Those in Gen Z like to complain they have it tough and they’ve had it worse than other generations have, economically speaking. However, us millennials are warriors of the economic farce that has been a rolling, touring circus for the last 15 years.
Western millennials have lived through the most significant period of economic prosperity in the history of human civilization. For those of us who grew up in the 1990s and 2000s, goods became cheaper, the standard of living was incredibly high, employment opportunities were abundant, our currency was strong and high-quality technological goods became much more affordable as innovations seemed never ending. Throw in other excellent economic conditions, such as low inflation rates, and everything looked great.
What a time to be alive! We couldn’t wait to get out there and make our mark on an ever-changing world that was rich with possibilities.
2008 financial crisis
The 2008 financial crisis taught us millennials a valuable lesson – you will face the consequences if you aren’t careful with your money and blow it all on a risky investment! Of course, that is unless you worked for the Royal Bank of Scotland, Bear Stearns, Goldman Sachs or any of the other banking giants.
These multitrillion-dollar financial powerhouses tossed toxic sub-prime mortgage debt between them like a hot potato, nicely lacing the entire fabric of the global economy with their ill-advised debt management skills.
Injecting some venom into the rivers of an economy that appeared to be firing on all cylinders was the least of millennials’ concerns as we graduated into an economy literally on the verge of imploding.
Maybe saving money is a good idea?
Living through such an intense period of economic growth, you’d forgive millennials for maybe focusing on making money rather than saving it. However, when millions lost their homes and jobs in 2008, entering a shaky job market was all fun and games.
Whether it was a high-rate savings account, a savings bond or alternative investments such as gold, property or specific funds, saving money and growing your investment became the main priority for millions of us.
There were some well-structured bailouts, mainly stemming from the United Kingdom. Although the eye-watering losses climbed to over $25bn, the alternative was a complete meltdown of the current system. Thankfully, the banking industry lived to fight another day and everybody rejoiced.
Effective ways to save money
Fast forward some years and we’re now trying to climb the property ladder with currencies that are plummeting in real value, and interest rates that are giving us migraines, adding to the current concoction of ridiculously high costs of essential basics such as food, rent and gas.
Once we lump in the fact that inflation is also threatening to bring the whole show to a halt, millennials are learning just how well the previous generation looked after their economic interests. Let’s look at a few practical ways to save money:
- Buy and cook in bulk – by shopping at discount stores and making enough meals for the rest of the week, you’ll be surprised at how quickly the cents can start to add up.
- Wear layers around the house – if it is a frigid evening, save money on electricity or gas by putting on an extra layer to keep yourself warm.
- Cut down on takeout foods – we all love to order our favorite meals from time to time to save the hassle of cooking. However, skipping one or two of these monthly can add up over a year.
- Public transport or car – this can be more problematic depending on where you live but if you live and work in the city, public transport can often be just as quick as a car and you spend far less money. Carpooling is another good solution to reduce expensive gas costs, and allows you to focus more on sustainable travel.
- Move back in with your parents (if they’ll let you!) – another strong suggestion if you want to save those dollars. While we all know moving back in with relatives can be a headache, this is the most effective way to hold on to your money and accumulate enough to watch your savings multiply.
Conclusion
When saving money, many people will follow some of our highlighted points, regardless of their generation. They’re all handy tips to consider to keep your costs minimized. We aren’t saying they will work for everybody, but even if you just take a couple of them on board and apply them to your everyday routine, you may be surprised to see how much money you begin to save.
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