I’m inviting Jacob back to A Daydream Love today to share 10 ways a young adult can save money. If you haven’t checked out our “5 Smart Money Moves” you can do so HERE. The 5 Smart Money Moves post is a great overview of 5 smart financial moves you want to start making as a young adult. One of the smart money moves is to SAVE up for it instead of go into debt over it. I wanted to have Jacob dive into 10 ways a young adult can SAVE money doing both big and simple things. Be in control of your money, don’t let your money control you.
Here’s Jacob with 10 Ways To Save:
- Set a savings goal– Have one or several savings goals in mind. Whether it’s saving up for that bag, boat, house, retirement etc…whatever it may be figure out how much you need to save from each paycheck to reach your goal.
- Buy Used– There are several things that you can shop used in order to save money. You can save some serious cash by looking for things like furniture, tools, equipment or even designer bags on Craigslist, Letgo, Facebook Marketplace, eBay etc…
- Use A Grocery List– Make a grocery list before going to the store and stick to it. Not having a list to go off of can lead to unplanned purchases. Having a list also eliminates a lot of waste. Use coupons and the grocery store flyer to help you save even more money!
- Budget, Budget, Budget– Creating a budget will help you to see where your money is going each month. We use the EveryDollar budget app to track our income and expenses. Having a budget and tracking your money will also allow you to see where you could be saving.
- Get Rid Of The Unnecessary Subscriptions- Plain and simple, if there’s a subscription that you’re not using, but still paying for, cancel it.
- Opt to cook your meals at home instead of going out– Save your money by making meals at home. Whether you swap your drive-thru lunches out for a sandwich from home, or your takeout dinners for home cooked meals.
- Spending freeze/cash diet– This may sound intimidating at first, but it can allow you to get back in control of your money. It could be for a couple of days, weeks or months. Set a goal and timeline for your spending freeze/cash diet. Then decide where the money will go and put a name to the savings. In the past, Rechael has opted for a clothing spending freeze where she won’t buy any new clothes for a certain amount of time. The savings was enormous and she found creative ways to style the clothes already in her closet.
- Travel in the off season– Save money on flights and hotels by traveling in the off season. Peak periods of travel are often in the summer and holiday season-prices often surge around these peak periods. You can reduce your travel expenses by opting to travel out of the peak seasons.
- Get Rid of the Clutter– Whether it’s clothes, unnecessary tools, or things you just don’t use anymore, find ways to save by decluttering and also make money. Take clothes to a consignment shop, sell on sites like craigslist, eBay, Letgo, or Facebook Marketplace, you can even hold a yard sale! The extra money you get can be put towards your savings goals.
- Compare Prices– You can save just by comparing prices. Resist the quick impulse buy and spend a little bit of time by shopping around to get the best deal.