It’s no secret that we are living at a time where the economy is anything but stable and this is having a significant impact on the way that millennials are living their lives. One of the main things that millennials have to deal with is the rising costs of almost everything, stagnated wages and the inability to save money. While in desperate times of need using quick loans is one solution you can take to better managing your financial situation, relying on this method of financing your lifestyle is not recommended for the long haul. Instead, why not check out the following 5 millennial money saving ideas.

1.Create an unfaltering budget

Whether you choose to make a mental budget or want to go all out in creating an Excel document that plans out your entire year, day by day- do it your way and make it a budget that you cannot help but stick to. Being realistic and dividing up your income into money that you want to spend as opposed to money that you need to can make a huge difference to the amount of money you have left over at the end of the month.

2.Get creative

The great thing about being a millennial is that you are exposed to so many new and existing ideas and technology; however this can come at a price. UK family spending habits are changing, so it is important to keep in mind how being creative can influence your spending habits as a millennial. While Netflix is great and lets you keep up to date with your mates, why not cut out the small expense and watch Netflix with one of your friends or family members at their house in a bid to save money (its cheeky, but it works!). Through cutting out small expenses like this and your daily soy decaf lattes you will soon find that your pennies turn into pounds, which then also turn into savings!

3.Avoid emotional shopping

While you may be used to blowing off some steam by buying something new for yourself on a bad day, it is important to see that this can be really damaging to your finances. Get out of this habit by taking our your stress by going for a jog or taking up a hobby- anything that prevents you from throwing your money away during a moment of unhappiness or boredom.

4.Rethink your travel

An easy way to curb your spending habits and start to save more is by rethinking the way that you get around and travel on an everyday basis. Think about whether you are able to walk to work rather than take your car or bus or buy a season ticket through a season ticket loan at work (if one is available). Finally, get out of the habit of taking taxis, unless of course you can find someone to split the fare with you!

5.Shop around

In our digital age there is no excuse as to why you can’t shop smarter through shopping around and comparing prices with the click of a mouse. Google the best voucher codes to use and sign up to email alerts so that you receive updates about the latest sales and offers. These can work wonders when you have to buy Christmas gifts or wedding presents, for example.

These short-term saving tips should go some way in making sure that you are better able to achieve your long term goals!