Millennials want and need more money. The average millennial is currently $47,689 in debt. Much of this outstanding debt is associated with exorbitant student loans, a strong reliance on credit cards, and fierce competition for jobs upon graduation.

With that in mind, let us take a look at some budgeting tips that millennials can follow:

Brown bag lunch

There is nothing more draining on your wallet, and your life savings, than buying food from restaurants every single day. If you can, try to brown bag it. You will thank yourself when you figure out how much money you have saved. Try to find the right balance of foods that are filling, compact, not too messy, not too smelly, wholesome and healthy.

Stay away from credit cards

Let’s face it: credit cards can get you into a lot of trouble, financially. The wisest thing to do is to stay away from credit cards. Some people get sucked into the habit of using credit cards to buy things that they cannot afford. As a result, those people go into massive amounts of debt. As time goes on, the interest amounts that people have to pay on their credit card debts skyrocket, putting them in deeper and deeper pits of debt.

Some people say that it is important to build good credit, and that in order to build credit you must use and pay off credit. If you want to build credit by utilizing a credit card, take extreme caution. While using a credit card, do not overcharge it, and make sure that you have enough money to pay the amount that you are charging. Keep track of your bills.

Think about your retirement

As a young millennial, old age seems so far off. However, time flies by quickly, life changes, and, all of sudden, people become old.

First, think about how exactly you expect to live as an old person. What do you want to be doing as an old person? What elements do you want in your life? What will you do if you become sick or disabled? These are extremely important things that millennials have to have a foresight about.

After you do a little bit of soul searching, think about how you will make enough to support the way that you expect to live as an elder. Set money aside for savings, even if you are not making as much money as you wish.