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    Updated on Jun 7, 2019. Posted on Jun 7, 2019

    How To Put Your Money To Work

    Millennials need all the help they can get. Here's how you can make your wages go that little bit further while still saving...

    A Generation that Needs to Save

    It’s no secret that the millennial generation struggled to manage the financial side of their lives. Across several different areas, we are seeing problems with young people and their ability to afford property, pensions, and even the general costs of living. Some experts have identified problems with employers denying their staff a proper living wage across different industries. Whatever area you work with, or wage bracket you’re in there are always steps you can take to make your money go further. Here are a few considerations to help you manage your money more effectively.

    Creating a Savings Plan

    Via Flickr: teegardin

    Many young people will find that when wages come into their bank account at the beginning of the month, outgoings, direct debits, and a couple of nights out will leave them with little left. While it’s important to enjoy your life, you should look to set aside a proportion of your income to go directly into savings. This can be adjusted with each passing month, depending on what you have to spend your money on. As long as you put something away, you will benefit in the long term.

    Tracking Your Spending


    The best approach to making your money go further is to have full visibility of where your money goes from month to month. There are a few different approaches you can take with this, whether it is using a template document or getting the information from your bank account. Some financial services offer finance apps that can help you to see where your money goes in real time. This can help you to make an informed decision on where you can spend less and how you can save in the long term.

    Become a Savvy Shopper


    While you can work as hard as you can to make sure that you’re spending as little as possible, some expenses are unavoidable. For those things, you can’t avoid spending money on, have a read at what you can do to drop the amount you are currently spending. Cashback sites and programmes can make your money go further, and you can change your food brands to make sure that you spend less at the supermarket.

    Build Finance with Investments


    A lot of people don’t realise that this is an option that is open to them. As well as putting your money into a savings account, you can see a bigger return on your money by investing in a business or industry. This can be a daunting thing for those who lack experience, so its great to get a financial advisor involved to help you out. With so many millennials mindful of the state of the environment, you can look to put your money into businesses that seek to save the planet, like renewable energy companies.

    Many young people continually have to wake up to the reality that their money doesn’t go as far as they’d like it to. With some savvy spending and the right saving habits, you can build finance at your own pace and make your money work that little bit harder.

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