If you are a millennial, you must be aware of the financial challenges of today’s generation. Incomes may be higher than the previous generation, but so is your consumption. Then, there is the added pressure to save for safeguarding your retirement. This situation gets trickier for developing countries with little or no social security benefits for the aged. This article will discuss some famous financial tools and some tips for tech-savvy millennials to manage their budget better. We also share some tools that can help millennials in financial management.

Tips on How to Earn, Save, and Invest

• Create Multiple Sources of Income

Whether you are a salaried professional or a businessperson, it always helps to have multiple sources of income. This income can be earned through side hustles or part-time projects. Examples of side hustles include taking up freelance projects online, or creating an online course. One can also consider starting a home-based business, where a family member, say your spouse or your parents, runs the show, and you are providing them with capital. This arrangement can make them feel financially empowered and provide extra income to the household.

• Plan for Income from Investment

Another source of additional income is income from investment. It is not as easy as earning income through a side hustle, but one should start planning for this additional source of income. An example would be to invest in dividend-paying stocks or dividend mutual funds (funds that invest in dividend-paying stocks). Another way is to invest in a second property that can generate rental income.

• Calculate the Cost Before Spending

Many would agree that millennials are making more money than their previous generation. However, the money is not coming easily. They must put in long hours, and deal with a lot of pressure to make money. One tip for saving is that before every purchase decision, one should calculate the time and effort gone to earn that sum. If one starts seeing money as time, one can cut down on wasteful expenditures.

• Treat Savings Like a Utility

Everyone has certain commitments towards utility expenses, such as monthly fuel, electricity, phone bills, etc. Many people also have commitments towards mortgages, house rent, etc., which must be met in all circumstances at regular intervals. But people hardly prioritise regular savings. It is a must that you should commit to saving a specific amount every month, and then set those funds aside in a disciplined way. It will also help if you automate your savings. For example, committing a specific amount to a Systematic Investment Plan (SIP) or Recurring Deposit can automate the savings process without any manual involvement.

• Keeping Track of Finances

Most people with a savings habit have a system of tracking their expenses. In today’s cashless and digital age, it is much easier to track finances. One of the ways to better track expenses is to minimise the use of cash. Cash transactions are challenging to track. On the other hand, transactions done through wallets or cards are easier to track. One can also use various budget management apps to track their expenses. Knowing where the money is being spent can help in identifying opportunities to cut down wasteful spending.

• Empowering Dependents

Many millennials have to deal with managing household expenses and savings, and the individual expenses of their dependents. Children would have their own set of leisure expenses, and dependent adults have their own needs. Traditionally, many millennials would give out cash to their dependents or make payments on their behalf. However, this approach may not always instil financial discipline among dependents, especially kids. Millennials should look for innovative ways to empower their dependents and make them financially wise.

Tools for Managing Finances

Here are some tools that can help millennials in managing their finances.

Mint/Money View

Mint is a popular financial tracking app, available on the app store. It helps monitor all kinds of subscriptions (OTT Platforms, Magazines, etc.) and track your spending. It also segregates all your spending by categories. It even has features to manage bank and financial accounts on a single platform. Additionally, it gives your timely reminders for due payments like electricity bill, water bill, etc. For users in the United States, it also helps them track their IRS tax refund. Overall, Mint is a good app for bringing finances to a single place. For those on Play Store, Money View is an alternative with similar features.

MoneyControl

MoneyControl is a useful app for tracking what is happening in the financial world. It can help you stay updated on prices of different asset classes such as gold, stocks, mutual funds. While one must not make investment decisions based on the ideas in this app alone, it can help develop various investment options. You can add a list of investment options, such as stocks and mutual funds, and track their prices. If you are not financially savvy, you should consult a financial advisor before making any investment decisions.

Investing Apps

There are several apps that allow you to invest in the financial markets. These apps can be used to invest in stocks, mutual funds, and even digital gold. Some examples of such apps are Groww, Zerodha, and Upstox.

Xare

Xare is an ideal app for those looking to share money with their families, whether under the same roof or across cities and countries. With Xare, you can give access to your debit or credit card to anyone in your contact book. They can use the money to buy over 2 million products globally from thousands of stores. Anyone can register on Xare in less than 30 seconds. Xare is highly secure, and allows instant transfer of access across the globe. Xare saves people from the hassle of transferring funds through traditional means. It also makes money management easier for recipients as they can go entirely cashless. The good part is that one can set daily and monthly limits on how much is being spent by their loved ones. By tracking the expenses, one can develop a savings habit and minimize wasteful expenditures.

Conclusion

The money management challenges of millennials are quite different from their earlier generation. However, by using the right advice and the right money management tools, millennials can spend wisely and save better than ever before. Xare provides an important solution to this problem by providing an innovative new way for workers to share access to their credit or debit cards with anyone, anywhere — safely, securely, and instantly. Xare is equitable, instant, fully inclusive, secure, and digital. So what are you waiting for? Get Xare today and let go of your financial worries. Here’s a video that shows how Xare app works :