Millennials are now resorting to prudent ways in order to avoid overspending and saving up their hard-earned money instead.
With the advent of technology, accessibility to everything is no rocket science! However, is this convenience putting us in a fix? Millennials have managed to find the loophole by going off the grid. Here’s why...
While the phrase, “Everything is available with just a click away” is the perfect marketing gimmick, millennial seems to have understood where the problem lies. According to a recent study by the Federal Reserve — millennial individuals have less money compared to previous generations, however with good saving habits and low unemployment rate, they can catch up.
Harsha G.S., a training commentator at the Mysuru Turf Club, believes he has the perfect saving idea. He says, “With easy access to our money we are lured into spending recklessly. Sometimes it takes more than will power to hold yourself back and, at such times, I believe going back to a world with no technology is the best.”
He adds, “I opened my savings account and did not apply for a debit card nor did I activate internet banking. This has helped me save a lot of money, because I deprived myself of the feasibility to buy anything with just a click away.”
Anusha Kumar, a final-year forestry undergraduate student, believes that this idea has helped her live a healthier lifestyle. She says, “Online food delivery portals are one of the biggest weaknesses for a lot of us. Just the thought of getting food in less than half hour feels very luxurious. But, this led me to eating unhealthy food. Consuming that amount of junk food on a daily basis was not right and so I decided to surrender my debit card — this has indeed helped me.”
Vidya Shree, senior sales representative, believes going off the grid is the perfect way to put an end to spendthrifts who gloat in the name of retail therapy. She says, “Retail therapy is fun and it helps us feel better about ourselves but this will also create a huge hole in our pockets and a pool of debts. I was one of those who’d spend endlessly — these sales on online shopping portals got me hooked onto it. However, I soon realised to curb my expenses by surrendering my card and deactivating online banking. I can now just see all the possible things I could buy and then not bother.”
Abhishek Bothra, a chartered accountant, in the city says net banking is a convenience and a back up plan. He says, “The lack of willpower is the main reason why most millennial individuals are broke. Once you make up your mind to save money, you have to focus. Internet banking is just a payment mode that you can fall back on in times of dire need; it is also convenience. In my opinion, the best way to save is to look for secure saving schemes, let adulting sink in, and push yourselves to think for the future.”