Saving money isn't easy at any age, but saving money in your twenties can seem downright impossible. Invitations for fun nights out with friends are tough to pass up, meal delivery service is convenient with busy work schedules, and paying rent is a dreaded monthly occurrence. Do you feel like you've done as much as you can, but still can't seem to save any of your paycheck? Consider the following to help you save money starting right now.
Money-Saving Ideas for Twentysomethings
1. Try TV streaming options
Do you still have cable television? Cable can become underutilized, and a big expense each month. Look into streaming services like Netflix, Hulu, Amazon Prime, and Sling TV instead. They typically offer free trials, and much lower monthly payments.
2. Cancel unnecessary subscriptions
Speaking of streaming services, make a list of all the subscriptions you currently pay for and prioritize which ones you actually use on a daily basis. Are you paying for a gym membership, but only making it to the gym once a week? Look into cheaper gym options or try at home workouts. Consider canceling meal delivery services, and opt to buy your own groceries and prepare your meals at home. You'll be blown away by how much money you can save!
3. Shop around for insurance carriers
Call other insurance providers to see if they have lower rates on car, renters, or homeowners' insurance. Also, consider purchasing all of your insurance through one provider instead of a few different providers. They may be able to offer a discounted rate.
4. Pay bills using automated bill pay
If possible, set up your rent payment, car payment, and other monthly bills to automated bill pay. This way you don't have to worry about missing a deadline and paying a late fee. Although automated bill pay may keep you from missing a payment, be sure to check your statements monthly for accuracy.
5. Get a roommate
This might seem like a no-brainer, but having two people pay one rent is better than one person paying alone. We understand there are several limitations that hinder people from getting a roommate, but if it makes sense, try finding a roommate or asking a friend to move in together.
6. Meal plan and go to the grocery store once a week
Plan out your meals for the week, create a list, and go to the grocery once a week to get everything you need. By decreasing your trips to the store, you'll save on transportation costs, and will have less of an opportunity to purchase additional unnecessary items. Utilize weekly coupons offered by most grocery stores or download your grocery store's app to find savings.
7. Bring your lunch and snacks to work
Instead of going out to lunch every day, include your lunch (and snacks!) in your meal planning and bring them in to work. This goes for coffee and tea too. Buying your favorite type and brewing it at home can provide a cost savings.
8. Plan for large purchases
Are you planning your dream wedding? Make a wish list, and start setting money aside for your must-have items. Knowing your budgeted allotment for each wedding component will help prevent overspending. Another important thing to think about when planning a wedding is the tip amount for your vendors. Be sure to budget those "extra" costs when booking a vendor. Not getting married soon? Set aside money for other bigger purchases like new furniture, a television, or going on vacation.
9. Put some of your paychecks into your savings account
Instead of physically getting your paycheck each month or putting it into your checking account, set it up so some of it goes into your savings account through direct deposit. This will help save some money each paycheck without having the opportunity to spend it right away.
10. Limit nights out
Limiting the number of nights out to eat or getting drinks with your friends can be tough, but try opting for fun free activities instead. Have a picnic in a park or do a game night!
Saving money in your twenties doesn't mean you have to become a homebody and never have any fun. By instituting a few of the above tips into your money-spending lifestyle, you'll begin to see just how easy saving money can be!
Advice from us: Try opening a statement savings account, or even a high-interest savings account at North Country Savings Bank to start saving money each paycheck. In addition, connect with a North Country Savings Bank professional today to set up direct deposit with your current account.
Need some more money-saving inspiration? Check out our ultimate guide to saving money and follow our advice on how to bulk up your bank account and reach your financial goals!