Life-changing money for millennials may not be as much as you think

Life-changing money for millennials

RICHMOND, VA (WWBT/WXIX) - It’s fun to play the “what if” game, when a lottery jackpot hits hundreds of millions of dollars. But most millennials say it would take a lot less to really change their lives.

According to a new survey from one poll on Self Lender, the average American says about $20,000 would do the trick in terms of making life a lot easier.

But if you ask a millennial, that fantasy number may drop.

The millennials they polled said, on average, that just $5,000 would make a huge difference in their quality of life.

They also said they didn’t want the money for a vacation or new car.

More than half said they’d put it right into savings. About a third said they’d use it to pay off debt.

The good news is you can save $5,000 in a year, if you’re really focused, and you have a plan.

Some things that will help include shopping around for car or homeowner’s insurance, or boosting your deductibles to lower those premiums.

Another move that can save hundreds is negotiating lower rates with your satellite, cable or cell service provider.

Setting tight budgets for food, clothing and entertainment using an app like Mint will also help.

And the easiest way to save is to make it automatic.

Set up transfers out of each paycheck to savings, and odds are you won’t even feel it.

Copyright 2019 WWBT/WXIX. All rights reserved.