4 money saving tips for millennials in Singapore
As a matter of fact, we have all come across several publishing about millennials. Nevertheless, few people understand who they are. The word ‘millennial’ is for people who are born between the 1980s to early 2000s. This era is also name as generation Y.
The explanation as to why there is a great deal about them is due to the reason that millennials are one of the most significant generations ever. Due to huge changes in this era, they have got a significantly different worldview in comparison to preceding generations.
An integral difference is just how millennials take savings and money. In reference to Goldman Sachs, millennials will normally have less to spend due to their low occupation levels and that they’re more entangled by debts.
While clearly the future of money of this group in Singapore is not in their personalities, here I have 4 money saving tips to begin an excellent journey to a financially secured future.
1. Automate your personal savings and obligations
With this group being a tech savvy people, it is going to be of great help if it is possible to automate your bank transactions.
A perfect way to make sure that you save some money at least every month is by using an automated savings account like the DBS eMySavings Bank account.
It facilitates an ideal way to save some of your money every month automatically with a predetermined sum. And if it happens that you will require more money during that month, you can change your crediting date and savings amount online.
For a millennial with a debit card, you can likewise pay for your credit card debt via Giro so you don’t lose out on your debt obligations.
2. Set up a regular budget
Making a comprehensive budget is 1 of the key things you should do. A budget will aid you to keep spending in balance. It is also a helpful guide that you can tweak when need be.
3. Make debt clearing your financial priority
Among the most common kind of personal debts this group incurs are education loans. Student loans can be considered a drag to your finances. This is particularly so if you are merely repaying the minimum amount every month.
It is problematic for a new graduate to spend 50% of your salary to repay your education loan. Thus try to aim for 20% to 30%. This is to clear it at the earliest opportunity and focus on achieving other bigger financial goals.
4. Travel, but take action on a budget
Since millennials will put off a relationship and purchasing their home until they get older, it gives them more disposable money to travel. However, If you’re are a millennial with the travel habit, be assured that there are ways to start seeing the world without having to spend all of your savings. Just travel on budget and your financial future is secured.
Are you currently facing some money problems? Best Credit SG Pte Ltd is here to help you with your problems. We have more than 30 years of experience and can customize a loan package just for you. Drop us a message or call us at +65 6272 5538. Drop by our office for a free consultation @ Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372