Becoming an adult is a lot harder than the grand character developing monologues we've seen on TV.

Hashtag "adulting" looks good on social media, but we millennials have been ill-prepared for some of its top responsibilities. The biggest adulting hack is knowing how to save money, and millennials have yet to realize how much we don't know.

Between insurance, AAA memberships, and Roth IRAs, saving money and spending less is simpler than you think.

Are millennials saving?

With the pile of student loan debt and the national wage crisis, saving money can seem like a distant goal for most millennials. Although financial education is needed, studies show that millennials' minds are in the right place, and they care more about saving than they get credit for.

According to Vox, millennials begin saving much earlier than previous generations and are less likely than GenXers and baby boomers to dip into their retirement savings.

The real question isn't "are we saving" but "how are we saving." There are ways to begin a savings routine while paying off debts and building your career more effectively than transferring 5% of a biweekly paycheck to a savings account.

Transferring a portion of your check into a savings account is an excellent place to start but is slow and doesn't actively add wealth to your pockets. A list of financial strategies and options that can help you save money and build wealth while you take care of what you need right now include:

Insurance and AAA memberships

If you've ever been in any kind of accident without insurance, you know just how expensive fixing a car or a doctor visit can be.

Insurance may seem like an unnecessary bill, but having it will save you money in the long run. By combining AAA membership benefits with auto and health insurance, you can get financial assistance when you travel, helping to save money, and boosting your credit.

Roth IRAs

An IRA is one of the most common retirement plans and the best long-term saving option for individuals making less than a $140,000 salary. For a Roth IRA, you must use your money to build the account, but you benefit by gaining tax-free cash in the future.

Roth IRA plans allow you to contribute up to $6,000 annually until 50 years of age, where the deposit amounts are permitted to increase.

High-Yield Checking Accounts

You're going to spend money for as long as you're alive, so why not have your money work for you? High-yield checking accounts are similar to the credit or debit cards you likely already use.

Instead of charging you interest fees on what you've spent or owe, these accounts help generate income based on what's in your account. One key factor is finding the best high-yield checking account offer currently in the market.

Annual percentage yield (APY) rates are similar to loan yearly percentage rates (APR), except that they pay you instead of you paying them. A reasonable rate is generally around 2% a month that may get compound daily, monthly, quarterly, biannually, or annually.

Profit-Sharing Plans

This is, hands down, one of the easiest ways to save because you don't need to invest your own money. Rather than taking a portion of your wage as an employee, profit-sharing plans are different from a 401(k). The money invested comes from shares taken from the company's annual or quarterly profit.

Ask your employer if they offer profit-sharing plans as a benefit, and you could be making your employer work for you. Of course, obtaining financial benefits from this type of program means staying employed with a company long-term.

You may not be joining Kim Kardashian on Forbes' list of billionaires, but you won't need to add to your savings at the expense of what you currently earn.

Certificates of Deposits

Building your saving for short-term goals such as six months to a year is just as beneficial as saving for retirement. Utilizing certificates of deposits (CDs) is the safe and legal way to flip your coins into expendable income.

CDs work by holding your money for a set time period. There are early withdrawal penalties, but a CD account could help you master financial discipline if you have trouble keeping your savings.

At the end of the specialized term, you can withdraw your investment plus its interest or combine the accumulated balance into a new CD to generate more wealth. With most banks and financial institutions, you can have up to five CD policies, ensuring that what you put aside stays to the side.

Do millennials have good money habits?

If you want a Starbucks coffee, you should get it. Getting a weekly treat isn't what's keeping you from your wealth portfolio dreams, even though it costs you.

Treating yourself is necessary for maintaining your mental health and motivation, but you should be aware of what treats you spend too much on. One of the most common things you may be paying too much for is car insurance. You can compare discount car insurance to save money.

Your daily habits can become costly, so don't completely tune out someone expressing care for your financial interest. You don't need to cut up your credit card or bury your Apple wallet, but changing some of your habits will help you save money.

A list of habit changes to consider when looking to cut back on your monthly expenditure is:

●       Cut back on smoking.

●       Turn off lights and unplug devices.

●       Clean your closet.

●       Cook for yourself.

●       Drive less.

●       Use coupons.

I know you've heard all of this before, but thankfully some apps and services can help with all of these things. Invest in the apps, services, and devices that will help you reduce your monthly spending so you have more to add to your saving policies.

How do I start saving?

Being in a no-label relationship with your finances isn't the way to set yourself up for success. All of these options are great beginning points, but you'll always be stuck at step one if you don't know how to start.

To know what you can afford, you should record your current expenditure and debt-to-income ratio. With that knowledge, you can do specific research on these options and see exactly how they can benefit your financial profile.

Find an advisor or even run your options by a trusted mentor or family member for guidance. Once you know what you want and need, you can begin searching for the best institutions and offers available to you.

About The Author :  Danielle Beck-Hunter writes and researches for the insurance comparison site, USInsuranceAgents.com. Danielle is a part of Generation Y and knows first hand the financial struggles of the millennial generation. She is a content writer and insurance specialist that advocates for financial literacy education.