For most millennials, the hardest thing seems to be the ability to save money.

Well, it's not every day the likes of the avocado toast story and similar stories with millennials' money-saving ineptitude come out.

They are frequent enough that a stereotype is forming.

Some millennials have problems with saving for the future.

Many millennials can save money as a young adult, but others still have difficulty.

The millennials that do keep for the future tend to be saving a fixed amount for their retirement.

As to whether or not this will work for them in the long run remains to be seen.

Let's take a look at two typical millennials.

First, we have John.

John is in his late twenties, John isn't saving for retirement, John's trying to live life to its fullest and experience as much as he can.

Now, let's look at Kevin.

Kevin is a lot like John.

He's the same age and makes around the same amount, but unlike John, Kevin takes a conscientious effort every day to save money and put those savings towards his retirement.

Let's look at John and Kevin's spending habits to see where they differ and how that affects them financially.

One of the earliest life lessons that Kevin learned was how to cook.

By being able to cook, Kevin can save money.

For example, when John is hungry, he tends to eat out instead of cooking.

On a typical day, John may spend roughly $15 on lunch and $25 on dinner.

In comparison to the $40 that John spent on just two meals, Kevin may have spent that same amount on ingredients and made five times the number of meals.

Of course, these numbers can change.

If John has expensive tastes, that $40 he spends each day on meals can explode to $60 or $70.

But by using the same amount of money, Kevin can make even more meals than you would think.

You see, by Kevin choosing to buy groceries and cook at home, he can save the almost $280 per week that John spends on food.

Before Kevin ever goes shopping, he will write a list of everything that he needs, and while he is shopping, Kevin makes sure to stick to his list.

Before going grocery shopping, Kevin will make sure to eat something.

Because he knows having a satisfied stomach allows him to keep his list even amongst all of the delicious temptations at the grocery store.

In contrast, John will go to the grocery store hungry, and he'll not make a list, trusting that he can remember everything that he needs.

By going to the grocery store hungry, John is far more tempted by the food available there.

Since John doesn't have a physical list, he's essentially making a list up as he goes.

John is really into buying name brands, while Kevin doesn't care all that much.

But because John only buys name brands, he shops at places where he can buy them, which are usually a bit more expensive.

By being able to shop for the generic and occasionally store brands, Kevin can save anywhere from 10% to 20%.

Kevin will also go to Walmart instead of going to Target like John.

Sadly, both Kevin and John do have their vices.

One of the steadiest strains on anyone's wallet is their vice.

This vice can range from smoking, drinking, gambling, or collecting.

Anything when taken to the point of excess will become a vice.

After a long day at work, Kevin likes to drink a beer or maybe a glass of wine.

Though Kevin wants to save money, his biggest obstacle is his vice.

The average American will spend $565 a year on alcohol.

While Kevin's vice is hard on his wallet, it's nothing like John's vice.

John is a pack-a-day smoker.

By smoking a pack a day, John will spend $2,011 a year on his vice.

By looking at what the average American will spend on these two vices annually, we can see how they are not only hurting John and Kevin's physical health but also financially.

Kevin and John both recently purchased homes.

After buying a house, one of the easiest ways for Kevin to save money is to replace all of his lightbulbs with energy-efficient LEDs.

But Kevin is not happy with just that savings.

He wants to reinvest in his house, so he's also looking into replacing the old inefficient appliances with more efficient ones.

By reinvesting into new appliances to ensure that they are energy-efficient, Kevin will save 25% or nearly $550 a year on energy costs.

Beyond saving money on his energy bills, Kevin is also now looking into ways he can save on his water bill.

One of the biggest fears of a new home owner like Kevin is unexpected costs that come after purchasing your house.

Some of the most common unexpected new homeowner costs are: maintenance cost, property tax, insurance, utility bills, and so on.

But with the money Kevin is able to save on his utility bills, he's able to buy more appliances and furniture for his house on his schedule.

In comparison, John sees the upfront costs of getting new and energy-efficient appliances or the purchases of LED light bulbs as unnecessary,

and decides to wait until he needs to get them instead of being proactive.

What this means is that if John's appliances do break, then he will be scrambling to purchase a new one, and may end up overpaying because he did not do enough research.

Kevin, on the other hand, likes to wait 30 days before making any big purchases.

By waiting 30 days, this gives him the adequate time he needs to think through whether he needs the item or not, and if so, where to find the best possible deal.

This means that Kevin sits down and considers if this purchase matches all his current needs at a price that he can afford. 

One of the biggest drains on any newly-independent young adult's wallet isn't impulse buy.

For John and many people, the old adage of "money burning holes in my pockets" is true.

But by waiting those 30 days, Kevin will also be able to plan his purchase. 

This means that instead of cramming that entire purchase on credit cards, which John does quite often, Kevin can gather enough cash together with his savings to make payment for items he needs.

By practicing these money-saving tips, Kevin can squeeze more out of his paycheck.

While, in comparison, John sometimes still has to go back to his parents and ask if he can borrow some money.

Many of these tips can be tedious to enact at first, but after a while, they become second nature.

Thank you guys so much for watching. 

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