Undeniably, older generations have differing opinions when it comes to millennials. Like any other generation, millennials have displayed their own set of characteristics that distinguish themselves from older generations. It would be fair to say that millennials have received their share of praises and criticisms. Some would describe millennials as creative, resourceful, and even ambitious, while some would describe millennials of being spoiled or being a spendthrift.
To a certain degree, the assumptions of the older generations are correct and true. The priorities of millennials are somewhat different when compared to older generations. Some millennials will prioritize spending on traveling or shopping. Some will spend their income on an expensive coffee or gadget. Unsurprisingly, older generations will point out this kind of spending habit. They would state that millennials often spend too much and save too little.
However, this might not be always the case. There are studies and surveys which focused on how much do millennials save.
HOW MUCH DO MILLENNIALS SAVE?
According to this study, which has gathered information from different countries, millennials save a third or 32% of their monthly income. According to the same study, nine out of ten Singaporean millennials have a savings account. The study further showed that together with Taiwan and Hong Kong, the millennials in Singapore set aside 37% of their income for savings.
The study also showed that millennials have different reasons for saving money. These reasons include shopping, traveling, personal grooming, entertainment, dining out, and even retirement.
HOW DO MILLENNIALS MANAGE THEIR EXPENSES?
Of course, it would be fair to say that some or even most of the millennials have been managing their finances properly. Here are some ways on how millennials manage their expenses:
1) Millennials seek financial advice from other sources.
According to the same study, millennials will seek financial advice that can help them with financial matters, specifically on saving money. They will seek financial advice from their parents, friends, the Internet, from books, or a financial adviser. This study can show that millennials are willing to discuss and to share their inquiries when it comes to financial matters.
2) Millennials use technology to help them with their finances.
Without a doubt, technology is an important part of the lives of millennials. With the use of technology, people who want to know more about a specific subject can easily access information through the Internet. Through this, a person can learn about a subject faster and easier. Of course, the subject of financial matters is no exception. However, it is important to conduct proper research for any information from the Internet.
There are numerous ways on how technology has influenced and has helped the finances of millennials. Examples of these ways will include:
a) Millennials use the internet to educate themselves with financial matters.
As stated in the same study, millennials use the Internet to seek information regarding money-related issues. There are different websites which enumerate steps on how to save money efficiently. Also, if there are financial terms and statements that they do not understand, then they can easily access more explanation online. On top of that, millennials can now have online communication with a financial adviser.
b) They can monitor their finances more easily.
There are different applications which help millennials organize and monitor their finances. These applications can be downloaded to allow its usage offline. The user of the application can create a budget, can set a reminder for the payment of bills, and can monitor spending. Also, most banks and other institutions now allow their clients to make online transactions. By doing this, banks have given their clients a more convenient way to pay bills, to transfer money online, to check their balance, and many more.
c) They can do freelance works like writing blogs and articles.
Through the use of the Internet, millennials can work online. These works will include freelance jobs such as writing blogs or articles. The income that they earn from these online jobs can help curb expenses and generate more for their savings account.
3) Millennials practice “paying yourself first”.
The financial advice “paying yourself first” means that one should first set aside money for savings, insurances, and retirement purposes before they spend it on other expenses. It is fair to state that some millennials have been practicing this when they receive their income or salary. This financial advice can help anyone who has not yet started saving money.
4) Millennials learn about different kinds of investments.
With the use of the Internet, millennials can learn more about the different investments that the market can offer. If they have extra funds, they can use these to invest in the stock market or through mutual funds. Stockbrokers have developed applications that allow their clients to monitor their stocks online. By investing properly, millennials can learn how to manage their money efficiently.
YOU CAN ASK FOR FINANCIAL HELP
Saving money can be difficult, especially if one is living in Singapore, which is one of the most expensive countries in the world. Without the right budget, it can put anyone in financial pressure. If you need money to pay bills and expenses, then there are moneylenders in Singapore who can help. If you are looking for one, then you should choose Bugis Credit. Whether you need money to pay bills, to pay expenses, or even to start your own business, then they are the moneylender for you. The company has customer reviews that can attest to its credibility of being a moneylender.