Millennials, born between the 1980s and early 2000s, make up 25% of the UK population. They are often mentioned in current affairs, as they are creating a significant impact on various industries around the world.
For example, when choosing properties, almost half of them prefer to rent than to purchase a home. Some people think that this is mainly because millennials prefer to live an adventurous life. They want to enjoy life without committing to large financial responsibilities. However, is it okay to have this type of mindset today?
In London, millennials consider money as a major factor that affects their buying decisions when it comes to residential properties. Studies show that young adults in this generation suffer from a financial crisis, job scarcity, as well as the inability to obtain homes. They experience even more difficulty with money matters compared to baby boomers and other generations.
The rising costs of properties may be one of the main reasons millennials are having a hard time managing their finances. However, there are tons of solutions to combat this dilemma.
Start saving for the future
The first step is to determine a goal and come up with a plan on how to achieve it. For this matter, you need to know how to start saving for the future. Open a savings account and save at least 10% of your monthly income. Be strict about this routine. Be consistent. Avoid making excuses for why you can’t save money and look for solutions to increase your savings.
Cut down unnecessary costs
Many millennials tend to go after adventures such as achieving their bucket lists or checking their travel goals. But if you want to be practical, you need to avoid spending too much. Avoid unnecessary expenses and learn how to obtain only items that are really necessary. In short, prioritise your needs over your wants.
Talk to financial experts
You can also reach out to financial experts for some money-saving advice. For instance, you can contact real estate agents in Stratford if you’re interested in purchasing a property in that area. You can also consult an accountant or a financial advisor if you want.
Look for other sources of income
Try looking for other sources of income, too. You can look for a second job or invest in a small business venture. You might need to work extra hours, but you can rest assured that you’ll have a bright future ahead of you. Spend time looking for ways to generate more income while you’re able to do so. This way, you can ensure that you’re prepared for your retirement.
Solving financial struggles can be achieved with consistency, discipline, and motivation. Start early and build your savings and investment portfolio while you’re still young. Don’t hesitate to reach out to financial experts if you want to learn more about the issues that revolve money matters. The trick for millennials to be financially stable and independent is to continue gaining more knowledge about the best practices of handling money now and for the years to come.