Saving money can sometimes seem like a low priority. However, for Millennials facing the pressure of student loan payments, high housing costs, and entry-level wages, saving can help set you up for the future. Opening a savings account at a credit union will help you build interest on what you accumulate, but first you’ll have to take steps to move money into it. To help you save for future life events or retirement, here are a few easy ways young adults can start saving today.

Savings Tips for Millennials

1. Cut Back on Eating Out

Restaurants are a luxury. They offer delicious food, but charge extra for the ambiance and service. Eating out more than once a week can set you back more than a hundred dollars each month, which adds up to thousands every year. Instead of eating at restaurants or ordering delivery, try making meals at home and place the money you would’ve spent in a savings account with your credit union.

2. Buy a Quality Used Car

Unlike many other expensive items, cars depreciate in value over time. This means that no matter how much you spend on a new vehicle, you will lose money when you try to sell it. Instead of buying a new model, which will lose 65% of its value within four years, consider getting a high-quality pre-owned vehicle. Many dealerships offer low-mileage options with warranties, which cost thousands less than new cars and still offer reliability.

3. Use an App

Automated savings apps are the perfect solution for the tech-savvy person who’s just getting their finances in order. There are a variety of options available, but most work by withdrawing small amounts of money from your credit union checkings account and transferring it to your savings, allowing you to set cash aside without even realizing it.
 

For over 80 years, North Jersey Federal Credit Union in Totowa, NJ, has been the financial institution of choice for young adults throughout Passaic County. Because they’re completely owned by their members, this credit union is dedicated to offering the best customer service around and offering the best interest rates. Visit their website for more on their savings options or call (973) 785-9200 to discuss your needs.