It Is Time For The Millennials To Worry About Saving

3 min read

The population of young people between 20 and 34 years old makes up the millennials which are the generation that is shaping the workforce in all countries at this time. However, this generation prefers to spend their money on food, treats like fashion, mobile devices, leaving as the last option to consider savings and retirement.

Gradually the form of consumption is changing, from the beginning in our grandparents’ generation difficult things bought on credit, and they were far from the belief buy things or save cash to get it. As the financing credits and loans became popular, goals such as savings and investment remained in the background. Not necessarily credit and loans are bad if handled intelligently.

Image Source: Google
Image Source: Google

In the case of millennials, the current workforce, saving is basic and necessary for two issues, retirement and if they were to be unemployed is not seen in trouble. Probably you are aware of these two concepts this generation could begin providing a certain amount of their income.

If you are in this generation this is what you can do:

Assume that earns 10% less

The big problem is the lack of financial education with those that have young people are not aware of the benefits of investments, savings, and financial tools, decide no more nor less spending money when they want, live the moment to maximum and fulfill whims.

In case you really got to be some savings, use informal means to do as they are saved between friends, piggy banks or under the mattress. If you imagine that earns 10% less than their real wages, that money can be set aside, saved or invested.

You can find strategies that allow them to do so he or feel, could be done through the automatic savings will be deducted from your paycheck every month, however, you must remember that money can not be touched and you should not consider it in its expenditure budget to register. You can probably feel that earn less money, but in the long run, yourself feel more pride and quiet I made that decision and have started saving

A different option is to approach financial institutions and request more information about the tools they have, many of these tools take the money from your account even before you notice it, and you only have access to your money within a period previously agreed

Just because at this time of his life is not in a complicated situation that does not assure the future, it is prevented and start pushing a small amount of money consistently, will help you be already prevented getting peace in your finances no matter generation to which it belongs.

You May Also Like

More From Author

+ There are no comments

Add yours