Nearly half of Americans describe themselves as “good savers,” according to the TD Bank Saving and Spending Survey, and Millennials are leading the charge. Fifty-six percent of Millennials report they are good savers, compared with 43 percent of Gen Xers and 48 percent of Baby Boomers.
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.