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Millennial women share about how they spend (and save) money

(ENTREPRENEUR) A group of millennial women were surveyed about how they save their money. These are their stories…

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Advice to your former self

In three weeks, I’ll be turning 23 (while I know this isn’t old, I never thought I’d be this old.) With this in mind, I’ve been asking all of my friends and family members the same question: “If you could give any piece of advice to your 23 year-old self, what would it be?”

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While I’ve been getting varied and interesting pieces of advice, the one I need to focus on more is working on saving more money. This can be tricky, especially when you first start making money, so it helps to hear how others do this.

Millennials and money

Recently, Bustle surveyed over 1,000 millennial women, in their 20s and 30s, and they shared how they save money. Their incomes ranged anywhere from $30k to $150k Twenty-one of the responses were published, and below are 10 that include innovative ideas to potentially implement.

1. Samantha, 30: Uses a budget for her finances. Rather than enjoying instant gratification, Samantha makes a wish list of things and experiences she wants to save money for. Then if she accomplishes a goal, she treats herself to something on the list.

2. Ronnika, 33: Instead of continuing a habit of meeting friends for drinks every week, Ronnika has found it is more fiscally responsible to invite friends over. Also, She takes any extra money from her paychecks and puts it in a checking account that is not locally accessible.

3. Michelle, 24: To save on entertainment, Michelle has opted for only using WiFi rather than getting cable. Additionally, she keeps her thermostat set at 62-64 degrees and uses layers and space heaters to save on costs. She also encourages packing a lunch everyday, as that is a big saver.

4. Kelly, 24: Kelly attributes her money saving to living with her parents. She also suggests an app called Qapital: “You can set your own rules for how you want to compile your savings — for example, I have a ‘Round-Up Rule,’ which rounds up every purchase to the nearest dollar and puts that change into savings, as well as a ‘Set and Forget Rule,’ which just automatically takes out a pre-selected amount. For me it’s $10/weekly.”

5. Libby, 24: Libby only uses her credit card for necessary expenses (such as payments for her car) and puts anything else on debit. With her credit card, she makes sure she pays off the balance in full each month so that she does not fall into debt.

6. Savannah, 25: Savannah keeps a peaceful mind savings to fall back on in case of emergencies. “I’ve found having a savings account balance equivalent to two months of my salary is a good cushion.”

7. Alexandra, 26: Alexandra keeps an Excel spreadsheet that tracks all of the money she has coming in as well as what is going out. She helps herself save by setting goals of what she wants to save and by when.

8. Lyn, 29: Lyn saves her money by looking at it as a way of paying herself first. She puts a large portion of her paycheck into her 401k and puts the maximum amount of her paycheck into her Roth IRA each year. She will then spend liberally on the things that are important to her, and harshly cut anything that she deems frivolous or won’t make her happy.

9. Marissa, 26: Marissa budgets her money and attempts the tactic of cooking for herself as much as possible. She has found that one meal out is equivalent to five meals at home.

10. Danielle, 23: Danielle saves by setting up two automatic transfers from her paycheck to budgeted savings. “So it’s like I don’t even notice the money is there. One transfer goes to ‘future me’ in the form of RRSPs or other investments, and one transfer goes to ‘fun times,’ like trips abroad.”

#SaveMoney

Taylor is a Staff Writer at The American Genius and has a bachelor's degree in communication studies from Illinois State University. She is currently pursuing freelance writing and hopes to one day write for film and television.

Business Entrepreneur

Transitioning from corporate life to freelance life

(ENTREPRENEUR) A look at what it takes to pivot your career from corporate cubicles to your couch at home.

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Freelancing is rad. I’ve gone into some depth on why I think that’s the case and even provided some thoughts and resources for my rush hour and necktie-averse kin.

Freelancing is also challenging, in many ways more so than office work. I’ve transitioned between the two, both ways, and while I’ve landed on the liberating, self-motivated (but insecure, complicated and confusing) freelance side rather than the dull, workaday cube farm side (with it benefits, job security and human interaction) I can obviously see arguments for both.

