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Sep 08, 2016 09:14 AM EDT

Finance 101: Budgeting Tricks From Millennials

Millennials have earned a bad rep for being entitled and spoiled. Moreover, the older generation looks at this generation and sees them only focusing on looking rich instead of actually getting rich.

However, there are actually millennials who are smart about their finances. Lawrence Peart, a photography consultant from Austin, TX, shared how he was able to finish his college education without debt as well as adjust to higher and more expenses as a young professional but, at the same time, save money for his future.

"You can save quite a bit of money not doing the stuff everyone seems to think you have to be doing," he advised. "If you don't buy fancy clothes, go out for drinks every day, feel the need to keep up with the newest phone every 6 months etc., all of that extra cash starts to add up."

U.S. News also shared budgeting tricks from millennials that can be applied by everyone. It was revealed that millennials use coupons to get discounts and savings on their purchases. They also take advantage of Groupon and LivingSocial deals.

Social media and instant messaging has also helped millennials keep their spending on track. These young students and professionals share their budget with their friends for accountability.

Millennials are also more conscious about their future and save up for retirement even when they are on a tight budget. Some follow the simple 50/20/30 budgeting rule.

According to a 2015 Tax Return survey by the National Retail Federation, 53 percent of millennials plan to save their tax refunds instead of spending it. Only 15 percent planned to make big purchases with the money.

Moreover, millennials are more optimistic and understand that a little splurging once in a while does not hurt. This tech-savvy generation also takes advantage of apps to help them manage their money well and do their own research regarding retirement and investment.

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