I am a Peruvian millennial, how can I save?

The most convinced you are that it is possible to save, whatever your situation, the most likely you are to overcome an economic crisis or the known times of “skinny cows.” The ideal stage to start saving is ‘as soon as possible’. Many young people think that while studying it is impossible to save money because they do not have enough income. That way of thinking continues to get the first job, because they consider that they are paid very little, and if there is no change, the excuses will continue and prevent you from having an emergency fund and reaching certain goals.

It is true that applying for loans or using your credit card is not a bad thing, but in no way they replace the role that saving should have in your life, since it is essential for each person to have a good financial culture and generate a personal fund

Being millennial, that is, having been born between 1982 and 1994, technology is on your side, but not only that, but there are some key points that will also help you in this seemingly titanic task:

Evaluate and limit your expenses

Evaluate and limit your expenses

The first step is to evaluate how much money you receive monthly and how much you spend. Are you leading a lifestyle that does not match the amount of income you have? That is the question in which many are trapped.

Ideally, make a list of everything, see what you spend more and start to see how to reduce it.

Forget about brands

Forget about brands

Coffee at Starbucks every other day, lunch in a well-known restaurant twice a week, go dancing at a certain disco, etc. A very important point is to change more expensive brands for cheaper ones. Believe it or not, in those small changes you can generate a significant amount of savings.

As for your habits, the best thing you can do is limit the number of times: Change that coffee for a cheaper one and do it only once a week, eat at home or bring your lunch, etc.

Change some services

Change some services

Change the gym membership by going for a run to the park or group workouts, the cell phone plan that brings 20GB and that you never finish using, for a more comfortable one that you really use; share the Netflix plan with others, etc.

Take a ‘test month’ and give it priority

Take a

With the calculations made, upon receiving your income, allocating a certain amount for savings and before you start paying and spending, save that money in an independent account of the bank, preferably one that It is only for your savings, because those do not charge you Maintenance and your money will be safe.

Ideally, at a minimum, you save 10% of what you receive. Before being scandalized, perform a month of trial.

At the end of the month, evaluate if it was too complicated to make those cuts. Remember, you don’t have to change everything, just make a balance. Saving is possible, but it is necessary to do your part.

One point you should not forget is that your money can start to grow if you choose the appropriate financial institution to deposit it. Compare the alternatives, since banks are not the only ones and you can earn interest month by month.

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