Winter is one of the busiest seasons of the year. Millennials are on the loose and are spending cash on whatever they fancy. In fact, according to a recent survey. 7 out of 10 millennials admit to impulse purchases. To curtail this harmful habit and to ensure your future's financial security, adopt these 5 spending habits that is especially tailored for millennials.
Stretch Out Your Budget
Millennials are sort of the free-spirited, go-with-the-flow generation. They are versatile enough to crash in friends' couches and eat only cup noodles for days. Stretching your budget will be easier at this stage in life. You can go on a diet with your roommate or partner, carpool with colleagues, and occasionally use the public library's WiFi whenever you run out of gigs on your data plan. Be creative and resourceful when it comes to finding ways you save and spend cash.
Invest What You Save
Having money for rainy days is smart, but investing and growing it with minimal energy spent is even smarter. In fact, investing isn't just a seasonal activity you can do during the winter. Although, because winter does offer more time due to holidays, it does present an opportune time to look at investable companies and markets. You can look into stocks and government bonds that have low-risk, low-yield quality or go for higher-yielding assets, such as Forex and binary options. Regardless, be proactive with your money.
Work Part Time
Seasonal winter jobs are a trend for millennials and generations preceding them. Whether you're a college student or a working professional, getting a seasonal job can increase your savings or offset the impact of impulse purchases during the holidays. Also, try to look for a career that you will want to work in for years to come. A 9-5 dead-end job can reward you financially in the short term, but it might not be the right career fit for you over time.
Change Your Mindset
Most millennials have been used to getting what they want when they want it. This is harmless during the early stages of his/her life, but as a millennial approaches adulthood, this type of thinking can lead to financial ruin. Always think ahead in terms of your cash flow. How much comes in and how much comes out every month? Recognize the fact that you are now held financially accountable for your actions. Sure, your parents might still bail you out from poor financial decisions from time to time, but adopting a permanent mindset of positivity and financial accountability early on can help you in your future ventures.
Capitalize on Technology
Since birth, millennials have been exposed to technological advancements, from the first broadband Internet service to the first social networking sites. Harness the power of technology to find seasonal deals and discounts on products and services you need or want. For instance, sites like Groupon can give you considerable discounts on group activities like skydiving and kickboxing, which are pretty popular amongst millennials. You can also use the Internet to sell items you're no longer using like a bike or gaming console.
Arm yourself with the financial smarts to spend money wisely not only during the winter season, but the following year as well. It won't be an easy undertaking, so be sure to involve your friends and family members for support.
Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, a leading supplier of personal and business checks.
5 Winter Spending Tips For Millennials
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