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Running a little low on cash? Here’s over 20 ways to save money in your 20’s (and beyond) so you can put more money back in your bank account!
In your 20’s you’re probably going to spend a lot of time going to school, working entry-level jobs, and not bringing in lavish paychecks.
That’s why it’s so important to save money every way you turn. And the good thing is, there’s plenty of opportunities all around!
So let’s dive right in with how to save money in your 20’s:
1.) Drive a used car.
And no, it doesn’t necessarily have to be a “beater.” Even purchasing a car that’s a few years old versus brand new off the lot will save you thousands of dollars in depreciation.
2.) Stop eating out for lunch every day.
Food is probably my number one weakness when it comes to my money. I’m just always more full and enjoy the food more when I’m not making it myself! However, this is one of the easiest ways to put some substantial money back into your pocket. So don’t be afraid to at least cut back on eating out all the time.
3.) Use rewards programs for cash and gift cards.
You’re shopping online already — earn legit cash back with Rakuten. Every time you shop just go through the Rakuten site first and you’ll earn cash back from 1000’s of stores online. Plus you get a free $10 bonus the first time you shop!
My bank also offers a program where you earn rewards just for using your debit card (and it’s free!) Check and see if your bank offers anything like this, or if another local bank does. It might be worth switching accounts. I’ve gotten many $25 gift cards for free this way.
4.) Find a local/online bank that is free.
Going off number 3, if your bank is charging you fees every month just to have an account there, it’s time to switch. No one should have to pay $12 to have a checking account! That’s more than my Netflix subscription. Smaller/hometown banks usually offer some type of account that doesn’t have any type of service charge, so why pay for another bank that does?
5.) Shop Plato’s Closet/Thrift Shops.
Or other resale stores. High-end resale shops are totally a thing now, and you can get awesome clothes for like a quarter of the price if you’d bought them brand new. Start your shopping here before heading to the mall.
6.) Listen to podcasts for free entertainment.
Listening to podcasts was one of my favorite things to do when I had a long commute to work (and saved me the cost of SiriusXM!) I liked to switch back and forth from the radio to podcasts to keep things interesting.
7.) Have game nights with friends.
This is one of my favorite ways to save money because it’s fun! Some of the best nights with my friends have been spent playing board games and drinking cheap wine. Doesn’t get much better than that.
8.) Get unlimited data and cancel WiFi.
So this is something my husband and I had to do out of necessity when we moved to a rental that could not get internet service. For a whole year we used our phones and tablet as hotspots. We did have to ration our data a little throughout the month, but we always seemed to stretch it pretty good. If you’re paying upwards of a hundred dollars for Wifi, this is an easy way to save some money.
9.) Move a little farther away.
It’s no doubt that cities are expensive. Consider shopping for a new place to live that’s farther out than you’re used to. If you can get used to the commute, you could save a TON on housing!
10.) Make indulgences a treat.
This is something I’m trying to get better at, because when you’ve got the money in your account, it’s easy to buy yourself whatever you want. But imagine how much sweeter those massages, new shoes, or even going out to eat will be when you’re not treating yourself to them all.the.time.
11.) Download apps for your favorite restaurants.
I’ve got the Chick Fil A app on my phone, so every time I eat there I can earn rewards. These add up to free chicken sandwiches, ice cream, etc.! See if your favorite restaurant has an app and start getting rewarded at least for eating there.
12.) Sign up for emails.
This can be a bit of a double-edged sword, but signing up for emails at your favorite stores, restaurants, etc. can save you some good money every time they send out a coupon code. Just be sure to not get sucked into every sale email they send–they’re good at that.
13.) Work part time retail for the discount.
Just because you’ve got a “real job” now doesn’t mean your retail days have to be over. Some people do this temporarily around the holidays to earn some extra cash and also save huge with their store discount on gifts. If you find yourself shopping a particular store all the time, consider working there a few hours a week to make some extra money and save when you spend it.
14.) Rent an AirBNB vs a hotel.
The options out there for renting someone’s house/room are crazy nowadays! There’s so many awesome looking places that are way cheaper than a hotel room would cost. Read the reviews and consider this next time you’re traveling out of town.
15.) Save on groceries.
Once again, sign up for the app/emails from your favorite grocery store for coupons and sale alerts. Change up your routine and shop a discount store like Aldi. Stick to the outside perimeter of the store. There are SO many ways to save on groceries when you start thinking outside the box.
16.) Workout at home/on the trails.
Gym memberships are pretty fancy now and they can be pretty expensive to go along with it. There are tons of free workout videos on Youtube, and walking is an awesome free exercise you can do right outside your front door!
17.) Wear a capsule wardrobe.
Buy quality things and you’ll save money over buying cheap clothes that wear out way too fast. Having a capsule wardrobe also takes the decision fatigue out of deciding what to wear every day, and you’ll always feel good about what you have on since you love every piece in your closet.
18.) Embrace minimalism/contentment.
For some, this tip will be super easy. For others, it might require you to completely change your way of thinking. However long it takes you, learn to embrace being content with what you’ve already got. You’ll soon realize that it’s enough, and you don’t need more stuff to be happy.
19.) Be “choosy” with entertainment, purchases, everything.
Don’t just buy a cheap scarf because it’s on sale. Don’t go see a movie you don’t even care that much about because it’s what you always do on Friday nights. Start to be picky with your time and money, and make more intentional decisions.
20.) Don’t waste your money on credit card interest.
Credit cards are a very slippery slope, usually with a 24% interest rate at the bottom of it. It’s insane how much money I’ve wasted on interest because I wasn’t smart with my credit cards. If you don’t have cards yet, just skip them! If you do, work hard on paying them off. That interest adds up crazy.
21.) Create a separate account for savings.
If you only have your checking account and just let all your money hang out together, it’s so much easier to end up spending it all. Set up a separate savings account if you don’t have one already and start throwing money into it. You’ll thank yourself later.
22.) Find a cheaper way to buy what you want.
With just about anything you buy, there’s probably a way to get it cheaper. Don’t always buy something the second you see it on the shelf. Do some research. Can you find it cheaper online? Amazon is a great place to start. How about trying to negotiate the price?
How will you start saving more money?
Use this list as a starting point and keep brainstorming ways you can save more money in your day-to-day life. You got this!