Quick method to save money in your 20s | Money saving tips


Hey everyone! Thank you for being here. Today, we're breaching the world of personal finance and I'll be giving you some tips on how to save money in your 20s.


Unfortunately, it's been a trend that over half of adult Americans have less than $1,000 in their savings account. Saving is integral to building a financially stable and, hopefully, financially independent future for yourself.


It's never too late to start saving. Obviously, everything would be better if we just started sooner, but you know, there's nothing you could do about the past, so let's start building good habits now.


Remember that time is money, and I know you have time, so I know that you can have money too. And I appreciate you spending your time with me. So as a gift, I am going to give you five tips on how to save money in those tumultuous times that are your twenties.


Before we start I would really appreciate it if you liked, commented, and/or subscribed to this channel because it helps out my little channel so much. Thank you, if you do do that.


If you check those out, that would be really cool. Okay, let's get started! My first tip for you is to have a goal. It's easier to save when you have a vision for your future. Maybe you want to buy a car. Maybe you want to buy a house. Maybe you want to go on a really fancy vacation.


Maybe you're saving up for your future kid's college fund, or you just want to be financially independent. So, think about your money goals. Envision yourself reaching those money goals, because a strong purpose will inspire a strong will. And we definitely need that anytime you're handling money.


Tip number 2 is to start small and automate it. I get that our lives are complicated and, you know, we have bills to pay, debts to pay off, and food to eat. It's difficult to stash away like 30% or 20% of your entire paycheck into your savings account.


But something is better than nothing, which is why I'm suggesting that you put away one hour's worth of pay for every day that you've worked into your savings account.


If you get paid $15 an hour and you worked three days in that paycheck cycle, then that means you would put away $45 into your savings account. And if you feel like that cuts too much into your incoming money, then maybe just put away $10 per paycheck cycle.


And, if possible, it would be really good if you could just automate that moving of that paycheck money into your savings account. It's just one less step for you. Now, these small amounts aren't going to make you a millionaire, but what it is going to do is that it's going to establish some good money habits for you.


Now you're building the habit of saving money without disrupting too much of your life. Habits are powerful things so once you have the habit of putting a bit of money away into your savings account and you find that your life hasn't turned upside down, then you might consider putting a bit more money into your savings account, and it just blossoms from there.


Tip number three is to find roommates or live with your parents. I don't know about you, but I live in California in a big city, so the cost of living is very high. For most people rent eats up a big chunk of your paycheck.


It can be annoying living with other people, maybe (with) your parents. Trust me, I know. I live with my parents and my siblings right now. However, we need to think about the long run. So let's do some math really quickly.


You're living alone in a one bedroom apartment for, let's say, $1,400 a month. Now you get one roommate who converts the living room into their bedroom and now they pay $500 And you pay $900 (a month for rent).


The lease is 12 months long and because you have that roommate off-setting that rent now you've saved an extra $6,000 (that year). Now imagine that you decide to live with your parents, who might not even charge you rent or charge you a small amount of rent, because they love you.


Let's say you're living with your parents and they just charge you $300 per month for rent. You live there for 12 months and the rent decreases from $1400 (per month) to $300 (per month), meaning that you saved Around $13,000 dollars that year.


Housing and rent is just a huge expense. So if you could tackle those really big expenses and find a way to just decrease those that is going to save a huge amount of money in the long run. And it's going to save you more money than if you just cut out your morning latte run.


Though cutting out your morning latte run is pretty helpful too. My fiancé and I used to live in our own apartment, which was super awesome--not gonna lie. And we've been living with my parents for about two years with very minimal rent, and I've legit been able to put away like half of my paycheck into my savings account, into my investment accounts, because the rent is so low.


Tip number 4 is to have patience and find time. What I mean is that most of the time when we go out to purchase something, It's because we need it urgently, we need it now. Remove yourself from instant gratification.


If I want to make an online purchase or whatever, I usually will put it in my cart, wait 24 hours, and if after the 24 hours I'm still thinking about that item and thinking about how much easier my life would be if I had that item then I'll buy it.


But I would say 90% of the time I end up not buying it because I realized that I don't even really need it. Now ordering food is common, but if you can get organized and do some meal prep for the week or two, that is gonna save you a lot of money instead of ordering one $20 dish to feed you that night you can buy groceries for $50 to $100 that's gonna feed you the entire week and more.


And if you have patience and fine time you could figure out how to DIY (Do-it-yourself) things or find better deals for stuff. And, finally, my last tip, number five, is to start doing things at home. I kind of touched on this earlier, but, you know, if you're going out to eat the prices are higher and marked up for obvious reasons.


Instead of ordering that 20 pasta or pizza or whatever you can go to the grocery store and buy a bag of pasta and tomato sauce and veggies for less than $10 or $20, and make pasta for the entire week (or maybe a couple days, point is that it's more than a single or couple servings).


Instead of meeting up with your friends for drinks every week or so start hanging out at your place or their place and just hand make the drinks yourself. Ask your friends to bring snacks or chips for $5 for pizza or the cost of groceries.


Of course, you can have a nice night every now and again, but if you're doing it several times a week, I would recommend that you don't do that especially if you're trying to save money. And those are my 5 tips for saving money in your 20s.


If you have any extra tips for us, I would love to hear your thoughts and opinions. Now these are just starter tips to get the ball rolling and good habits forming. I didn't get into too much detail about ways to make your money work for you with credit cards or investment accounts or anything like that.


Of course, your experiences are different from my experiences So I'm reminding you to take all or some of these tips and transform them in a way that best suits your lifestyle.


And if you're still here, I appreciate you watching to the very end. And if you haven't already, liking, commenting.


I hope you go out and save a bunch of money. And, again. I'll talk to you next time. Bye!

Post a Comment

Previous Post Next Post