Money Management for the Millennial Generation

Posted on 26 March 2017

Investing for future

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Money Management Worry Free

We have seen a tremendous fluctuation in the economy since more than a decade and we've faced some serious leaps and bounds so far. As compared to the previous generations of our grandfathers when they used to live in peace with a solid security of a pension, it was actually the age when we used to see our cartoons on its much awaited time, such as getting home from school and playing your favorite show whether it be the power rangers, goosebumps, or big hit show that was on at the time. It also could of been playing badminton and going to bed early without worrying about the future. We believed that only our father's income is enough to live some good lifestyle. However, now we have entered into the completely 360 degrees world. Times have changed and investing in your future is a must to create security. Money management is a thought we never think about these days with so many things to buy whether its to the latest new technology, becoming new parents, getting that brand new first car,  or changes of life such as buying a house, getting out on your own and renting your first place. 

The routines, job competition, priorities are now digitalized and became complex, though. We are living in the digital world and what we know is to live and breathe digitally. Now we have easy tools to pass our messages to some other end of the world without any delay. So how can't we think of saving money digitally? Yes, we can.

According to the recent survey, adults from millennial generation shared their views and thoughts on saving money possible in this time? We've got some really interesting while some straightforward views.

What is Millennial Generation?

Millennial

Millennial generation refers to the group of people born in from 1988 to 2004. People of this age group have seen immense rise and fall in the economy due to the technology revolution. In general, Millennials are not content with their current money related condition; they are loaded with obligations and do not have the sort of learning they should haul out of their groove. The generation who touched the 20th century is heavily equipped with techno-gadgets which have made their lives even more possible and easy going. Money management has never been taught to our young society, and there are so many things that make our lives so much easier living in a digital world. It has become overwhelming for the younger generation to save any money at all.

Is it fun for the kids to save money?

Yes, it could be even in the hard times to save some cents on the grocery bills. Young adults love to save money as they usually get a prize after saving a pile of coins and currency notes in their piggy box and spare pickle jar. 

Budget Money Management

If you are one of the millennial and want to save some big bucks and budget for your dream car and home in the future, you must read have these ideas and tips to guide you to manage your money in interesting ways.

Set your dream example

Yes, this would be amazing to idealize your dream first before planning to save money. If you have big dreams and want to acquire them in your later future, there's a time you need to start from little. Students can save their pocket money and set a fixed amount to deposit as their saving daily, monthly. This is money management 101 at its finest. Your dream will compel you to save money and it needs to control your nerves as we know it's all the game of string nerves. Its the simple steps taken in order to see the big result in the end. Your money will compound before your own eyes and wont notice it until you put these tips into action. They always have said money doesn't grow on trees. Well just think of your money growing like a tree does. You plant a small amount of money (seeds) in the bank. Give it a set amount every paycheck (water) let it sit in there. Check it out in a year and let it add up (sun). Repeat it over again and your dreams are closer then you ever thought of.

buying first homebuying first car

Make interesting Saving Jars and Boxes

You might be acquainted with the envelope planning system for your own particular cash, yet this can likewise work for the youngsters. On either envelopes or containers, have your kid draw pictures of what he or she needs. You may likewise need to help your kid comprehend that few things will take longer than others to put something aside for. 

For instance, the short-term saving jars must contain the picture of little wish for the toy while the long-term jars must have Disneyland image. Educate your tyke to set aside cash for here and now and long-haul goals.

Make a goal chart for your kids

When you recognize what your kid needs to put something aside to collect what he wants. You can estimate the time and every day saving according and can make a saving goal chart. You can make every week's jar to know how much you have saved for the goal. There's another interesting idea is to create a puzzle on the jars according to a number of weeks, unless you complete the puzzle you'll keep on adding the money.

Try this myth with your or if you are capable of doing this yourself, just go for this amazing goal-oriented method of saving bucks.  

Final Note

Teach your kids how to budget and save money to set them up for better money management along with a safe future. Be that as it may, it won't go extremely far if you don't "try to do you say others should do" and to save for the future yourself. A child grows up seeing and observing his/her parent's attitude towards money and how they use it. It is important as a parent to educate your children to save some not necessarily big amounts, but save. This act of saving will lead them to the responsible mindset and to tackle every monetary hardship in the future. These money management and budget tips will sure to help you in your journey of obtaining your dreams in life. 

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