Setting a budget and sticking to it seems to be more difficult for millennials than for previous generations.

In many ways millennials are more advanced than older generations – they are more tech-savvy, vocal and open-minded. But it could be argued that millennials are not as thrifty.

This generation is often criticised as being careless spenders and slaves to capitalism. But a few small changes can help to save a few hundred bucks and create a financial buffer without compromising on one’s lifestyle.

1. Associate money with freedom, not with things

The more money in the bank account, the more security one has. It gives freedom of choice and friends would see a more relaxed person.

2. Learn to feel unhappy if a specific sum is not put aside each month

It sounds harsh, but once one puts aside, say RM100 a month, the choices one makes and the lifestyle will change to accommodate this. So, make it a habit.

3. Don’t listen to the majority, especially coworkers

Very few people have a basic understanding of the economy. This is the reason they work for people and are not entrepreneurs and business owners. To them, money is an antidepressant.

After gruelling hours and unfulfilling careers, they buy cars, a house or jewellery to feel better about themselves and their job.

Often this leads to people competing with each other over who has more style and more money.

But many people are only one paycheck away from bankruptcy and this is not a secure way to live. Not being able to be relaxed about buying things, knowing emergency savings are in the bank, means a person should consider themselves poor and put a financial protection plan in place.

4. Repair clothing instead of tossing it

Don’t toss a shirt because of a broken button – sew on a new one. Don’t throw out a pair of trousers if there’s a hole in it – patch it up and wear it around the house.

Most basic sewing jobs can easily be done by anyone and a little practice goes a long way. Learning basic sewing skills is a great way to save money and extend the life of clothing.

5. Always learn new things

Keep busy, learn new skills that could bring in additional income. But do not pay for expensive courses if it is something that is easy to learn on one’s own off the internet.

YouTube videos and Google search are available with just a single click to teach anything from baking to changing a tyre.

6. Avoid convenience foods and fast food

Instead of eating fast food or just nuking some prepackaged dinner when you get home, try making some simple and healthy replacements.

An hour’s worth of preparation over the weekend can provide plenty of cheap and easy dinner and snack options for the following week.

Or break out the crockpot and create some inexpensive, easy to prepare meal options. And if dining out is unavoidable, maximise savings with coupons and credit card rewards that give a bonus for restaurant spending.

7. Turn off the lights

Keeping the lights on may not be expensive on a per-watt basis, but it sure does cost money over time.

To save as much as possible, turn off the lights when leaving home and switch them off when leaving the room.

Not switching on the lights when there is sufficient natural light will also be a saving on the electricity bill over time.

8. Exercise more

Go for a walk or a jog in the evening, practise stretching or do some light muscle exercise at home. These exercises are free but can have huge health benefits.

Set aside some time each day to get some exercise and the body and the wallet will be grateful.

Staying fit can benefit more than just the waistline. Making certain lifestyle changes that will save money is a smart move to help reach financial goals, such as saving up for retirement, planning a large purchase, building up an emergency fund or cutting back on spending.

9. Avoid the mall

The mall might be a fun place to people watch, but it can also be packed with temptation. That’s why malls should be avoided unless a purchase is actually needed.

Window shopping and trying to stick to a budget can be torture. Find something else to do for entertainment. A walk outdoors, a fun puzzle or a good movie come to mind.

10. Cancel unused club memberships

Unused club or gym memberships can be a drag on the finances – the fees could be spent on other things.

Consider how often the memberships are used and cancel them if visits are few and far between. Memberships can always be renewed later if one misses the club or gym.

Budgeting can be easy and setting aside a little extra cash every month will provide for a healthy future. Make it a bonding thing, share tips for saving with friends.

This article first appeared in The New Savvy.

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