Millennials have become the multitask generation. Managing their social life, hair care costs, and branded shopping has become their primary goals. Naturally, the biggest concern on their mind is how to manage money effectively and see it grow.
However, make no mistake that managing money requires time and a lot of planning but with a few tricks up your sleeve, you’ll witness it increase exponentially. Additionally, once you start managing your money you’ll get better insights into investments you can undertake – one stone, two birds kind-of-a-situation, you get the drift right?
Let’s look at 5 efficient money management tips that’ll rid you of all your financial woes:
1. Put “Budget” on Your Bucket List
Who doesn’t want champagne on a beer budget? But that’s just the stuff golden dreams (pun not intended) are made of. While this may seem like an obvious suggestion, you’ll be surprised that not too many people follow their budget. The idea is simple: track your expenses, savings, assets, and liabilities; and basically, stick to the plan. Also, remember to make room for uninvited guests – emergencies and impulses that come knocking at the most unexpected times.
2. In For a Penny, In For a Pound
The next step is to plan your long- and short-term goals and put it on paper. Short-term goals include buying that dress you’ve been eyeing at Forever 21. Whereas long-term goals include buying a home or going on a world trip with your BFFs. It is important to write it down because it’ll be a wonderful reminder and keep you inspired.
3. Renting is the Real Deal
Thinking frugal is the smartest thing you can possibly do. Everyone wants to cut down their major expenses and this is where renting stuff could turn the tables in your favour. Take, for instance, the idea of renting furniture. For professionals who don’t wish to settle down in one place and are constantly on-the-move, renting furniture makes perfect sense. What’s more, it’s easy on the pocket as you don’t have to shell out bucket loads of cash all at one go. If you like what you’re hearing, browse through Furlenco’s exclusive collection that’s as innovative as it is pocket-friendly.
4. Balance the Cycle of Saving & Investing
Saving as a concept isn’t alien in Indian households but sadly it’s reserved for the older generation. Everyone knows this: Start saving 10% of your salary in a savings account from the day you get your first job but how many of us actually follow it? Even a small amount every month can pay huge dividends. Another upside to saving is investing. With a little bit of research and guidance from a financially sound mentor, you can not only save your hard-earned money but possibly double it.
5. Knowledge is a Gold Mine
In today’s internet age, Google is your biggest ally. All you have to do is simply Google courses on financial management, basic accounting and economics and take online courses (which are often free). You can also do some research on viable investment options and always bounce ideas off a trusted advisor. Get educated and fast-track your way into a smarter, financially-sound future!
Have more queries on the best money management tips? Share your thoughts and concerns in the comments section.