As both a student and a millennial, my eyes are always peeled for helpful tips and advice on how to manage my finances. I recently came across this article from refinery 29 about “10 Bizarre Money Habits Making Millennials Richer.”
While I usually try and avoid this ‘listicle’ format, I was intrigued enough to look into it. The list surprised me in that it actually did include some new tips I hadn’t heard about before, like literally freezing your credit card (See image to the left).
I decided to run a little experiment based on this article, and I’m sharing the results with you now. I didn’t think it would be feasible to try and implement all ten of the habits. Besides, some of them don’t apply to me (I no longer have a car or any recurring payments coming out of my bank account), so I decided to focus on just a few of the tips to see how easy they really were to put into action.
Tip 1: Pick a denomination and save it
The first tip I implemented was to pick a denomination and save it, always. Unlike the article, I don’t get paid in cash (or at all really, apart from payment for blogs like this), so the only time I come into contact with physical cash is when I take it out of an ATM or get cash back at the grocery store.
I thought I’d start small: I would save all my £2 coins [the UK pound is the currency where I currently live, in Scotland] in a jar on my desk. This actually turned out to work quite well for me, as my current wallet is a card carrier without any space for coins. Every time I received change I separated out the £2 coins, then made sure to move them into the jar every couple of days. After three weeks of this method, though, I had only saved around £12. Turns out, £2 coins aren’t given out that frequently as change.
It was a few years ago now that my mom came to me and told me about this book I just absolutely had to read.
As with most things my mother tells me, I nodded, then continued on as if nothing was said. She gave me a copy of the book but I just put it on my shelf, along with many other parental recommendations that I never quite had the time to pick up and get to.
This past January, though, I was sitting around with my friends and they were all panicking about this book they were reading, and how their lives weren’t where they should be for our age, and how their entire perspective had shifted after reading it. Naturally, I was intrigued. What is this book and why is it so powerful as to elicit such a panic from my friends?
As luck would have it, the book they were discussing was the same book my mother had tried to get me to read years before, and I knew exactly where it was sitting on my shelf. I picked up The Defining Decade as soon as I got home that evening, and didn’t put it down ’til it was done.
‘The Defining Decade’ by Meg Jay, PhD is, as cliché as it may sound, a call to action. Continue Reading…
You’re a millennial. You’ve recently graduated from university and are beginning your career. You aren’t making quite as much as you’d hoped for, and as it turns out, rent is crushingly expensive.
Okay, you’ll just put off moving out for six months, save some money, live at home. Everyone’s doing it these days. You’re sure that before you know it you’ll be on track to success, living it up in homeowner-ville, sitting pretty. You’re not quite sure exactly how you’ll get to homeowner-ville, but it can’t be that hard, right?
If any of this sounds plausible, I would seriously consider reading this wonderful book called How Not to Move Back in With Your Parents – The Young Person’s Guide to Financial Empowerment by Globe and Mail personal finance columnist Rob Carrick. I don’t want to be dramatic and say it will be your new finance bible, but it’s definitely a book you’re going to be referencing time and time again throughout those first few post-graduate years.
Something I really love about this book is that it’s broken down into great detail. Not only that, but it’s organized according to when in life you should be needing the advice.
Covering all the financial bases