Tips on amassing more money to direct toward your goals.

financial plan saving more moneySaving for the future can be painless. You know the basics: start small, start early. Beyond that advice, what else can you do? Think about these ideas.

  • Find an extra $50 a month. Young people are pretty frugal compared to older generations: as CNBC reports, the
    average member of Gen Y spends $100 a month eating out and $80 per month on coffee. Money notes that the younger
    generation pays an average of $202 monthly for entertainment—not that much. Still, just eating in a few more times a
    month, skipping a few movies a month, or brewing some java at home could potentially help you save another $50 per
    month (or more). That’s $600 per year, $1,200 per year for a couple.1,2
  • Work on debt reduction. Use cash instead of plastic. You make credit card payments consistently, right? Call the cardissuer and ask to renegotiate your interest rate. Think about student loan consolidation: even a 1% reduction on a $15,000
    loan saves $150 per year.
  • Buy things used. Gently used cars, clothes, sporting goods, and more may often be bought at great savings with little
  • Smoke or drink less, or not at all. Consider spending less each month on these unhealthy habits. This alone has the
    potential to free up hundreds or thousands of dollars per year to save.
  • Keep up the good work. One recent survey shows that 60% of millennials are already saving for retirement, even with
    education debt; that compares to 47% in 2014.3

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  1. [5/13/16]
  2. [2/9/16]
  3. [10/21/16]

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