How to make the fortnight last? Entertainment, experiences, travel, food, online shopping, video games and digital subscriptions are part of the millennial lifestyle and Generation Z. The spending on digital products and services they are part of their day to day and represent the main source of income for this generation.
According to the Condusef, young Mexicans are not the exception in terms of spending more than they receive, since their expenses are allocated as follows: Of their total income, 34.1% is spent on food and beverages, the 33.1% in various expenses, 18.8% in transportation and only 14% in educational services.
Millennials and Generation Z can’t save?
In the “various expenses” lies the problem of why millennials and GenZ cannot save, since 54% of young people said they make purchases that are out of their budget at least once a month, according to the Condusef.
If we take note of the amount of money they invest in each digital service, the result would be similar to the following: Netflix ($219), Spotify Premium ($129), YouTube ($139), HBO ($179), and PlayStation Plus ($270), which add up to $936 per month and become 11,232 pesos per year, solely for digital subscriptions. If we add the other activities to which this generation is subjected, we would understand perfectly why they do not save.
Tips to make the fortnight last
If you feel identified with the above, the recommendations that I list below are strategies that will help you curb excessive spending during the month, giving you the opportunity to achieve financial freedom just by paying attention and care:
1. Keep a calendar
Write down the date you decided to sign up for applications or memberships and set an alarm at least two days before the end of the trial period, so you will have the opportunity to cancel the service if you see that you have not used it enough or Just to cut costs.
2. Reflect
Check if your lifestyle really requires contracting the monthly subscription or you only need to rent the series or movie. How many times a week do you have time to enjoy your television? Think that maybe you are paying a monthly fee that you don’t get enough benefit.
3. Divide and save
If you are determined to spend, look for alternatives that allow you to pay less, some streaming television memberships have a discount if they are purchased for more than one user, you can team up with your family or friends and thus reduce the cost.
4. Give yourself a minute for the fortnight to last
When buying anything online, be it mobile applications, games, products brought from the other side of the world, etc., wait a minute without pressing “buy”, so you can ask yourself if you really want or need it, and ask yourself: will I take advantage of it in its entirety? whatHow does the expense of acquiring it affect my economy? These simple questions can save you from unnecessary emotional waste.
5. Invest
Since you managed to decrease your monthly outputs with the previous tips, the first thing on your list of goals should be to increase your capital. Use investment vehicles to help you in this task, cetes are an excellent option for those who want to start generating returns and the best thing is that it can be from $100.
If, despite all the above tips, the money is still not enough when you reach the second half of the month, I recommend you take a look at the free ebook Red alert: your personal finances are out of controlwhere you will be able to know the causes that do not allow you to increase your capital.
It is not necessary to deprive yourself of everything that is part of your lifestyle, however, it is possible to reduce several of these expenses in order to enjoy a more comfortable economy that allows you to meet other goals that perhaps due to lack of money you could not .