Gen Z Guide to Saving
A wise woman once said, “You should see me in a crown”. Yep, Billie Eilish is right. That state of mind is so powerful. You don’t have to be the Queen to feel in control of your life and finances. Whether you’re still in school or just beginning your career, remember that you’ve got it in you.
So if you’re wondering how you or the whole Gen Z lot can save enough and be able to walk on the fun side of life, we’ve got you. A few simple tricks and an ace attitude will make great things happen for you.
Check out these tips.
Swapping the time you’d spend scrolling on social media to something that gives you the feeling of fulfilment makes a big difference.
1. Make time to do the things you love
A cliche for sure, but it’s true. Time is so valuable. You shouldn’t waste a single minute of it. It’s all about finding the right balance to achieve productivity, really.
We all have 24 hours a day. Even Beyonce. To make the most out of it, it’s a good idea to have your personal timetable and stick with it. On a weekday, after work or uni, you only have a few hours left to spend for yourself. Use those hours for things that make you happy. Things that bring out your zest for life while allowing you to widen your horizons.
Love cooking? Maybe you can explore new dinner recipes for yourself and your loved ones. Into podcasts? Listen to Ted Talks from people you look up to. Into yoga? Maybe you can gather round with your mates and learn together.
See, relaxing and learning aren’t mutually exclusive. Swapping the time you’d spend scrolling on social media to something that gives you the feeling of fulfilment makes a big difference. Spending your time on the things that money can’t buy will ultimately put you on the right track.
2. Learn something new
Investing in yourself is always a good idea. And the best part is, it won’t break the bank. Fancy learning a new language? Want to be a fashion stylist? Love to learn how to write like Terry Pratchet? You always can.
With multiple websites that offer free courses like Coursera plus Youtube videos that cater to every type of hobby and interest around, anybody can maximise their potential.
You can even learn new skills that will help you professionally. Head over to LinkedIn to access tons of seminars and workshops you can join. Getting certified and upskilling are part of these too. And that’s awesome! The more skills you have, the greater the chances for you to land a high-paying job that you love.
3. Turn your passion into a side gig
Sometime last year, when the high street was closed down, the most searched keyword in Google UK was “afternoon tea box”. Home-baked goodies on sites like Etsy were selling like hotcakes. So were bespoke accessories, wellness hampers and handmade skincare products.
What do they all have in common? These products were all made from the heart by small or first-time entrepreneurs using the skills they had. And they were innovative enough to give a personalised twist to items that weren’t high street-accessible for people at that time.
You can also cash in on your skills. But take it one step at a time. Say, you bake amazing custard tarts. All your friends are raving about them. Does that guarantee that your custard tart business will be a success? Not necessarily.
Take calculated risks. Think outside-in. Check out competitors in the market and find areas where you can differentiate. When you feel you’re ready, give it a try. If you don’t succeed, at least you learned something. And if you do, then you’ve earned something.
It’s a good practice to install a banking app to allow you to check your balance every now and then and move your money around easily.
4. Be tech and cashflow-savvy
When you say Gen Z, being tech-savvy immediately comes to mind. You belong to the TikTok generation. You shop online. Pay online. Everything is digital. And that will ultimately work to your advantage when it comes to managing your finances.
Having a credit card can be risky because you can easily fall into debt, plus there are extra fees when you’re unable to pay on time. It’s a good practice to install a banking app to allow you to check your balance every now and then and move your money around easily.
But it’s equally important to have a handy app like Zilch that allows you to have the things you want while spending responsibly.
The beauty of being able to buy now and pay over 6 weeks means that you won’t miss out on anything. Sale for a limited edition item ending soon? Want to have a nice 6-course meal in that newly opened resto? Fancy watching a musical with your family? Enjoy now and pay the rest later. Doesn’t it make life a whole lot easier?
Plus, you’ll get to manage your budget since you know exactly how much you’re spending and saving week-on-week. It’s the way to live.
So go on, spend your time on the things money can’t buy and spend your money wisely on the things that make you happy. Giving yourself time to learn, unwind and save means you’ll get to have your cake and eat it too, with a cherry on top. Enjoy life and live it up.