More than half of employed and unemployed Millennials nowadays live at home with their parents in order to save up their money for later on in life. Big investments include purchasing a house or car as well as going on exotic vacations. Your parents have supported you as you worked longed hours and paid off your student debts while staying at home, so why not help them in exchange? A lot of household costs can rack up quickly, so when the going gets tough why not recommend that they switch their home cleaning professional to a more affordable option through the Handy app. This type of advice can only come from a Millennial who is the more techn-savvy of the bunch. Handy has vetted professionals that you can schedule quickly and effectively online for as cheap as $20 an hour.
When it comes to staying at home, you should take this time to appropriately allocate and budget your money for your retirement and house savings. Financial advisors always recommend the golden rule: Pay yourself first, above all. About 10% of your bi-weekly paycheque should be automatically deposited to your savings account. This will allow for enough emergency cash if ever you lose your job or realize that moving out has become an impending decision. One of the big benefits of staying at home (if your parents do not ask you to pay rent) is the fact that you can also save that recommended 40% of your budget that normally goes towards paying your rent and utilities, now towards your retirement savings or home savings.
When it comes to clothing and food, allocate 15% of your yearly salary to that. Not more than 5% should be allocated to clothing, and feel free to use that up all in a few shots versus every month. Make sure that you account for groceries, take-out dinners and restaurants in this fund. Handy operates in 28 cities in the United States, and several cities in Canada, and the United Kingdom. As of July 2015, it employs a full-time staff of at least 160 and has engaged about 10,000 cleaners to work on its platform. According to Handy, about 80% of its bookings come from repeat customers. As of November 2016, Amazon’s Alexa allows users to book services through Handy by using the Amazon Echo’s voice-activated features. In May 2017, the company partnered with the online retailer Wayfair to offer installation and assembly as an added feature when purchasing furniture through Wayfair. Also, when it comes to money spent on entertainment you should always leave this for last. Focus on growing your investments and savings before all else—so in other words, work now and play later. After all, what’s the point of a retirement plan if not to leave some money over for your future pleasure? Whenever you need any work that needs to be done around the house, make sure that you choose the affordable route by hiring a handyperson from the Handy app. Handy has shown us that there are smart ways to deal with our money and get the same job done.