To many Millennials, managing their finances sounds like something their parents or grandparents would have done, sitting down with a stack of bills and receipts each month and manually writing numbers down and cross-checking with bank accounts and statements. In the modern age, none of that is required any longer. Setting up a budget is simple and requires only minimal effort if appropriately done and created correctly in the first place. Use an app such as YNAB, which is perfect for isolating pockets of spending that can be cut back. Certain expenses will always be required, such as rent or utilities, but other aspects can usually be cut back with some level of restraint. If you are still a student, you’ll likely be on a limited budget anyway, but that doesn’t mean you can’t manage money more efficiently. 

Setting a budget for future months is a vital step in managing your finances, however, something that will help that process easier is to cut down on your bills in the first place. A large percentage of Millennials these days have multiple subscription services, whether that be a cell phone, streaming services, internet, and so on. While some are essential, consider whether any of these can be reduced, switched for a cheaper provider, or canceled. This is known as cord-cutting and can help you spend less money per month. One method to keep on top of paying bills is by using a scheduling app. Something along the lines of Prism, which is a money management app, can ensure you schedule your bill payments when they need to go out, meaning you won’t forget. 

Although it sounds as though all of this is about cutting back and having less fun by saving money on groceries and stopping your streaming services, there are ways of building back up again. By budgeting correctly, you should find some money left over at the end of the month to put into savings. Depending on the savings account you use, you should start to accumulate small amounts of interest each month, which can add a decent amount of change to your kitty over a year. Eventually, you may begin to think about investing some of your disposable income, whether that be in stocks or shares or, as many young people have started to do, in cryptocurrency.