Millennial Blog Wrap: Savings tips & bargains for broke millennials

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empty wallet - woman with no money in purse shopping. Female shopper in clothes store upset crying as she is out of money. Funny image of mixed race Caucasian / Asian woman.Hub Staff

If you’re a millennial who has been having some trouble in the savings department, this new post from Broke Millennial might be worth the read. In it, our heroine talks about a simple way for young people to actively save their money: by putting it into multiple accounts with fun nick-names (although, admittedly, her names are pretty run-of-the-mill).

It’s a fun idea though: it’s simple, people can personalize their account names, and it would be a helpful way for us millennials to visualize exactly what we have stored for each aspect of our lives.

Downsize and travel

A guest post on Making Sense of Cents about downsizing and living a traveling life describes a small family’s life-changing 15-month long travel experience. After they returned to the United States, they decided to take action to make their dream life a reality. It sounds like they’ve still got a lot to do to achieve their dreams, but they’re making passive income by renting out their large bungalow, and are downsizing by selling one item of value per week online. As a seasoned traveller (who is currently living in a space smaller than my parents’ closet at home), I wholeheartedly support this family’s dream of living minimally and experiencing as much of the world as they can. This post reminds us that if you have the desire to change your life and live more frugally, it can be done!

Millennial call to action

Stefanie O’Connell’s newest blog post is a stats-heavy call-to-action for millennials to get off our butts, stop dreaming, and start doing. She shows us how the number of self-employed millennials is actually down in recent years, despite an increased desire to be our own bosses. It’s definitely a wakeup call to not let our fear stop us from making the important changes that will make us happier and more successful in the long run. Stefanie is also there to remind us that a “million dollar idea” won’t just happen overnight, and that we’ll need to be patient in our pursuit of financial independence. The article is focused on entrepreneurs, but I think her message will resonate with all millennials who have a dream career that they may be avoiding diving into.

Free stuff via Bargain Babe

I feel like the tips in this recent blog from Bargain Babe is pretty much all we need to know. However, some offers may only be eligible in the States.

How not to run out of money in retirement

As a millennial, I can honestly say that I had never really thought about this problem but it sounds like something that could be really difficult to deal with: you’ve spent your whole life saving your money so you can enjoy your retirement, but you don’t want to “blow” it all in the first few years and be left with nothing when you really need it. So, what do you do? How can you be sure of being financially secure if you happen to live until 90 or 95? If that question left you puzzled, don’t panic:  this article from NPR will ease some of your fears.

— Helen Chevreau

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