One of the most valuable tools for millennials to start saving money is to set up a support group to start what’s known as a “Spending Freeze.” If the concept is foreign to you, don’t worry. It’s pretty easy to understand. You’ve probably tried to stop all you’re spending at one point or another. As you begin to see your credit card debt grow, you decide to become a recluse, live off ramen, and keep the lights off at night to save money.
But what eventually happens when you abandon the society and live the life of a humble hermit for the sake of saving? Well, you eventually cave in.
You see your friends post statuses of awesome concerts, great food, and “the best movie of the year!” Then they start to invite you to those fun things and you simply can’t hold on. Or even worse, you don’t want your significant other to miss out just because you want to save money.
So what’s the answer? How do you solve this problem that’s always led to a binge of mall clothes, apple products, and more debt? You need that support system to help you maintain some level of fun and sociability.
The best strategy is to find a group of people that have the same interests as you. If you’re just starting out in the adult world you probably have a few friends in the same boat. You need to find them, take them aside, and say “Hey! I have no money and you have no money, let’s not spend money we don’t have!”
It’s pretty much that simple. You’ll find there are a lot of things to do for free if you’re friends have the same saving goal. You can even find new ways to save with your friends when you discover the latest app or getting a deal on your cable bill using a nifty trick they used with the phone representative.
The bottom line is that having this support system makes all the difference. Most young people struggle with finances because of student loan debt, that’s why it only makes sense to join together with your friends to start saving.