practical tips to saving money for most millenials the hardest thing seems to be the ability to save money well it's not every day the likes of the avocado toast story and similar stories with Millennials money-saving ineptitude come out they are frequent enough that a stereotype is forming some Millennials have problems with saving for the future many Millennials can save money as a young adult but others still have difficulty the Millennials that do keep for the future tend to be saving a fixed amount for their retirement as to whether or not this will work for them
in the long run remains to be seen let's take a look at two typical Millennials first we have John John is in his late twenties John isn't saving for retirement John's trying to live life to its fullest and experience as much as he can now let's look at Kevin kevin is a lot like John he's the same age and makes around the same amount but unlike John Kevin takes a conscientious effort every day to save money and put those savings towards his retirement let's look at John and Kevin spending habits to see where they differ
and how that affects them financially one of the earliest life lessons that Kevin learned was how to cook by being able to cook Kevin can save money for example when John is hungry he tends to eat out instead of cooking on a typical day John may spend roughly $15 on lunch and $25 on dinner in comparison to the $40 that Jon spent on just two meals Kevin may have spent that same amount on ingredients and made five times the number of meals of course these numbers can change if John has expensive tastes that forty dollars
he spends each day on meals can explode to $60 or $70 but by using the same amount of money Kevin can make even more meals than you would think you see my Kevin's choosing to buy groceries and cook at home he can save the almost two hundred and eighty dollars per week that John spends on food before Kevin ever goes shopping he will write a list of everything that he needs and wall-e is shopping Kevin makes sure to stick to his list before going grocery shopping Kevin will make sure to eat something because he knows
having a satisfied stomach allows him to keep his list even amongst all of the delicious temptations at the groceries or in contrast John will go to the grocery store hungry and he'll not make a list trusting that he can remember everything that he needs by going to the grocery store hungry John is far more tempted by the food available there since John doesn't have a physical list he's essentially making a list up as he goes John is really into buying name brands while Kevin doesn't care all that much but because John only buys name brands
he Shops at places where he can buy them which are usually a bit more expensive by being able to shop for the generic and occasionally store brands Kevin can save anywhere from 10% to 20% Kevin will also go to Walmart instead of going to Target like John sadly both Kevin and John do have their vices one of the steadiest rains on anyone's wallet is their vice this vice can range from smoking drinking gambling or collecting anything when taken to the point of excess will become a vice after a long day at work Kevin likes to
drink a beer or maybe a glass of wine though Kevin wants to save money his biggest obstacle is his vice the average American will spend five hundred and sixty-five dollars a year on alcohol while Kevin's vice is hard on his wallet it's nothing like John's vice John is a pack-a-day smoker by smoking a pack a day John will spend two thousand eleven dollars a year on his vice by looking at what the average American will spend on these two vices annually we can see how they are not only hurting John and Kevin's physical health but
also financially cabin and John both recently purchased homes after buying a house one of the easiest ways for Kevin to save money is to replace all of his lightbulbs with energy-efficient LEDs but Kevin is not happy with just that savings he wants to reinvest in his house so he's also looking into replacing the old inefficient appliances with more efficient ones by reinvesting into new appliances to ensure that they are energy-efficient Kevin will save 25% or nearly five hundred and fifty dollars a year on energy costs beyond saving money on his energy bills Kevin is also
now looking into ways he can save on his water bill one of the biggest fears of a new home owner like Kevin is unexpected costs that come after purchasing your house some of the most common unexpected new homeowner costs are maintenance cost property tax insurance utility bills and so on but with the money Kevin is able to save on his utility bills he's able to buy more appliances and furniture for his house on his schedule in comparison John sees the upfront costs of getting new and energy-efficient appliances or the purchases of LED light bulbs as
unnecessary and decides to wait until he needs to get them instead of being proactive what this means is that if John's appliances do break and he will be scrambling to purchase a new one and may end up overpaying because he did not do enough research Kevin on the other hand likes to wait 30 days before making any big purchases by waiting 30 days this gives him the adequate time he needs to think through whether he needs the item or not and if so where to find the best possible deal this means that Kevin sits down
and considers if this purchase matches all his current needs at a price that he can afford one of the biggest drains on any newly independent young adults wallet isn't impulse buy for John and many people the old adage of money burning holes in my pockets is true but by waiting those 30 days Kevin will also be able to plan his purchase this means that instead of cramming that entire purchase on credit cards which John does quite often Kevin can gather enough cash together with his savings to make payment for items he needs by practicing these
money-saving tips Kevin can squeeze more out of his paycheck while in comparison John sometimes still has to go back to his parents and ask if he can borrow some money many of these tips can be tedious to enact at first but after a while they become second nature thank you guys so much for watching like subscribe and I'll see you in the next one
