Millennials have had a bad rap when it comes to handling finances. Criticism ranges from playing loose with the budget, forgetting secondary income, or not caring about financial stability at all. While not every millennial is guilty of these, there is always room for improvement when it comes to saving and investing.
Alas, saving money is a wise practice for many different reasons; it offers peace of mind, enlarges your options for better quality of life, and disciplines you to become a better provider.
|Main Expenses||Projected savings per month (PHP)||Difficulty of saving|
|Food||2,000- 5,000 (depending on your appetite)||Hard|
|Online Shopping||500 to everything you’re worth||Easy|
|Total projected savings per month||6,200-14,650|
– Food, rent and utilities take up the most expenses range per month, since we consider that these are the major important things to spend with.
– Entertainment and other subscriptions:
1. Video Games
3. Netflix subscription
– Hobbies and Phone\Internet plan can take up 10 to 20% of your monthly income.
– Online shopping and clothing like:
– On average, transportation can also take a huge chunk of your monthly expenses. But since work from home and alternative working options are being encouraged right now, we’ll peg it to around 5% of your monthly expenses.
According to the table, we listed the projected savings per month of a millennial that can earn from their major expenses to least priority. Here are some breakdowns we’ve got:
You saw the breakdown and it has a big amount from each category, right? But how can we achieve saving more?