Sunday, April 29, 2018

7 Brilliant Money Saving Tips For Young Adults

When you're young, money-saving can seem like an incredibly difficult task, especially when you've found yourself living on low income. But tucking away some of that hard earned cash into your savings with each paycheck can and will make a huge difference in your life if you put forth the effort to stick with it. It's time you learn that and more with these 7 brilliant money saving tips that will help all of you get started down the right path of preparing for a finically successful and responsible future!

"There are still fun things that you can do without spiraling out of control. When you don't take the time to enjoy life, saving will seem more and more like some sort of cruel punishment."

The transition from carefree teen to full-fledged adult can be an overwhelming experience, to say the least. I don't know about you, but from the very moment I turned twenty-one, I immediately felt the pressure to become more responsible for myself and find any way that I could to be less dependent on those around me...But, that's not always so easy, is it? The most common problem that seems to make this transition challenging for so many of us is the fact that we need to have money to do almost anything on our own and with that, it's very easy to get stuck feeling that you aren't progressing enough in life due to the lack of it. Which is why I've compiled a list full of my absolute favorite, money saving tips in order to help you move in the right direction of learning to be more finically responsible and help you prepare for a better future, even on a relatively low income!

disclaimer: Before we begin with this list I would like to remind you that I am most definitely not a financial expert. The tips and advice I have provided are strictly things I've learned from my own personal experiences and nothing else. I've created this list only in hopes that what has helped me could have the potential to help you as well, I am not a professional by any means when it comes to giving financial advice.


Alright, so I'm about to play big sister here for a minute, starting this list off with a little bit of tough love but trust me, this tip will end up helping you out immediately. I know cutting some luxuries isn't something you'd especially like to hear. However, resisting the urge to go out and grab that delicious iced coffee every morning or that bag of takeout from your favorite restaurant you get for lunch every afternoon, can and will end up saving you quite a decent amount of cash in the long run. The money that you're spending may not seem like much at first glance, in fact, when prices seem reasonable, it's easy to get sucked into incorporating these types of things into your daily routine but when stepping back and looking at how much you've spent over the course of a month, and seeing how much money could have been put into your savings instead will give you a true wake-up call. 

solution: instead of going out for coffee every morning, take advantage of your coffee maker at home more often as a cheaper alternative and if you're someone who is busy and used to grabbing takeout on the go, try preparing yourself a nice lunch at home the night before you leave the house. And it's important to remember, you don't have to cut these things or any other luxuries out completelyjust make them more of a treat for yourself a few times a month instead of something you do daily. It's all about moderation! 

Of course, this step here will vary depending on what all of your personal bills and responsibilities are but setting a new budget to follow will do wonders in your financial life. Budgeting allows you to create a spending plan for your hard earned money, providing you with peace of mind that you will always have enough for the things you need and the things that are important to you. By following a budget or simple spending plan you'll feel so much more organized not to mention, it'll help you stay clear of debt!

Fun fact about yours truly; I'm a total goal-setter! I love setting simple goals for myself, nothing too strenuous, just little things that are actually doable for me. For example, this year I decided to set the goal of continuously saving money, no matter how small of an amount it may be and I definitely recommend that you do this, too! 

With every paycheck I receive, I set aside the amount of money I would need for bills, food, and other necessities. After I've done that, I'll make sure I leave myself with a relatively small amount of spending money for things that aren't necessities and then once I get my next check, I'll place the amount of money I have left over directly into my savings. I personally don't find myself spending too much anymore so I usually don't need to keep a lot for my spending money, however, the amount of spending money you choose to allow yourself depends on how much you're currently making and how much you're wanting to save. Also, don't feel too discouraged if you're not left with much by your next pay, another crucial step is learning that there is no amount too small when putting money back for your future. It doesn't matter if you're left with one dollar or one hundred dollars, everything will add up over time, everything counts!

bonus tip: If you're serious about saving and wanting to take things up an extra notch, another thing you can do is immediately place at least $10-$20 in your savings when you first receive your pay. This is something I try to do whenever I can afford it and it's ended up helping out quite a lot! 

