Money tips for millenials

The new year brings with it pressure to shed bad habits and be a better version of yourself. And while most of us choose not to spend the 31st sitting along in our bedrooms making new year's resolutions, getting in shape or saving more money  doesn't hurt. But for many millennials, financial goals are easier to set than meet.

1. STRETCH THAT BUCK

Socialising can make it extremely hard to save money. That's why going on a spending freeze with your significant other, friends or co-workers works better.

Instead of splurging at a fancy new restaurant every weekend, have a girl's (or guy's) night in. Buy some Sun Chips and whip up sandwiches. Snacks and good company can go a long way.

And instead of spending every last buck on new clothes, have a clothing swap where you "shop" each other's wardrobes.

2. HAVE A BACKUP PLAN

It's harder to take reactionary steps to deal with your financial woes than having a contingency plan. This could mean savings on the side or a part-time job so that you're not running on empty if you lose your job or large unplanned expenses.

If you're saving for a rainy day, Whitney Johnson, best-selling author and innovator, advises to save at least six months' worth of what you spend.

And while it's tempting to save for a dream vacation instead, having an emergency fund is essential to help you pull through whatever financial difficulties come your way in 2016.

3. INVEST IN YOURSELF

Start investing in yourself with a goal. For example, if you eventually want to start a business, obtain the required knowledge. Pick up marketable skill and add multiple streams of income if you have the scope.

4. SHOP THE MARKET

If you're in a job you aren't content with or that's not going anywhere, start exploring your options. The new year is the best time to stop being complacent with a company that's cheap about giving raises. There are companies offering a variety of opportunities out there, one of which might be a much better deal.

5. TRACK YOUR MONEY

Stop feigning innocence about where your money went. Track your expenses, do a budget, and start making plans to get rid of debts.

Whether it's an app, a spreadsheet, or a notebook, figure out how much you're spending and where you're spending it. How much goes to eating out, clothes, etc.? Make sure your financial output does not exceed your intake. Categorising expenses can also help you cut down in specific areas.

6. AVOID INVESTING EVILS

When investing, some of the greatest business people abide one simple rule – do not lose money. This is even more important for millennials because you can't afford to. Avoid losing money even if you're not an investor and are just looking for the best possible way to handle your money.

7. NEGOTIATE

You're also around the age when you should know how to negotiate your salary. You have skills, it's about time to get paid right. Time Magazine advises millennials to do some research on the average basic salary in your field and ask for 10 percent more.

8. WHAT'S YOUR ACHILLES HEEL?

Forbes advises millennials to introspect and figure out their money pitfalls. Perhaps you're an emotional shopper or eater. Maybe you like to switch phones ever so often and stay on top of the latest tech trends. Find out what makes you weak in the knees and find a more frugal way to satisfy yourself. If you get frustrated without an evening at Gloria Jean's, find out how to make a great latte at home.

It's also time for millennials to get over their fear of missing out. Being able to decline an invitation can actually be the best way to save money for some folks.

The writer is Sub-Editor of the career publication of The Daily Star. She is also a junior at the Institute of Business Administration, University of Dhaka