Here’s what I wish I’d known before I set out to navigate the minefield between corporate and freelance work. With any luck, it should help you do the same without hearing a click and having to offer a sad and final “oops.”

Have a plan.

This is where going corporate to freelance starts to differ from vice versa. Choosing a new corporate employer takes hard goals, but also flexibility: an ex-freelancer has to learn to accommodate other people’s plans, on account of, you know, working with other people now.

Entering the freelance world requires the opposite.

You don’t just need goals. You need a schedule.

You need deliverables, you need a budget, you need Plans B-Z inclusive for when you come in over or under, because you will.

In short, you need a boss in your head.

It is the best boss you’ll ever have: that cat (feel free to imagine it as an actual cat in a business suit; I certainly do) doesn’t care if you party til 2am on a Wednesday, or skive off for three hours in the middle of the day to catch “Fate of the Furious” at matinee prices. All your new boss cares about is hitting the numbers.

Have numbers. Hit them.

Go slowly.

This is the one that everyone screws up, by which I mean that I did. It is so tempting to stick your boss’ tie in the shredder, shot put your least favorite appliance out the window and burn a sweet donut in the parking lot before you drive off to your freelancer future. Every office drone’s dream, right?

Don’t do it. Do not.

On my last day before I went freelance, I wore a Metallica tee and sweats to my shirt-and-tie day job. Joked with my cube buddy, what were they gonna do, fire me?

Thing is? That was the first time I went freelance.

As you’ll recall from the intro, I’ve done that twice. Thankfully, when I did have to return to the realm of gridlock and beige, I was in a different time zone. But the whole reason I had to return to the corporate world in the first place was summed up in that I didn’t prepare. I did the dream, cut loose, and burned the bridges behind me. Unwise.

It’s standard wisdom that you should build up savings before starting a business. Real talk: for an awful lot of people, that’s fantasy. Even in my coziest corporate days, north of the 50th percentile, between rent and urban cost of living my only shot at meaningful savings was retailing organs.

Keep your kidneys. Instead, bank your time.

I’m a writer. You may have noticed. Most of my day jobs involved that skill. If you think every character I typed into Word in my cube days was corporate-approved, as opposed to projects or practice for my freelance adventures, there’s this great bridge I’d like to sell you.

So for the first few months, keep your day job and build your skills.

Take small projects on your own time, buoyed with that glorious cushion of salary.

Train your brains out. You may even be able to do that at work: plenty of employers, especially in fields like tech and medicine that a) value certification b) translate nicely to freelancing, will shell out to train you up. Wade into the shallow end while you’ve still got a roof and a health plan. It’s vital experience, but more importantly, it’s how you figure out freelance IT or consulting or Etsying artisanal dog sweaters is actually how you want to spend 80 hours a week.

Keep a schedule.

Wait. 80 hours? Fraid so, at least early on. It will take serious legwork to get those artisanal dog sweaters off the ground. No client list means permanent hustle. No infrastructure means weeks on end of pure trial and error, figuring out what works. No employees means every last bit of it is on you.

That’s not what I mean by scheduling. You have a job, and, being an American Genius reader, are by definition intelligent and insightful, not to mention good-looking and possessed of impeccable taste. We don’t let just anybody around here. You know you’ll need that stuff.

When you freelance, you need to schedule life.

That boss in your head? Still your boss, which is to say a sociopath who can and will take every minute you’re willing to offer. For better or worse, an office job does work-life balance for you: come in then, leave now, this is due whenever. The nastiest trap in entering freelance work, the last, biggest boom in the minefield, is that it can swallow you whole. If you let it, it will take over your life, and it’s better at that than the cube, because it’s something you want to do.

Integrate both ways.

So, not every day but now and again, put down your dog sweaters and catch Vin Diesel. See a concert on a weekday. Spend a whole evening playing with your kid.

Whatever you like, with a single rule: no work allowed.

Freelancing means your job is much more thoroughly integrated into your life.Click To Tweet

Make sure your life is integrated into your job.

And that, my friend, is how you transition from drone life to freelance life.

