Time and time again we have heard that the millennial generation is one of the most money-wasting and most indebted generation. While statistics may prove that to be true, there are some habits of theirs that are money-saving. It’s very much to do with today’s technology too.
Instagram-grade food and cafes are the norm these days for the millennials. While their social media feed is filled with pictures to envy, they don’t actually spend that much on a daily basis. Many of them also opt for meal-prepping on the weekdays (which may be in trend too).
They will hit the supermarkets and online grocery stores (and get discounts through cashback credit cards and apps like Shopback) to get their ingredients and sundries. After that, they will cook and pack it nicely into separate food containers which, of course, are then shared on Instagram. But hey, it can be a healthier and more economical alternative than eating out all the time!
“I’ve got an app for that!”
Leave it to the millennial-generation to know which is the best app to use for the day or even for the week. They know how to take advantage of the different phone apps out there that can help make their lives more convenient and save them money.
If you want an app that can help you get discounts on shopping and even get a free latte, they will know. It doesn’t just stop at shopping and food either – they use the right apps to access services and facilities like spas, gyms, and even travelling at discounts! For example, they will use Carousell to sell their used belongings, and use cashback apps like Shopback to save money while shopping.
The Transportation Puzzle
Improved public transportation isn’t enough for the millennials. The rise of ride-sharing apps like Grab and car-rental apps like SOCAR are but pieces of a millennial’s transportation puzzle. They know that these apps offer cheaper rides and better rewards in long-term use. Plus, millennials are very adept at keeping a lookout for Grab promo codes to help them save even more.
With instantaneous access to Google Maps, they don’t even need you to point them in the right direction anymore. They will know where to go, and how to get there, utilizing a combination of various transportation that won’t cost them much.
Sharing is Caring
Streaming services these days offer lower rates when you take on a family or multi-user package. For example, Netflix and Spotify offers plans with multiple users at rates much lower than a single user. However, you won’t find most of them on the individual plans.
They’re often sharing these accounts with their fellow friends and family, taking advantage of these multi-user plans to pay less for the same services. An individual Spotify plan, for example, charges RM14.90 per month, whereas a family plan would only cost RM22.40 a month for 6 users. That’s only RM3.70 a month per person!
They Know Everything
You won’t find the millennials missing out on promotions and special prices. Armed with the internet and an array of apps, they are always in-the-know. Nothing of their interest escapes their eye when it comes to the latest sales and promotions – which catches on like wildfire on social media too.
They can always be counted upon to share these offers too. The sharing on social media, the tagging of their friends, their engagements and participation with brands through the Internet. It’s almost easier to count the times that they are not in-the-know.
This article was written by Lord Tan from CompareHero.my, a site dedicated to increasing financial literacy and helping you save time and money by comparing credit cards, personal loans, and broadband plans in Malaysia.
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