There’s been some interesting stuff floating around in the media recently about the fact that because they’ve all but given up on the dream of owning their own home, Millennials have all but given up on saving too. Frankly, if you ask me, this is a Very. Bad. Idea. Because a little nest egg will always hold you in good stead, no matter how old you are, or your stage in life.
If you have some spare cash, and you probably do, here’s 6 good ideas for how to save it.
1. Get a little ‘Rainy Day’ fund together
Aim for the equivalent of 3-6 months of your salary. It just might come in handy if you want to travel, or start your own business. Or for an emergency, like losing your job, or taking on the role of carer for a sick relative. The old adage ‘Save for a Rainy Day’ is still relevant, even in the 21st J
2. Consider the share market
It’s a tough call, really, because it can be volatile and unpredictable, but so long as you don’t put all your money in the market, it can be a great way to make financial gains. Professional advice is a must though. The good news is there are plenty of reputable financial institutions who can help, no matter how big or small your investment.
3. Top up your super
Boring idea, right? But trust me, you’ll thank us later. Having enough superannuation is key to living a happy, healthy retirement with financial freedom. You don’t want to be worried about money when you’re 75. Financial planners can help you forecast how much you’ll need to live comfortably. But in all honesty, I don’t think you’ll ever regret putting in more. And then some more again, especially if you’re opting out of the property market and you won’t have a big asset to sell when you give up working.
4. Insure yourself.
Alarmingly, most Australians are under-insured – whether it’s their possessions, health, car, or whatever. I hate to state the obvious, but this means that if something unforeseen happens, they’re not appropriately covered. So, if you can afford to do it, get improved insurance cover.
5. Pay off your debts
Credit card debt in Australia totals: $32,874,733,510. That’s just credit cards. It doesn’t take into account other debt like student loans, hire purchase deals, rent-to-own schemes, car finance or even just personal bank loans. Pay it off and you’ll be glad you did.
6. Make a donation
If you’re really in a solid position then think about whether it is possible for you to help someone less fortunate. There are so many worthy causes locally and globally … and the satisfaction of knowing that you did something good? Well, that’s priceless.
And, if you change your mind about the house. Then talk to us. We can help you find the best home loan.