Long burdened by an economic recession and oppressive student debt, millennials, it seems, are finally starting to save money. Swedish startup Qapital, which has been helping millennials and the digitally savvy automatically save for everything from beachside surfing trips to a new car since 2015, wants to help them save better. Already its mobile app connects with banks to slog away money for 1.3 million users. It even has an if-this-than-that functionality that adds cash to your savings when you, say, buy another latte at Starbucks. On average, Qapital users save $1,500 per year. Now, it’s launching a suite of financial services to help people who want to handle their finances with a bit more granularity. But don’t worry, it’s still automated. Today the company is rolling out three new products: Payday Divvy: As soon as your deposit hits your account, Qapital will divide up your check. A person may, for example, want to parcel out their expenses first. The … [Read more...] about Qapital has helped millennials save money. Now it wants to help them invest.
Millennials saving money
Millennials are killing fast food. They’re wiping out golf. If you believe the latest survey, there’s very little millennials can’t do. So what’s true and what’s false? Millennial stereotypes make good headlines, but they’re often just that. Here are some myths about the way millennials handle money, followed by the facts. Millennials don’t save for retirement Millennials — between ages 22 and 37 — are not doing significantly worse than their parents. The Survey of Consumer Finances found households headed by someone under age 35 have a median $12,300 in retirement savings. That’s not enough. But neither is $120,000, which is the median for ages 55 to 64 — and those people are actually on the brink of retirement age. Millennials blow money on frivolous things According to a NerdWallet analysis of last year’s Consumer Expenditure Survey, millennials actually spend less than other generations in several categories … [Read more...] about Don’t believe the hype about millennials and money
Money-saving tactics can often be unrealistic or forced. There are easy ways to spend and save money every day, like removing stored credit card numbers, implementing a 48-rule of spending, and logging every expense. Here are 12 unusual ways you can save money every day. While you may already be familiar with some money-saving tactics – such as bringing your lunch to work instead of buying it or getting fewer cups of coffee out – there are more creative ways to save money every day that you may not yet be doing. After all, when it comes to money matters, every cent does add up – literally. For instance, I used to fall into the buy-lunch-at-work trap. Even though I’d aim to only spend up to $US10 per day in the work cafeteria or going out with friends, that number would often inch up. Once I added up how much I wasspendingper week, I realised that money was better off in savings or my emergency fund versus in overpriced lunches that I didn’t even … [Read more...] about 12 clever ways to save money every day, according to financial experts
Hillary Hoffower, provided by Published 12:48 pm, Wednesday, June 6, 2018 Justin Sullivan/Getty Images Saving money for a house can be hard in today's world, where it can take nearly a decade to save up a 20% down payment. However, how much down payment you need for a house can be lower with first-time homebuyer programs. The key to saving money to buy a house is being strategic with your goals, cutting back on rent, and putting the money in low-risk investments. With millennial homeownership at an all-time record low, saving for a home can seem like an impossible feat. Millennials buying their first home today will pay 39% more than baby boomers who bought their first home in the 1980s. And, depending on the city, it can take nearly a decade to save money for a 20% down payment on a house. Business Channel Now Playing: Now Playing Republican businessman John Cox on governor race against Gavin Newsom, Trump's endorsement and more FoxLA Apple Debuts … [Read more...] about The only right way to save money for a house
Get the Better newsletter. SUBSCRIBE Have extra cash? Put it in an envelope. In fact, put it in several. That’s how “Broke Millennial” author Erin Lowry saved $500 in a year on a $25,000 salary. The theater major moved to New York City in her early 20s after landing a job as a page on the David Letterman Show. The aspiring actress’ job was to entertain the audience before the show started. It was fun, she said, but paid little. “I had a vision of a starving artist and it’s almost this romanticized thing that kids do in college,” Lowry told NBC BETTER. But Lowry soon realized her paycheck wasn’t nearly enough to cover the $950 a month she owed in rent. To make up the difference, she picked up extra work as a Starbucks barista and babysitter, often working all three jobs in revolving shifts in a single day. “It was a pretty tiring time in my life,” said Lowry. But she was determined to make it work and save money in the … [Read more...] about The ridiculously simple way to save money: envelopes