3 money-saving tricks millennials may not have considered

It’s an unfortunate fact of the modern world that younger people are putting off taking on a home loan and making their first purchase and other major life events simply because they are too expensive. However, the modern world is full of new ways for you to save money; if you know how to look for them.

1) Love video games? Try reviewing them

Video games in Australia is a huge industry, and it is growing all the time: you’d be hard-pressed to find any younger Australians nowadays that don’t at least have some kind of video game app on their smart device. This popularity comes at a cost: literally, as a paper from Bond University and the Interactive Games and Entertainment Association reveals that we collectively spend almost $2.5 billion a year on games and gaming devices.

That’s a lot to be shelling out on entertainment, but here’s a quick tip if you’re a creative type who loves their video games: Consider writing reviews for them for one of the multitude of gaming sites as a volunteer. These entertainment portals often get games for free and pass them on to you in order for you to review them. That way, you can get your gaming fix without having to spend a dime.

2) Don’t get fooled with online deals

Roy Morgan research estimates that from 2014-2015, Australians spent $37.8 billion online. That’s a fair bit cash moving over the internet, and you can bet a lot of that spending will have been spurred on by online sales.

However, these sales don’t always actually get you the best deal, particularly if you are buying from an overseas store. You may want to invest in a price-tracking app to make sure that new 20 per cent off sale isn’t actually more expensive than the price six months ago. Be patient, and you could find that the cost drops again even lower a few months down the track.

3) Stay loyal to the library

In a modern world, sometimes it might seem like there isn’t much point to a library – after all, an e-book reader has a wealth of novels right at your fingertips. But modern libraries are far more technological than you might think.

Free access to the internet, whether through WiFi or one of the common computers, has quickly become the standard in Australia. If you’re within walking distance of a library, consider heading there to work or just browse the internet rather than purchasing a wired connection to your home. It might be less convenient, but it could save you hundreds of dollars a year, not to mention the chance to get your hands on free books.

Still in a rut with your money? Come and have a chat with the financial planning team at Bank of Heritage Isle and discover how we can help you make the most of your capital.