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Expert Budgeting Advice for Struggling Millennials

By: Brittany Engelmann-- 2016-05-25 6:00 am --

The millennial generation is financially struggling much more so than the generation preceding them. About 40 percent of all unemployed Americans are millennials, and about 36 percent of millennials are still living with their parents. While the economy is improving nationwide, millennials are still experiencing the brunt of financial difficulties. For those seeking to get their own place, save up for a home, and create a stable financial future, learning to budget your spending is critical. Here are some tips to help millennials create and build a savings, while still living comfortably.

Start a Savings Account

CNBC reports that, as of 2015, 28 percent of people in the U.S. have no money in their savings, while another 21 percent don’t have a savings account at all. Unfortunately, not having financial savings can be troublesome, and in some cases, lack of emergency funds will dig you deeper into debt.

With an emergency savings, you can avoid late payments and fees in times when finances are tight, you can cover emergency medical or car related expenses, and you can accrue interest, allowing you to steadily build your income. Start a savings account that automatically transfers $1 to your savings every time you make a purchase. In doing so, you can incrementally build your savings without the financial burden of setting aside fixed amounts monthly.

Increase Your Savings in Conjunction with Your Income

Oftentimes, when a person’s income increases, they increase their spending along with it. As a result, they have difficulty saving money, even as their income improves, because they are constantly readjusting their standard of living to suit their new income. When your eagerly anticipated pay raise arrives, it may feel tempting to buy a better cell phone plan, upgrade to a nicer apartment, or increase your spending at the grocery store, rather than saving the money.

Instead, gain the best of both worlds by increasing your savings and your spending simultaneously. If you get a raise of 2 percent, put half of the money into a savings account each month and use the remainder of your extra money to splurge on personal items. If you continue to grow your savings in conjunction with your income, you’ll increase your financial stability over the years.

Purchase Things in Bulk

According to the Atlantic, low-income adults are considerably less likely to purchase supplies in bulk, despite the incredible cost-savings that can result from it. No matter how much money is saved, the larger upfront cost deters many low-income people from purchasing bulk supplies. However, millennials can cut the cost of household necessities and food considerably by purchasing in bulk, resulting in hundreds of dollars saved every year. Find a discount wholesaler, round up your friends, and pool your money together to buy large bulk quantities of daily necessities. You’ll be able to considerably reduce the cost per item, while dispersing the impact across you and your friends, so none of you are facing the brunt of the expense.

The millennial generation is struggling much more than their parents. In today’s economy, it’s harder for millennials to find work and the work often proves insufficient for meeting the high cost of living in many U.S. cities. However, with the right financial approach, you can steadily grow your savings and live more comfortably. The key is living frugally by accessing the best deals on your most needed items. With bulk wholesale savings, you can ensure your home and office is perpetually stocked, while saving hundreds of dollars annually. Click here to explore a variety of wholesale merchandise, and take control of your savings today.