How do you achieve financial freedom in this age of uncertainty? In many aspects, millennials have greater opportunities than any previous generation, making their “bucket lists” (all the desired experiences to have before “kicking the bucket”) seem more attainable.
But increasing costs of living, rampant debt, and stagnant wages also make life harder for millennials. So, applying the bucket list metaphor to the area of finances can be a helpful approach.
Is it your goal to achieve some kind of financial freedom before you’re too old to enjoy it? Thankfully, there are several things you can check off your “financial bucket list” in the next decade or so.
The tips below will help you save money, cut back on expenses, and bring in more revenue. They will be really helpful if you are interested in becoming more financially independent in the near future.
#1]. Sell Items Online
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If you’re skilled at creating art or other types of decorative or useful items, open an online shop and sell your items. You might be surprised at just how much money you can make.
While you might not make enough to retire or give up your normal career, you’ll likely end up with extra cash to save.
For example, depending on the scale of your work, you could make anywhere from $50 – 200 extra per month with a significant sale and even more if you make numerous sales.
You can take that extra cash and put it into an emergency fund to ensure that you’ve got the money to address any unforeseen catastrophe — for example, an unexpected illness or a home- or vehicle-related disaster — that might come your way.
Make sure, though, that you keep accurate tax calculations; selling enough items can affect your income levels and corresponding tax status.
#2]. Consider Hostels and Other Housing Options
Finding and paying for decent accommodations can be tough for millennials when traveling or relocating to a new city. You may want to rent out your home while you travel to make a little money since a monthly rent payment for an apartment or home can be very expensive.
Or choose a youth hostel for the short term; they provide a safe place to sleep and don’t charge a lot of money. (They also often have great communal spaces where you can meet interesting people.)
If a youth hostel isn’t right for you, consider living with roommates. This choice will help cut down your rent considerably, saving you a lot of money.
Plus, you’ll always have interesting stories if you live with people whom you enjoy. And if your current city is too expensive, you may want to consider relocating to a city with a lower cost of living, like Atlanta.
#3]. Get Into Extreme Couponing
Extreme couponing is a challenging (and honestly, kind of fascinating) skill that does call for some organization and diligence. However, this activity can save you a surprising amount of money if you do it conscientiously.
While it may require a few hours weekly of clipping coupons or chasing down online deals, this financial option is a viable and accessible choice for many.
By taking the time to sort through your coupons carefully, you could potentially save hundreds of dollars every month on groceries and other necessities. Many local stores and nationwide chains both offer great deals to attract customers, so keep a sharp eye out.
#4]. Don’t Be Afraid to Thrift Shop
Keeping up appearances is essential if you want to build and maintain a successful career. However, buying a new wardrobe every few years can become really expensive.
Thankfully, you can find high-quality options among the racks at thrift shops and save yourself hundreds of dollars each year. For example, you can buy gently used clothes to create a new outfit every few months.
You may need to do a bit of searching to find the best clothes, but you will save money once you do. You can also find excellent decorative items, many of which can bring an element of kitsch and playfulness to your living area.
#5]. Expand Your Business Opportunities
Millennials aren’t afraid to work hard and open up new businesses to become more financially stable. For example, you may want to start a small side hustle business.
This can be in any area from freelance coding to dog walking, running errands to selling cupcakes. It’s one of the best ways to expand your earning potential.
Once you get your business going, you should start attending trade shows to connect with a broader range of clients and colleagues. These networking events will help you not only expand your business but also learn tips and secrets from others in your industry.
There are other great opportunities for a clever millennial looking to become financially independent at a young age. Although it might require saving up your barista earnings for an initial down payment, investing in real estate and becoming a landlord can be a smart choice that provides consistent income.
Or you can try investing in stocks and bonds to increase your potential earnings. This also might sound out of reach, but many online investing platforms let members buy stocks for as little as $100 and make trades for $5.
As you can see, financial freedom is attainable, if you take the time to make preparations. You may want to get professional help for some of these steps if you find yourself struggling to implement them, but many are simple concepts that you can enact on your own. In any case, get started — and envision a better future for yourself today!