Millennials and Saving Money


Millennials and Saving Money

By Nate Brengle, ASRS Strategic Communications Specialist

Simply said, saving is difficult.  On one hand, you know that the earlier you save for retirement, the better off you’ll be. On the other hand, odds are the younger you are, the less money you make.

Studies have shown salaries don’t typically peak until our 40s or 50s, so what can you do now to help squirrel away some extra cash? If a secondary income isn’t an option, look at some easy-to-implement ways to cut a few corners instead. Below are some tips to help you stretch those dollars.


Food costs can be expensive and fast food menus, while tempting, can be surprisingly uneconomical and unhealthy. So what are your other options? There’s always the familiar advice - cook at home, embrace leftovers, and buy generic instead of name brands – but there are other ways too. Look no further than your smart phone! Does your local market have its own app? Many grocery stores now offer digital coupons you can load onto your account that get used automatically at check out. In addition, some stores bundle points to save you money at the gas pump—double win! Last but not least, enjoy the occasional potluck with friends! It’s a fun, cheap way to eat like kings.


There are tons of ways to entertain one’s self on the cheap. Your best bet? Hit your local public library! Libraries have evolved since the days of just being a place to do research. Now you can check out DVD’s, digital books for your e-reader, audio books, even browse online magazines all for free with your library membership. Most local public libraries also offer Culture Passes which can be used for free admission (or discounts) to local museums, cultural centers, or even tickets to the theater, ballet, and symphony. In fact, many museums in town offer “free entry” times throughout the month without even needing a culture pass.


Saving money doesn’t mean you’ll never shop again - just buy smarter! Consignment stores allow you to both buy & sell gently used clothes and household supplies if you’re willing to spend a little extra time hunting for that perfect find. Many consignment & thrift stores even offer discount days each month that could save you up to 50%. Prefer to shop online? There are many websites that allow you to create a free account and set keyword alerts that will let you know when a deal has been posted for something you’re looking for.


So, now that you’re spending less, what do you do with that extra cash? As a member of the Arizona State Retirement System, you’ve already got a pension that’s guaranteed to provide you with a lifelong retirement benefit—so, you’re off to a good start! But having secondary savings to supplement your future is a really smart plan. Contributing even a small amount now will help build a more solid future. Check with your employer to see what kind of supplemental savings plans are available to you, because the biggest step is just getting started, no matter how small.

Visit Supplement Your Retirement to learn more about the ASRS Supplemental Savings Plans.

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