Millennials are the largest generation in the workforce. Growing up with technology advances, including social media, has shaped the way this generation spends and saves money.
As of 2019, 90% of millennials, aged 18-29, have at least one active social media account. On social media, you are constantly digesting information about your friends, celebrities, and even different products being marketed to you by companies. 49% of millennials say that social media has influenced them to spend money on experiences. Outside of experiences, millennials spend a good chunk of money on convenience. According to the Bureau of Labor Statistics in 2019, millennials spent 47% of their food budget on food away from home in 2019, more than all other group.
So with the rise of technology and social media how can you possibly spend wisely when there is so much outside influence or pressure to spend your money? These tips can help set you on the right path to managing your money better:
- Turn ads off on social media if possible.
- In 2019, 91% of businesses were using social media for marketing purposes. Some websites track the things you search and look at so the ads you see are sometimes designed to get you to spend money.
- Automatic transfer to savings account whenever you get paid.
- It is always important to pay yourself first.
- Try budgeting apps.
- There are a few different apps that will help you manage your money. Some of these apps include features like push notifications that will send you reminders about your spending or saving.
- Try meal planning/prepping.
- Preplan which days of the week you eat out so you don’t over spend.
- Periodically delete Apps that make you spend.
- Food/Grocery Delivery Apps
- Retail Store Apps
- Don’t auto save card information on shopping sites.
- Some websites or stores offer “one-click” check out which can make it more tempting to make impulse purchases.
- Leave credit cards at home or only take cash when going out.