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14 November 2019

Millennial Saving Habits And How To Improve Them

Despite the bad press that millennials often receive for regularly spending money on dining out and entertainment, they are in fact some of the best savers within the country with 59% putting money away at least once a month. Admittedly funds are generally saved towards short term goals like a holiday in preference of a home or retirement, but it's possible that this is due to the general cost of living being higher and these longer term goals appearing less obtainable in today's society.

Are you saving enough?

The above infographic shares some important stats about the saving habits of millennials (those aged 18-34) and Generation X (those aged 35-54). Although many are saving money frequently which is great to see there's still a big percentage that aren't regularly popping the pounds away, if at all, which of course is a little concerning.

There are a few tips included which can certainly help you to save but being someone who puts funds away every pay day, without fail, and sets yearly targets, I have a few suggestions of my own which should have a positive impact on your bank (or ISA) balance.

  • Meal planning is something I do weekly to prevent wasted food and wasted money. Write a list and stick with it to free up funds to save
  • Have a look on price comparison websites and switch your gas, electric, insurance etc to cheaper companies if you can. Pop that monthly saving, which you were already spending, into an account - it will soon add up!
  • Walk or cycle if possible as this will lower your transport/commuting costs significantly. Share a vehicle with friends/family alternatively and save the money that would've been spent on fuel, tickets and parking
  • If you have any debt try to move it to a card with a 0% balance transfer offer
  • Use voucher codes, coupons and loyalty cards to spend less

Have you got any advice on saving for the future?


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