Creative Ways Millennials are Saving Money

saving money

Today’s economy works differently from how it may have for your parents. For young professionals working to pay the bills, pay off college loans and other expenses, and save for a home, it can be a little overwhelming.

Fortunately, there are many ways to save and make money along the way. None of these is going to make you rich, but each gives a small boost that can make a difference for your bottom line.

1. Save on Insurance

One of the costs everyone has to face is insurance. Every state requires drivers to carry auto insurance, so this comes as a hit to your budget every month. Instead of just finding the big name or responding to mailers, you can shop around for better deals. An app like EverQuote can give you options in your area to help save hundreds of dollars a year.

2. Grocery Savings

If you eat out every day, you are throwing money away. Buying groceries and making food at home saves you money every time you do it, so even two times fewer eating out every week can make a big difference. To save even more, sign up for your favorite store’s rewards program, and look for apps like Ibotta that can reward you for your everyday purchases.

3. Look at Spending

You probably know that you need a budget. What you pay less attention to is whether you really need to do the spending you do. If you have old memberships or subscriptions for services you don’t use, you are just wasting money. Using an app like Truebill can help you not only identify unneeded subscriptions, but cancel them as well.

4. Improve Your Credit

Are you financing a car or a home? Do you carry a credit card balance? If so, your interest payments depend on your credit score. You should check your score regularly for inaccuracies, as well as for negative marks on your report. You can do so through any of the major reporting agencies, Credit Karma, or myriad other services. Keeping up on this can make an immense difference in your financial picture, and save you money in the meantime too.

5. Deliver Food

Saving time has always mattered to people. Today, though, more options exist for people to do so through services like food delivery. For this to work, someone has to make the deliveries. Uber Eats and DoorDash both let you earn to take people their meals.

6. Stock Dividends (Not your parent’s stock broker)

Apps like Robinhood and Acorns have broken down the barrier to entry that many people felt when it comes to trading stocks. Robinhood allows you to trade stocks, ETFs, and crypto currencies without the fees. Acorns helps users invest passively by rounding up their everyday purchases and investing with the extra change.

Some stocks and ETFs pay dividends. Most dividends are paid quarterly, but there are monthly dividend stocks and ETFs as well. This is a great way to make your money work for you while you sleep!

You Might Like: Is Robinhood Good for Beginners?

7. Watch TV

Not only can you earn by playing games, but you can even earn money watching television!  If you sign up with Inbox Dollars, you can pick up shows to watch on your computer, and earn for doing so. This not only gives you the ability to earn while relaxing, but can bring you over a hundred dollars a month if you use it regularly.

8. Online Banking

Traditional banks have all kinds of ways of taking money from you. This can include ATM fees, low balance fees, and many other problems. What if there were ways to not only save on fees, but even earn more in interest than your bank provides?

It pays to shop around and find high yield interest savings accounts. These can help you earn 20x more money each month.

9. Compare Interest Rates Online

Whether you’re buying your first home or looking for a personal loan to consolidate debt, it pays to compare lenders. Depending on credit, length of the loan, and the amount you want to borrow, shopping around can save you thousands.

Compare Mortgage Interest Rates Here >>

Compare Personal Loan Rates Here >>

None of these tips is going to make you rich. Still, for young professionals trying to get ahead, every little bit helps. Finding small hacks like these can make the difference between treading water and starting to save for your future. Try them out, and look for more you can do to protect and grow your savings.

Kevin

Kevin