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Business Entrepreneur

Study abroad, but for adults – a work abroad program

(ENTREPRENEUR NEWS) While study abroad may be a thing of your past, work abroad options are possible for remote workers.

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As my collegiate career began to come to a close, I started having regrets about not taking the opportunity to study abroad. I worried that I wouldn’t have the chance to travel in the same regard once I entered the busy “real world.”

However, I quickly learned that there are always possibilities, you just have to know where to look. I recently began researching work abroad programs, such as Outsite and LiveWorkFit, and realized there is still an opportunity to learn and travel – even if you’re no longer a student.

One of the more recent work abroad programs to come about is ExploreThere. Their tagline is to “work remotely, explore, and socialize abroad.” Each month, ExploreThere takes a group of individuals to work remotely and check out a new destination.

They seek for those participating to banish the uncertainties of working remotely, and work to make a productive live/work environment feasible.

ExploreThere creates groups of like-minded individuals who participants travel with and work alongside.

The first destinations on tap for ExploreThere are Medellín, Columbia and Buenos Aires, Argentina. ExploreThere scouts locations, connects like-minded coworkers, books accommodations and airport pick-up, and provides local advice. Participants book their flight, bring their work, cover their own meals and drinks, and choose their own exploratory experiences.

“One of the great things about the world today is that we have the opportunity to do most of our work remotely. Armed with a laptop, wifi and plenty of coffee we can work anywhere,” says ExploreThere. “With the right group of people, proper planning and bravery to chart new waters, we find ourselves with nearly year round possibilities.”

The goal is to allow remote work to be accomplished in a new and immersive cultural setting. Click To Tweet

Groups range in size from between six and 25 participants and are divided into different houses based on living compatibilities.

While this may not be everyone’s cup of tea, opportunities such as this allow remote workers to see the world and work/network. It also continues to obliterate myths regarding working remotely.

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Business Entrepreneur

Top 10 recent books for entrepreneurs

(ENTREPRENEUR NEWS) Whether you’re a young entrepreneur looking for advice about how to start your first business, or a seasoned vet looking for new inspiration, these ten selections will get your gears turning!

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It’s no surprise that successful entrepreneurs are lifelong learners, although most will tell you that their continued learning bears little resemblance to traditional education experiences. Instead of sitting in a classroom or lecture hall, a combination of various forms of perpetual learning, or learning through experience, can be the most meaningful.

Stacklist released a list of their best books of the year for 2016 for entrepreneurs, and in addition to being a great source of entertainment, literature can provide a way to continue learning and discovering new ideas.

Blake Mycoskie, founder of TOMS Shoes, has famously said that when he decided to move onto a 200-square foot sailboat, he kept only the necessities, which included books. “Books are different from other possessions—they’re more like friends,” he said.

Whether you’re a new entrepreneur looking for advice about how to start your first business, or a seasoned vet looking for new inspiration, these ten selections from Stacklist’s longer list will certainly get you thinking, learning, and moving forward.

1. The Art of Startup Fundraising by Alejandro Cremades

2. Payoff: The Hidden Logic that Shapes Our Motivations by Dan Ariely

3. Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley by Antonio Garcia Martinez

4. Small Data: The Tiny Clues That Uncover Huge Trends by Martin Lindstrom

5. Ego is the Enemy by Ryan Holiday

6. Deep Work: Rules for Focused Success in a Distracted World by Cal Newport

7. Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days by Jake Knapp, John Zeratsky, and Braden Kowitz

8. You Can’t be Everywhere: A Common Sense Approach to Digital Marketing For Any Business by Marie Wiese

9. Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers by Tim Ferriss

10. The Inevitable: Understanding the 12 Technological Forces that Will Shape Our Future by Kevin Kelly

If you’re skeptical of books for entrepreneurs because you think that can be an echo chamber of the same stories and names, or just cliché advice meant to stroke ones ego, know that these selections steer clear of all these things. Their selection process put quality first, so go ahead and grab a few of these titles for yourself or as a holiday gift for an entrepreneur in your life.

Bonus points for buying from an independent bookseller or from the author’s website directly.

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