself after the long hours of work and the dedication to get in to your work premise despite the traffic and the long hours of sacrifices not with your loved ones. Saving money is a long-process and determination. This does not mean, after you save money, you are expected to withdraw it after all the thrifts you did over time. You save money so you can respond to the calling of the most important events of your life and of one’s life may be your parents’ birthday, reunion, education and important health issues. Not to save for luxurious bags, go mountaineering because you often see your friends climbing on a mountain and posting photos on social media unless you take these out from your spare money. If you tend to do and spend money because you would like to follow the trends, stop for a while and reflect upon it. There are several outlets, ways and strategies you can do to save and grow your money. Be familiar with those and learn from those.
3. Seek Professional Advice
It is also a very good thing to seek assistance from professionals. They will provide you some financial institutions where you can save money either in insurance, investments, savings & time deposits, or venture into the actual business. Remember: Before you save money, make sure you are committed about it and you are knowledgeable with the type and the risks of investments you are venturing with. Most importantly, you are passionate about it. No more dilemmas and no more what ifs. Just do it once you are decided to do it. Learn to be thankful for all the blessings you receive no matter how small or big they are. Learn to say thank you to yourself for putting money in the bank or in a one simple thrift can. Give thanks for each day that you earn money because of your hard work. This is the fruit of your labor and you are the only person who is assigned to take care of your finances.
Remember: “Your income is directly related to your philosophy, not to the economy”.