While saving money in this day and age seems impossible, there are still a handful of things that are at least worth trying. These ideas are of particular value to those in their 20s. Again, saving in this economy can be difficult, but there is still considerable value in trying to plan ahead. The more you can do in the present, the more you will likely have for the years to come. Again, these are suggestions that are at least trying for yourself.
To start with, don’t doubt yourself. Consider some of the tips and suggestions we have collected. See if any of them can work for your current lifestyle, or in terms of what you want to accomplish over the next several years.
No one is asking you to pull blood from a stone. At the same time, we have a number of money saving tips for 20 somethings that are at least worth a deeper look:
Have goals in mind:
You don’t have to go ten years in the future. Just establish something specific that you would like to achieve over the next year or two. Having this goal in mind can give you something to focus on, during those times when it is conceivably possible to put even a few dollars away for something important.
A separate bank for saving:
While someone’s concept of conventional wisdom tells us to do all our banking from a single location, this isn’t necessarily the best idea in the specific interest of savings. Give at least some consideration over to having your savings at a separate bank. This can make it more difficult to dip into them, and it also establishes your savings as a wholly separate entity. Have you ever heard the expression “Out of sight, out of mind”? It certainly applies here.
This obviously isn’t for everyone, but it can save you a ton of money over the short-term and long-term. A lot of people don’t even realize the option is available to them. Find out if you can get your debt refinanced under the current interest rates. Even a 1% difference in what you are currently dealing with can save you money.
There are tons of cashback offers out there at just about any given moment in time. Make it a point to keep up with these cashback offers. If it sounds like any of them can be applied to you, take advantage of that immediately. This is another suggestion in which many people fail to realize the opportunity is even available to them. There is a good chance that there is something out there for you.
Save on going out:
During the fall and winter months, you should find yourself with some great opportunities to entertain at home. Potlucks and similar events are great for cooler/cold times in the year. Picnics and similar events can be a good way to keep things simple and fun, while saving money, during the spring and summer seasons.
Try the cash diet:
This one can be difficult, but it can save varying amounts of money for those who know what they are doing. Existing only on hand-to-mouth expenses can give you some invaluable qualities of restraint. A lot of people do this one week out of the month. Try it for a couple of days a week and see how the results feel to you.