If you’re part of the millennial generation, then you’ve probably realized by now that the world of personal finance isn’t what it used to be. There are many newer methods of saving money that didn’t even exist just 20 years ago, and it can be difficult to keep track of all your options.
That’s why, in this post, we’re providing a few strategies to keep in mind as you go about executing on your own personal finance plan. These strategies work for short-mid term saving as well as longer-term, retirement saving.
Strategy #1: Use Round-Ups from Acorns
Have you heard of Acorns? It’s a saving platform that automatically rounds up your purchases to the nearest dollar, sending the difference into a savings account. This savings account can be allocated to invest into various mutual funds, earning you even more in interest as the account grows.
For most Acorns users, the rounded-up money isn’t even missed, and the extra savings are a pleasant surprise when you find yourself strapped for cash.
Strategy #2: Don’t Forego the Bond and Treasury Markets
One of the best ways to weather the inevitable storms that can hit the stock market is to invest into government-issued bonds and treasury notes. While the interest rates on these investments isn’t as high as other, higher-risk alternatives, their growth is generally steady.
Bonds and treasury investments are fantastic places to put money that you know you won’t be needing in the near or mid term.
Strategy #3: Eliminate Subscription Services You Don’t Need
Netflix…online gaming subscriptions…monthly ‘mystery box’ programs…all of these monthly subscription services add up to take a toll on your pocketbook. You might be surprised to learn just how much you’re actually spending when you sit down and take the time to add it all up.
Go through all of your monthly subscription services and identify the ones that you don’t need, and eliminate them. Then, invest the money you’re saving and watch it grow!
Strategy #4: Switch to a High-Yield Checking Account
Did you know that many checking accounts will actually pay you just like a savings account would, and there can even be no minimum balance requirement? It’s true…just do a quick search online for ‘high-yield savings account’ and find the one that’s right for you.
In just a few clicks, you could be saving money while earning interest on the balance you keep in your day-to-day checking account. It’s a win-win!