practical tips to saving money for most
millenials the hardest thing seems to be
the ability to save money well it's not
story and similar stories with
Millennials money-saving ineptitude come
out they are frequent enough that a
stereotype is forming some Millennials
have problems with saving for the future
many Millennials can save money as a
young adult but others still have
difficulty the Millennials that do keep
for the future tend to be saving a fixed
amount for their retirement as to
whether or not this will work for them
in the long run remains to be seen let's
take a look at two typical Millennials
first we have John John is in his late
twenties John isn't saving for
retirement John's trying to live life to
its fullest and experience as much as he
can now let's look at Kevin kevin is a
lot like John he's the same age and
makes around the same amount but unlike
John Kevin takes a conscientious effort
every day to save money and put those
savings towards his retirement let's
look at John and Kevin spending habits
to see where they differ and how that
affects them financially one of the
earliest life lessons that Kevin learned
was how to cook by being able to cook
Kevin can save money for example when
John is hungry he tends to eat out
instead of cooking on a typical day John
may spend roughly $15 on lunch and $25
on dinner in comparison to the $40 that
Jon spent on just two meals Kevin may
have spent that same amount on
ingredients and made five times the
number of meals of course
these numbers can change if John has
expensive tastes that forty dollars he
spends each day on meals can explode to
$60 or $70 but by using the same amount
of money Kevin can make even more meals
than you would think you see my Kevin's
choosing to buy groceries and cook at
home he can save the almost two hundred
and eighty dollars per week that John
spends on food before Kevin ever goes
shopping he will write a list of
everything that he needs and wall-e is
shopping Kevin makes sure to stick to
his list before going grocery shopping
Kevin will make sure to eat something
because he knows having a satisfied
stomach allows him to keep his list even
amongst all of the delicious temptations
at the groceries
or in contrast John will go to the
grocery store hungry and he'll not make
a list trusting that he can remember
everything that he needs by going to the
grocery store hungry John is far more
tempted by the food available there
since John doesn't have a physical list
he's essentially making a list up as he
goes John is really into buying name
brands while Kevin doesn't care all that
much but because John only buys name
brands he Shops at places where he can
buy them which are usually a bit more
expensive by being able to shop for the
generic and occasionally store brands
Kevin can save anywhere from 10% to 20%
Kevin will also go to Walmart instead of
going to Target like John sadly both
Kevin and John do have their vices one
of the steadiest rains on anyone's
wallet is their vice this vice can range
from smoking drinking gambling or
collecting anything when taken to the
point of excess will become a vice after
a long day at work Kevin likes to drink
a beer or maybe a glass of wine though
Kevin wants to save money his biggest
obstacle is his vice the average
American will spend five hundred and
sixty-five dollars a year on alcohol
while Kevin's vice is hard on his wallet
it's nothing like John's vice John is a
pack-a-day smoker by smoking a pack a
day John will spend two thousand eleven
dollars a year on his vice by looking at
what the average American will spend on
these two vices annually we can see how
they are not only hurting John and
Kevin's physical health but also
financially cabin and John both recently
purchased homes after buying a house one
of the easiest ways for Kevin to save
money is to replace all of his
lightbulbs with energy-efficient LEDs
but Kevin is not happy with just that
savings he wants to reinvest in his
house so he's also looking into
replacing the old inefficient appliances
with more efficient ones by reinvesting
into new appliances to ensure that they
are energy-efficient Kevin will save 25%
or nearly five hundred and fifty dollars
a year on energy costs beyond saving
money on his energy bills Kevin is also
now looking into ways he can save on his
water bill one of the biggest fears of a
new home owner like Kevin is unexpected
costs that come after purchasing your
house some of the most common unexpected
new homeowner costs are maintenance cost
property tax insurance utility bills and
so on
but with the money Kevin is able to save
on his utility bills he's able to buy
more appliances and furniture for his
house on his schedule in comparison John
sees the upfront costs of getting new
and energy-efficient appliances or the
purchases of LED light bulbs as
unnecessary and decides to wait until he
needs to get them instead of being
proactive what this means is that if
John's appliances do break and he will
be scrambling to purchase a new one and
may end up overpaying because he did not
do enough research Kevin on the other
hand likes to wait 30 days before making
any big purchases by waiting 30 days
this gives him the adequate time he
needs to think through whether he needs
the item or not and if so where to find
the best possible deal this means that
Kevin sits down and considers if this
purchase matches all his current needs
at a price that he can afford one of the
biggest drains on any newly independent
young adults wallet isn't impulse buy
for John and many people the old adage
of money burning holes in my pockets is
true but by waiting those 30 days Kevin
will also be able to plan his purchase
this means that instead of cramming that
entire purchase on credit cards which
John does quite often Kevin can gather
enough cash together with his savings to
make payment for items he needs by
practicing these money-saving tips Kevin
can squeeze more out of his paycheck
while in comparison John sometimes still
has to go back to his parents and ask if
he can borrow some money
many of these tips can be tedious to
enact at first but after a while they
become second nature thank you guys so
much for watching like subscribe and
I'll see you in the next one
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