Fin-fluencers advice for millennials looking to make and save money

The rising popularity of social media has led to a new breed of influencers, dubbed fin-fluencers, who are offering millennials tips on making and saving money.

The rising popularity of social media such as Instagram and Twitter has led to a new breed of influencers, dubbed fin-fluencers, that are offering millennials tips on making and saving money.

Eunice D Wong, who posts stock tips on Twitter and Instagram, says she’s inundated with questions from strangers on social media about how to make money.

“The best one was a couple of single mums on Instagram. They wrote to me saying they were very inspired and that they want to do what I do because they felt like they’re just struggling,” Wong says.

Wong, whose partner is Asenna’s head trader Assad Tannous, says she doesn’t put her money in the bank because she wants it working for her.

At the moment, Wong’s investment preference is cryptocurrency “because its quicker” but also more volatile.

Finnian Kelly, who says he’s been influencing people through finance for 13 years, says millennials want practical steps to save money but not cliches.

“They want to know they are having an impact on the world by being conscious consumers,” he says.

“They want simple ways to save money that aren’t radically changing their lifestyles or constricting them. They love smart ideas of how to substitute one thing for another to get the same feeling. For example, off brand products with the same quality.”

Kelly says millennials are interested in responsible and ethical investing; becoming entrepreneurs, flexible lifestyles and spirituality.

Eunice D Wong is part of a the new breed of influencers. Picture: Supplied.

Kelly’s top tips for saving include having all your money systemised into your savings, debt accounts, investments and bill payments each month as well as having separate accounts that are harder to access for your savings accounts. He also recommends having a personal spending account to allow guilt free spending and to get “really connected to the emotional reason of why you are saving for something”.

“Make it something that is aligned with your values and will motivate you when having to make difficult personal decisions,” he says.

Kelly suggests using the ‘four yes test’ to help with decision-making of a purchase; do I have the budget; will this purchase increase my happiness; does the purchase align with my values and will this purchase move me closer to my goals?

Financial advisor Billie Christofi says millennials want to know the fastest way to achieve something.

“It takes delayed gratification and being clever with your budget to really get ahead. They want to grow their assets and are keen to learn how. It’s a matter of undoing the way we tend to want more at a young age, and delaying that until we set ourselves up better. Aligning our spending habits with our goals,” she says.

Christofi recommends cutting your credit card limit and leaving the credit card at home one day a week. She also suggests waiting 24 hours before making a purchase, starting your day early as most places aren‘t open early in the morning and cancel subscriptions.

“Don’t wait to invest, get started with a buddy, sibling or parent. The sooner you get your finances in order and start growing appreciating assets the closer you will be to financial freedom,” Christofi says.

Canstar’s savings expert Nina Tovey says anyone looking for finance inspiration online should be discerning when choosing who to follow.

“Keep in mind that if a finance tip or strategy sounds too good to be true, it usually is,” she says.

Tovey suggests following a good mix of people with finance backgrounds to get a more informed view.

“There are some really talented economists, journalists and financial advisors breaking down complex finance topics really simply on social media, and these are fantastic resources for anyone interested in boosting their financial knowledge.”