For Millennials, it is more important than ever to learn prudent purchasing and money-saving behaviors for their hard-earned cash. Here are six tips:
LET’S START WITH SOME ADVICE FOR MILLENNIALS WITH CREDIT CARDS.
1. Be strategic with your credit card interest rates. If you’re carrying a balance on different cards consider only making the minimum payment for a while on the lower-rate cards and paying off the more expensive debt first.
WHAT ARE SOME SMART SPENDING TIPS FOR THINGS LIKE CABLE AND CELL PHONES?
2. Scrutinize your subscription services.
- When was the last time you went to the gym? Are you using Hulu, Netflix and Amazon subscriptions?
3. Find a cell phone plan that fits your needs.
It’s worth examining your monthly data usage to ensure you are only paying for what you need:
- capped data plans,
- unlimited data for certain services,
- plans that throttle your speed after a certain threshold.
4. Inquire about what your cable and Internet company can offer you.
- Check with your service provider. All the big telecom companies employ customer retention specialists who are authorized to extend deals to account holders in order to keep them around.
AND SOME OTHER MONEY SAVING TIPS?
5. Cut out the daily trip to your favorite coffee shop.
- Cancel the Cappuccino. Put the savings in a mutual fund with a 6.5% compound interest rate, you’d accrue $7,614.80 over a decade.
- Also, don’t assume that trendy K-cups are the answer; they’re scarcely more economical than your daily trip to the coffee shop.
6. Use innovative tools to save on retail purchases.
Use apps to search coupons, circulars, price beaters:
- Honey
- Flipp
- Paribus
