The following post is sponsored by Growella.
According to Investopedia, Millennials (aka “Gen Y”) face the most uncertain future when it comes to money matters. These twentysomethings feel like the generation least able to achieve the material goals lauded so highly by the older generations they look up to. It seems daunting just thinking about the steps and money that go into buying a house, undergoing higher education to land a dream job, or retiring at a reasonable age.
There are a few notable reasons why millennials have difficulty saving:
- >75% of millennials want to have the same clothes, cars and gadgets as their friends (thanks a lot, social media!)
- Half of these people use credit cards to pay for basic necessities
- >50% receive monetary support from their parents
- 75% would rather spend their money on experiences
Money Saving Tips
Sometimes saving money is a matter of understanding how to be the most effective with the money you have. This tips can get you on the right track to start:
- Set a budget: Connect all financial accounts (credit card, checking, savings, loans, etc.) to a tool like Mint. Categorize each transaction. Set a monthly limit for each category, and measure your efforts to stay within the budget you set – then adjust next month as necessary!
- Pay yourself: A tool like Acorns or Digit can help you automate savings/money-growing efforts.
- Contribute to your 401k: Or IRA, if that’s what you’re into. If you work at a company that sponsors a retirement savings plan, set up a specific monetary amount or percentage that gets taken off before your paycheck is deposited into your bank account. Out of sight, out of mind!
- Stave off wants: Getting tech toys cheap often comes down to having godlike patience. Work diligently to pay off your credit cards and student loans, prioritizing these payments over shiny new things. Thanks to interest, these two kinds of debt accumulate over time and cost you more in the long run if ignored!
- Ask for help. With so much personal finance advice on the internet, it can be hard to know what strategy is right for you. But companies like Growella exist to lend a helping hand.
Also, take a moment to consider if you’re spending too much money shopping online, or on vacation travel.
Growella Games: A Money Challenge
Growella is a resource for money, career, and life advice for twentysomethings who want to achieve more.
In the spirit of their reason for existence, Growella recently launched a money challenge game. Just about anyone can benefit from the results, whether they have a certain money goal to hit, want to pay off their student loans, or start saving.
Participants undergo an 8 week challenge to save money. If they succeed, Growella will match their savings – dollar for dollar. Bailey Cummins (of becomingbailey.com) started with the goal to save money for her emergency fund, and you can read about her progress here.
How to Play Growella Games
First off, get yourself registered for Growella Games here. What are you waiting for? It’s free! Next, you’ll receive a confirmation email with a link to your player profile.
From there, you’ll share your money goals, and how you think Growella Games can help you. Based on your profile, Growella will assign a specific money challenge to you. To give an example, a player with student loans might be challenged to reduce their student loan balances by $500.
Every player’s goal is personalized. As you make progress, you’ll record weekly video updates to be shared with the Growella community, and on your personal Growella Games player page.
one person is selected to play from all completed registrations, and that player selection will happen at the end of April (for the current round). The challenge runs for 8 weeks. If you successfully complete it, your money is matched dollar for dollar.
Challenge yourself with Growella Games. Who’s in?