Being in your twenties is an exciting time, especially once you finish studying and start on your journey to being a working adult. 

Marlin Credit knows how important it is to have on-hand cash when you are making a large investment like a house. They also know how important it is for young people to start saving as early as they can especially in today’s economy. 

To ensure that you have some savings when you make a big decision like buying a house Marlin Credit provided some tips for young millennial’s to help them reach their financial goals.  

Whether it is studying for the future, creating your own business, wanting to travel or saving to buy your own home, it is vital to have a clear plan to achieve your goals.


To guide first-time savers on their journey, here are 4 simple tips for millennial’s to begin maximising their savings:

1. BUDGET: Understand where your money is going

Your first and most important financial step is to create a detailed budget that will help you to understand how much you are spending, and how much of a margin you have to begin saving instead.

Begin by noting what your actual salary is after-tax, and then create a detailed list of your expenses, including your rent, utilities, groceries, and other expenses.


2. Save for an emergency

We know why it is important to save for a rainy day or that unexpected emergency.

Continue your savings journey by putting some money aside in separate savings or a call account for rainy days.

At Marlin, we believe you should aim to put away at least three to six months’ income in an emergency fund that you can easily access when faced with big expenses.

We are aware that some emergencies are unavoidable and when you need help we are here for you. 


3 Avoid the temptation to SPLURGE

While the high of earning your first salary means that it is natural to want to treat yourself, avoid the temptation to overspend.

Look to your budget to guide you in terms of affordability, when it comes to buying a large ticket item.

Sometimes a large splurge can be a good idea or a great investment. A new house or an investment opportunity can come by and it is important to know where you can get finance. Marlin has over 60 years’ worth of experience in making South Africans dreams come true.

4 Keep paying off that debt

Excessive levels of debt will prevent you from reaching your true savings potential, and if the interest rate being charged on your debt is higher than you would be earning on investment, you will actually be saving more by paying back your debt more quickly.


Look at the interest rates charged on your debt and prioritise repaying expensive short-term debt such as credit cards and store accounts, before turning to less expensive long-term debt such as a student loan.

When taking out debt it so important to know what you are getting yourself into.

Marlin has over 88 employees that will ensure you know every detail about the finance you are taking out. We want you to know and be empowered and that means being transparent about your financial future.

For more information on how Marlin Credit can be the bridge to your next financial goal WhatsApp them on 087 897 9792 or check out their website.

You can also follow them on Facebook and Instagram for more savings tips and ideas.

-Adapted from Personal Finance