Gen Y, or those born between 1980 and 1997, are often more capable of earning money than previous generations. However, many Gen Y individuals tend to spend money carelessly. Therefore, it is crucial for Gen Y to learn about finance, spend wisely, and save money to increase their savings. Fortunately, today MoneyGuru.co.th has some cool money-saving techniques that can help you save money and increase your savings account balance.

Understand Credit Card Interest Rates


If you have multiple credit cards, each with different interest rates, you might still have an outstanding balance on your favorite card that you use regularly, which has the highest interest rate among your cards. This could be due to cashback offers or your desire to accumulate miles for flight tickets. Regardless of the reason, a smarter approach is to pay off the debt with the highest interest rate as quickly as possible. If you currently have balances on several cards, pay the minimum on those with lower interest rates and use the extra money to pay down the card with the highest interest rate first. The longer you leave it unpaid, the more interest will accumulate, becoming a heavy burden in the future.


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Filter Your Subscriptions


When was the last time you used that expensive gym membership? What about the Netflix subscription you hardly have time to watch? There are many services you pay for but hardly benefit from. I've heard of couples who moved in together still paying for two Netflix accounts all year! It's a huge waste. It's time to check your credit card bill for any subscriptions you’ve been paying for without using them in the last three months and cancel those services. You can always re-register for them later, and you might even get better offers or promotions as a returning customer. This is another money-saving technique that can help you save more.


Find a Mobile Plan That Fits Your Needs


The way we use mobile phones has changed significantly over the past decade. You no longer need to worry about call time and text messages. Nowadays, everyone opts for internet usage, and mobile carriers offer a variety of internet packages, from a few GB to unlimited. It would be more cost-effective to review your monthly internet usage and choose a package that best suits your needs. If you use the internet sparingly, opting for an unlimited package might not be worth the money, right?


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Cable and Internet


It's true that most people pay for cable channels they don't watch because they're tied to a cable package contract. However, that doesn't mean you can't save money on your cable or internet bill. If you are a long-time customer with a good payment history, it might be worth asking your cable or internet provider for a discount. You could even threaten to cancel the service if necessary. Believe me, no company wants to lose a loyal customer like you and will likely try to find a way to keep you, even if it means lowering your bill a bit.


Stop Visiting Your Favorite Coffee Shop


Making coffee at home takes more time than just stopping by your favorite coffee shop and getting a cup from your favorite barista. However, it doesn't help you save money at all; in fact, it can lead to unnecessary spending. You should ask yourself why you spend hundreds on coffee. Is it just to get caffeine and stay energized throughout the day? If so, any coffee can provide you with caffeine, whether it's homemade or from an expensive café. You could save thousands by brewing your coffee at home and depositing the money you would have spent on overpriced coffee into your savings account.


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Be Mindful of Your Lifestyle


We all enjoy the feeling of spending money, especially when we receive a lump sum, like a salary increase, a bonus, or a tax refund. The problem is that as our income increases, our spending often rises as well. Just because you got a promotion doesn't mean you have to upgrade your lifestyle. We're not saying you shouldn't move to a better or larger apartment, buy a car, or get a new TV. We just advise you to be cautious with your spending. Don't let yourself spend more than your usual daily expenses. This will help you avoid spending more as your income increases.


See? These six techniques are easy and straightforward. If you successfully implement them, you'll definitely see an increase in your savings. If you want to read more articles about finance, credit cards, cars, and car insurance, you can click Subscribe here. MoneyGuru.co.th will send you valuable insights directly to your email every week.

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