Millennials & their money: Hustlers or hopeless?

young-millennial-sitting-on-chair

Yeah, we know what people say about millennials. They’re job-hopping, thrill-seeking, woke individuals that like to use “AF” at the end of every sentence. And when it comes to money, they’re accused of over-spending and under-saving. Well, there’s more to this generation than selfies and Insta-speak and how they handle their money is just the beginning.

they spend on…

Experience and self-improvement. Millennials are given a hard time when it comes to their money-management. Boo. In reality, they’re more careful with their cash than their parents were. So on-the-fly shopping isn’t really a thing any more.

they save on…

Travel and Education. Holidays and studies don’t pay for themselves. There’s planning and sacrificing that makes these dreams a reality. So yes, millennials def save, just not for the same things that their parents did. Buying a house and settling down isn’t at the top of the list but, hey, there’s time for that later.

they earn by…

Working and side-hustling. Gone are the days of having one job for a lifetime. Even working one job at a time is so last century. To go places today, you need to innovate. Just think about the billion-dollar world of influencer marketing. No one knows how to juggle jobs like Millennials – simply scroll through Insta and see the brilliance of the side hustle coming to life. Check out @hermaninthehood.

so, friends, what can we learn from millennials? lots, like:

• Become a smart spender. Fill your life with great memories and good times with great people. Forget filling your life with clutter that ends up in a box in the garage.

• Save for the things that’ll take you places, literally, like education and travel.

• Embrace the side hustle. Take your hobbies and passions and turn them into a job – it’s the Millennial thing to do after all.

Public holidays are cool, but what do they really cost you?

Out of office for holidays
We all love public holidays – time with family and friends, sleeping in, doing a whole bunch of wonderful nothing… But as amazing as they are, public holidays can cost you time and money. Crazy, right?! Lucky for you, we’ve got some fixes to help you skip the post-holiday slump.

avoid the spending trap

Think about your day at work. You’re at your desk, deadlines are keeping you on your toes and out of your pockets (unless you’re online shopping, of course.) When it comes to public holidays, you suddenly have time to spare and need things to do. So, your banana-on-the-go breakfast becomes a lovely long brunch out. Your quick grocery shop becomes a shopping spree.
Our fix: Budget. Yes, we said the B-word. Deal with it 😉 Work out how much you’re willing to spend and stick to it. Yes, it may be tough, you might get tempted, but you’ll thank yourself, and us, later.

 

make a long weekend of it

What public holidays are the best? Any one that’s on a Friday or Monday. Why? Because you can head out of town for a bit of a breather. But before you pack your bags for a last-minute mission, check the price tag. A badly planned road trip can easily trip up your cash flow.
Our fix: It may feel like a hassle. Your friends will laugh. But booking your getaways at the beginning of the year will help you get the best bang for your buck… and then you’ll be the ones laughing.

do not let time run away from you

Just because it’s a public holiday, it doesn’t mean your work will magically get done for you. And nothing ruins a holiday like having to work or stressing about work.
Our fix: Leading up to a public holiday, manage your time and your workload so there’s no desperate dash to get things done. Yep, you may have to put in a little more effort, but if it means your time off is totally stress-free, it’s a no-brainer.

Virgin Money South Africa recognised at inaugural enterprise blockchain awards

With the alarming cost of cash withdrawals and the growing concern over data security, South African consumers are rapidly adopting cashless payments solutions, such as Virgin Money Spot.

The app has been developed especially for the South African market and it makes paying or collecting money as simple as sending an instant message.

cashless and secure

One of the greatest benefits of using Virgin Money Spot is the safety and security of the app. Virgin Money SA has just been acknowledged by the international Enterprise Blockchain Awards as a finalist in the Enterprise Transformation category. We’re also the only company on the African continent to be recognised in 2019.

Andre Hugo, CEO of Virgin Money SA: “The blockchain accolade is extremely important in this cashless space, because consumer trust is paramount to adopting alternative payment options like Virgin Money Spot as a platform.” And with more features in development the team believes the business will scale rapidly.

why we do what we do

Virgin Money SA is a purpose led organisation and we place the customer in the centre of our product development approach. “There is more to the future of banking than making current products and services more digital, or simply migrating to a cashless society,” says Hugo. He believes it’s about making life as easy as possible by giving people financial information, the ability to transact instantly and securely but most importantly, giving them choice.

The continual rise of Virgin Money Spot and how it has transformed Virgin Money in South Africa is an ongoing success story, particularly since the innovative app has shown a progressive monthly growth of new subscribers and transactions since first launching in February 2018.

We are very excited about the new features that we’ll be releasing later this year. We believe that they will help to make payments faster, easier and more secure than ever before.