It’s quite apparent that the global pandemic has led to a serious economic downturn all over the world, and New Zealand is no exception. According to a recent study, many Kiwi families are said to be “increasingly pessimistic” about their financial situation particularly on covering for bills, mortgage and other necessary expenses. Companies are forced to lay off workers and deduct salaries to keep up with the times. Those who have just started working, mostly Kiwi millennials, are affected, too. Majority of these young professionals were reported to feel more stressed and anxious about the pandemic, not to mention how it can affect their future. And because of this, most of them have realized an individual responsibility over their spending.
Millennials have taken out loans for several purposes — one for rent, education, a car, and other financial obligations. This, however, is not the only way to pay off bills. Millennials should take a step back and learn about practical spending, above all else.
If you find yourself overwhelmed with your expenses, take note of these money-saving tips to save more in the long run.
Moving into a new flat can be scary, especially when it comes to paying your bills. One way to ease up on expenses for the long term is to invest on energy-efficient appliances. You can start by replacing old incandescents with LED light bulbs for your rooms, kitchen, or a place where you typically work.
LED lights can run up to 15,000 hours and 15x longer than traditional lighting. You may also consider getting modern appliances like freezers, dishwashers and ovens with high energy ratings. Make sure that you’re buying the right product and compare prices with your trusted shops. Doing your research can help you canvass on which items are best suited for your lifestyle and budget.
Millennials depend on the internet for school, work and connecting with friends. They say that the faster the internet, the more productive you are. But, do you really need an ultra-fast connection when you live alone?
Upgrading to premium plans are ideal for busy households with spacious lots. They need at least 50 to 200mbps of internet speeds for activities like streaming, gaming, and browsing all at once. If you’re alone in your flat and are only using a few devices, you can select an affordable broadband plan with up to 10mbps speeds. That’s more than enough for Netflix, emailing and long hours of video calling. Choose the right broadband plan with the help of glimp! Simply enter your details and get accurate results right away!
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Gone are the days of manually checking prices in different stores and websites. Now, you can easily check for price difference and current deals, all in one place! For instance, there's Google Shopping to compare prices in retail products, and then there's glimp to compare for utilities such as Power, Mobile, and Broadband. This lineup of glimp's services extends to Car Insurance, and other banking services as well, such as credit cards.
If anything, this period has encouraged all of us to be wiser with our financial decisions. Don't be afraid to do enough research before splurging on a great appliance, or signing up for bank terms such as loans, and credit cards.
Using comparison sites before a purchase or signup will help you become a better, wiser, and conscious consumer because you made your own choice, and you're not easily swayed by deceiving offers.
Credit cards can be used for different purposes, depending on your needs. It can be handy in times of emergencies, and can also be a great money-saving option if you’re wise enough to use it. Your credit card can be utilised for paying bills and other expenses, but make sure to always pay for them in full and on time. Late payments incur interest, and can drown you in debt. You can save more plus, you get to enjoy rewards and other perks that they offer when you pay in full each month.
If you’re already a credit card holder but can’t maintain the interest, you can switch to a low-interest credit card instead. This is just the right deal for young professionals who live by themselves with several utilities to pay. A lower interest on your card can bring more savings than the usual 19% charge on standard credit cards.
The pandemic has opened a lot of challenges when it comes to finances. It might take a while to bounce back from all the lost opportunities, but you can always start now, choose to learn more, and start saving at an early age.
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