How To Save Money As a Millennial is very Asked Question on google. Money is very important to us for millennia. Most of our grandparents were a part of Indian independence and naturally, a part of the poverty and unemployment that followed. Most of our parents took loans from banks to make anything happen – to buy their cars, to buy homes or to pay for our higher education. Therefore, many of us know how stressful debts can be.
The only way to combat debt and be in charge of your money is to plan your finances in a way that matches with your lifestyle. Here are some things to accumulate wealth over the millennium:
4 Cracking Tips On How To Save Money As a Millennial
- Auto-transfer to a savings account: Instead of a savings account being # 87654321, give your savings account a nickname for something interesting. For example, “Europe Trip 2021” or “Hyundai Creta 2021”. This exciting prospect of an upcoming holiday or a new vehicle will definitely inspire you to save money.
- Follow the 70:30 rule: Whatever your monthly income is, divide it by 70:30. Larger portion, ie 70% should cover your daily expenses like rent, food, supplies, shopping, trips, etc. The remaining 30% should be further divided into two 15% slabs – the first 15% goes to your immediate savings account and the other 15% to long-term purchases such as a house or apartment.
- Never put all your eggs in one basket: The best idea may be to diversify your investment portfolio. To reduce the risk of losing money, invest in various funds.
- Invest in where you believe: Again, it is most important to know your financial goal. It can be short term, medium term or long term. Based on this, select the funds that you trust and stay with them for at least 3 to 5 years. With mutual funds, the longer you wait, the better returns you will get. To know more about investing in Adarsh Fund,