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Home / Brand Stories / Millennial matters: Simple tips for managing your finances better

Millennial matters: Simple tips for managing your finances better

Running out of money at the end of every month? Find investments too boring or complicated? Don’t fret—we’ve got your back!

brand-stories Updated: Dec 18, 2018, 13:23 IST
Promotional Feature, HT Brand Studio
Promotional Feature, HT Brand Studio
According to a study, 39% of millennials worry about their financial future at least once a week.
According to a study, 39% of millennials worry about their financial future at least once a week.(HDFC Life)

Are you in your 20s and forever struggling to get a grasp on your finances?

If the answer is yes, then here’s something that you should know: you aren’t alone.

According to Fidelity’s Millennials & Money Study, 39% of millennials (aged 18-34) worry about their financial future at least once a week.

This means that they are either not spending wisely or not being able to set realistic monetary goals. Sounds familiar?


Do you find yourself running short of money every month? Perhaps, it’s time to reassess your expenditures. For instance, if you’re in the mood for eating out and shopping, but you don’t have money for both, go for the activity that you like more.

You could also try allocating a fixed amount of money (no cheating!) towards the things that you tend to splurge on—Rs. 1,000 for takeaways from that Chinese outlet you love visiting with your mom, Rs. 500 for your caffeine fixes, Rs. 500 for that movie whose lead actor makes your heart melt, and so on. This way, you won’t end up spending more than you intend to. Great solution, right?

So, you don’t have to sacrifice on your fun; at the same time, if you put away even 20% of your salary every month, you can still enjoy the good things in life without fretting about how much money you’ve blown.


Have a personal goal that you wish to see fulfilled? Like a house that you want to buy before you hit 35, or a trip to Iceland that you hope to gift your parents? But it looks so crazily difficult if you’re broke, right? Here’s an anecdote that might urge you to think otherwise.

Mriganka Sen (27), a New Delhi-based journalist, says that until about two years ago, she would end up blowing up her salary every month.

“Not once did I think about saving. Life’s too short, I would tell myself. Then one day a friend came to my place in a car that he had bought on his own! I can never forget how happy he looked, and that’s when I asked myself, ‘Will I ever be able to afford something that’ll make me so happy?’”

Mriganka went ahead to invest a certain amount of her earnings in short- and long-term options. The returns have been helping her fund her life goals, such as a trip she’s taking with her beau next year.

“Yes, investments might across as boring or complicated. But, trust me, it’s nothing like that. Also, might I add that there is nothing better than seeing your money grow?”

Now, there’s only one way to test this theory, and you know that!


What was that conversation at the dinner table that made you roll your eyes? Was it related to life insurance? Did it make you groan out loud about how it’s something that only old folks need to get? You’re young, healthy, probably have no dependents, and therefore, there’s no reason as to why you need to think about it. Like seriously, who talks about death at the dinner table?

But hey, nobody lives forever. And, nobody knows what’s going to happen 30, 40, or even 50 years from now. But, when something does happen to you, you’ll be spared a lot of financial trouble if you have a life and health cover. What’s even better is if you get both at the same time.

The best part for us broke millennials who’re thinking, “How am I ever going to afford insurance? I don’t even save that much!”, here’s the kicker: insurance is cheaper when you’re younger. And, in the on-demand era we’re living in, you get access to life and health cover at the click of a button from insurers like HDFC Life. This combo health + life plan is perfect because you get financial protection in case of death, critical illness or disability, you get tax benefits and you also don’t have to go to two different insurers. Totally hassle-free!

So, what are you waiting for? Go out and save some moolah, and then spend it wisely!

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