Although encouraging, there is always room for improvement. Ryan Bailey, Head of Deposit Products, Payments and Non-Real Estate Lending at TD Bank, recommends the following smart saving tips for Millennials:
- Nearly seven in 10 Millennials admit to indulging on impulse purchases. Create a budget to help curtail impulse spending to ensure you have money for your rainy day fund.
- Use banking and financial apps to track and control spending, as well as to manage savings at home or on-the-go.
- Take advantage of company retirement savings plans, contributing up to your company’s matching policy. Remember, even small contributions could make a big difference down the line.
- View salary increases as an opportunity to boost savings. Allocate a portion of raises to savings, setting up a direct deposit into savings accounts.
Saving for the future may seem like a distant issue for young professionals already saddled with high costs of living and student loans. But by establishing good saving habits today, Millennials can ensure a lifetime of financial health.