Financial Hacks for Millennials: Saving

Millennials like to save, with the highest savings rate—14 percent—of any age group.1 They also like to socialize, meeting friends for lunch, brunch or after work. In fact, Millennials eat out five times a week on average, which can drain cash flow and put other priorities out of financial reach.2 So, how many times did you eat breakfast, lunch or dinner out this week? And what else would you do if you could stash that cash somewhere?

Eating out One Time a Week = $13,000 Over 10 Years

Once a week? Good for you. You’re either a monk or really into cooking and brown-bagging. But imagine if you eliminated even that one take-out sushi. With the savings3, you could:

  • Get your jam on at 30 major music festivals
  • Chill out with 87 bookings at a day spa
  • Max out your annual 401(k) and IRA investment and get closer to the retirement reality you want

Eating Out Three Times A Week = $39,000 Over 10 Years

Seems unbelievable, but cutting back on things like dinner out, pizza delivery and take-out lunches for a decade could give you enough cash for 30 round-trip flights from New York City to London. What else could you do with that chunk of change?

Eating out Five Times a Week = $65,000 Over 10 Years

Congratulations—you’re the quintessential millennial. You know every take-out menu by heart and your refrigerator looks like a who’s who of local eateries. Seriously, you can do this. Dial back on eating out and you’ll have enough money to:

The Bottom Line

With just some minor belt-tightening (literally and figuratively), you can free up major bucks to spend on bigger life goals—education, retirement, protecting your family—and fun stuff, like a new car or the wedding of your dreams. To calculate your own potential for savings, check out The Cash Stash Dash calculator.

 

 

 

 

Brought to you by The Guardian Network © 2018.  The Guardian Life Insurance Company of America®, New York, NY

2018-68083 Exp. 10/2020