If you're a young adult who is feeling pressure from others to hurry up and get out of your parents place as soon as possible, please allow me to explain why living at home is more than okay and in some cases, can actually be the more responsible way to go. If you are fortunate enough to have parents who are supportive and willing to let you live in their home as an adult, then you should definitely grab onto the opportunity. For me personally, I'm still living with my parents, why? Because truth be told, I'm not to the point where I could survive on my own financially and regardless of what people tell me, I know in my heart that going out on my own, would be the worst decision I could make at this moment in my life.

But when you're living at home with your parents, you have an opportunity to save for your future, an opportunity to grow to the point where you are financially stable and can afford to go out and pay rent and all of your monthly bills on your very own without fear of going completely broke. I definitely feel that there is a stigma around living at home as a grown man or woman, but there shouldn't be. As long as both sides are comfortable with it and you're not taking advantage of your folks' kindness, then I don't see anything wrong with sticking around while you try to build yourself up. 

note: I do have an entire article planned out that will be focused on how to be more independent and responsible while still living with your parents. Please be sure to check back for that one!

I think one of the biggest and most common mistakes we can make as young adults when it comes to money is spending full-price on absolutely everything that we need when there are tons of money-saving options out there. I know that sometimes using a coupon, buying a cheaper brand or looking in the clearance section doesn't cross our minds, but trust me, I know from experience that incorporating things like this into your financial routine, will end up making quite the difference in keeping a little more of that cash tucked away in your wallet!

You can start by checking out the clearance section in every store because you never know what you'll end up coming across. The clearance section can be hit or miss anywhere, so I really mean it. Wherever you go, clothing stores, grocery stores, whatever the case, check out those sections. Going through your local coupon books and saving coupons for restaurants and fast food chains for when you're in a pinch and need a quick lunch or dinner is a great money saver as well. Then, there's my personal favorite, purchasing the cheaper, more generic brands from grocery stores! I know that some people out there tend to shy away from this one, afraid of getting something that is cheaply made or isn't quite the same as the similar name brand product. However, I've made an effort to try more generic brands and have found that a lot of them are about the same in quality and end up saving a decent amount of my grocery money!

bonus tip: If concerned about the quality of generic brands, check on the back of each item for its manufacturer. Often times there are name brands that put out products under a generic name and sell them for a cheaper price than their other products, so you're not necessarily getting something that's been cheaply made! Definitely worth checking before purchasing!

When used responsibly credit cards can have some great benefits but at the same time, using a credit card can often be very tempting and could lead to some unfortunate overspending. The easiest way to avoid overspending and the disastrous consequences that could come along with it would be to practice using a debit card instead. With credit cards, we're totally free to use it as often as we'd like which means it's incredibly easy to spend what you don't have on you. But when using a debit card instead, you're stuck with strictly the amount of money that you know you have and with each penny you spend that amount will go down, and with that in the back of your mind, it should help you to become more mindful of your spending. Plus, if you do happen to go overboard at least you won't miss paying a credit card bill! 

Let's be honest, being responsible with your money isn't always the most fun. Sometimes in order to do the right thing finically, you'll miss out on a few things here and there, which is why you definitely need to allow yourself to have some fun every once in a while! There are still fun things that you can do without spiraling out of control. When you don't take the time to enjoy life, saving will seem more and more like some sort of cruel punishment. Avoid that from happening by giving yourself something to look forward to each month. Go out for lunch with a friend, treat yourself to a coffee, buy that video game you've been wanting! If you've been making an effort to be more responsible and save your money, then don't be afraid reward yourself, because ya done good! ...Just don't go overboard with your reward! 


If you happened to find any of my tips or advice helpful to you in some way, please be sure to take a moment and share this article with other young adults who could use some help financially! Also, feel free to follow me on social media to stay up to date on future blog posts. I absolutely love chatting and making new friends, so don't be afraid to reach out! What has been your biggest struggle when it comes to saving money?

YOU MAY ALSO LIKE THIS ARTICLE ON: 5 Effortless Steps To Becoming A Morning Person

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