Last year, when Australian millionaire, Tim Gurner blamed ‘avocado toast’, for not letting millennials save money, his now (in)famous statement gathered a lot of criticism. Speaking in the popular American TV program, 60 minutes, Gurner shared that when he was trying to buy his first home, he wasn’t really spending money on ‘luxuries’ such as smashed avocados, the way millennials are. The young, working class, took a strong stand against the statement and the reactions ranged from funny to snarky. Some even helped Gurner understand the impracticality of his comment by calculating how saving $4 (Rs 260) every day would still result in a lifetime before one had enough money to buy a house! However, the point, Gurner was making was not hard to miss. For years, millennials have been blamed to have been spending monies in harmless little things. Things, that do tend to pile up towards the end. For instance, a cup of Starbucks coffee everyday may not make you poor but would cost you a handsome share of your saving if calculated annually.
So, here we give you some real tried and tested financial hacks that do help save that invisible cash. Get out those piggy banks because remember… every penny counts.
Ignore the 10 percent
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This has to be the most solid cash saving advice you ever got. Every time you get a paycheck, pretend the 10 percent went into a black hole. Better still, set an automatic deposit. You would not believe how much of a difference this small amount will make. But the real bonus is – it will teach you how not to spend every last penny that you own.
Buy in bulk
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This seems to be the silliest advice for single, twenty-somethings. Right? Well, if you plan ahead, then no. Everything in bulk costs much less that buying that single precious piece. And certain things we all do need no matter what. Think, toilet paper, water and even can of sodas if you please. If you know your consumption then there is no harm in buying the utilities in bulk.
Dine-in weekends
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Weekends are the only time when you eat out and hence you think its justified. Well, what if you plan to have a dine-in party with your friends every alternate weekend. Instead of going out to a fancy eatery, consider bunching together at each-others’ house. Whether you plan to cook by turns or order a cheap takeout – you will save up a considerable sum when viewed quarterly.
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