In a recent survey, 96% of respondents reported that they have a bucket list. They have goals pertaining to health, family, career, and spiritual development. But of all the things they want to complete before they “kick the bucket,” 77% of them put travel at the top of their list, with finances trailing closely behind. While bucket lists are extremely popular, many people don’t start getting serious about their bucket list until they are older. Unfortunately, some of them run out of time before accomplishing everything on their list.
If you’re a millennial, it’s important to make your bucket list now, and begin completing it sooner rather than later. By doing this, your generation could be the first ever to complete their bucket list. Of course, you’re probably going to want to include some travel goals and thrill-seeking adventures on your list, but another area to focus on is financial freedom. If you’re having a tough time coming up with money goals, here is a “millennial bucket list” to help you get started.
Learn to Penny-Pinch
Unless you’re somehow independently wealthy with an inexhaustible supply of cash, you’ll probably run into plenty of instances where money-saving measures, large or small, will benefit your bottom line. Try these ideas:
Live with a roommate. If you’ve never experienced apartment living with a roommate, try it! It’s a great way to save a ton of money on rent, especially if you rent in a vibrant and affordable city, like Atlanta, for example. While your roommates may be nothing like the ones on your favorite TV show, you’re still bound to get some pretty good stories from the experience.
Try extreme couponing. Once associated with the frugal middle class, extreme couponing is becoming a popular way to save money and stock up on household items for people of all ages and socioeconomic groups. It’s not like you have to do it every month, but at least once, you should experience the oddity of buying lots of groceries for almost nothing.
Eat like an early bird. You might still be sleeping when the birds start singing in the early morn, but if you can pull yourself out of bed by the afternoon, you can take advantage of early-bird or happy-hour specials at local restaurants for a reduced price. And you might not think the cheaper food will be worth it, but the people-watching definitely can be.
Become a member of a warehouse club. Stocking up on household items in bulk at cheap prices is definitely a great way to save money, and one way to do it is by becoming a member of a warehouse club.
Give up television streaming. You may think it’s impossible to get through life without streaming TV, but giving up your binge-watching habits will not only save you money, but it also can increase your productivity and creativity.
Bump Your Revenue
Technology has come a long way toward opening up online options that help you offer goods or services to make some extra cash. Consider these ways of opening a new revenue stream (or two) and bringing in more money.
Sell stuff online. If you’re looking to declutter, why not sell gently used clothes, old cell phones, or unused gift cards online? If you make your own jewelry, art, or photographs, becoming a part of the online marketplace is a great way to earn some extra cash.
Get a side hustle. More than half of all millennials have a side hustle, and it’s not always just for making more money. Maintaining a side hustle can help you grow personally and professionally, and provide a way to build new relationships and skills.
Become a social media influencer. While you probably won’t be earning a million dollars per post like Kylie Jenner, becoming a social media influencer can be a great way to turn a time-waster into a money-maker.
Reduce Debt and Expenses
It doesn’t do a lot of good to bring in more money if it’s just flowing down the drain of a bottomless debt. Do everything you can to lessen the amount of your overall debt, and eventually you’ll start to see some of that cash stay in your pocket.
Pay off your vehicle. Definitely a bucket list moment: Pay off your vehicle, then have a party to celebrate the last payment! But afterward, hold onto your car for a while so you can put that extra money toward something else.
Pay off your mortgage. Owning your own home may seem like an impossible feat, but it’s totally doable if you start now and don’t plan on moving for a while.
Deduct extra money from your paycheck. This might not sound like it would help financially, but if you have trouble saving money, deducting extra from your paycheck is a great way to gain a bigger tax refund come tax time. Then you can use that chunk to pay down your debt.
Think Big
Bucket lists are about thinking big, reaching for the ideal. Once you’ve listed zip lining through the rainforest and skydiving, turn that adventurous, expansive mindset toward your finances and see where it can take you.
Start a business. Do you have a skill you could market? Can you envision yourself promoting a brand by attending a trade show? Maybe you’re a self-taught graphic artist or you enjoy looking after other people’s pets. No matter what you’re good at, why not turn it into a business?
Buy some stocks. You don’t have to invest a fortune to buy stocks. In fact, for just $100, you can buy stocks through an online brokerage and make trades for 5 bucks. Give the market a shot; even if you lose a little, you can say you did it!
Become a landlord. Whether you buy a rental property or rent out the basement in your home, the sharing economy has made becoming a landlord easier than ever.
Some of these goals might seem unattainable, but with a shift in thinking, they can really be within your reach! Others might seem small, but when you add them up, they can make all the difference when it comes to paying off college loans, getting rid of credit card debt, increasing your income, and preparing for a much less stressful future — and that’s a bucket list item everyone should be able to check off!
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