The Cheat Sheet: 10 Ways to Save Money in your 20s
Adulting is hard. Especially when it comes to saving money and spending money. When you are out on your own in the real word and have to pay for rent and taxes, budgeting can be difficult. If you feel like your bank account is taking a beating or if you are finding adulthood just a little to overbearing... here are 10 easy ways to save money in your 20s:
There are many websites that provide discounts to people who have their student IDs. Companies like APPLE, The New York Times, Kate Spade, TOPSHOP, J.Crew and Adobe all offer special student deals.
KEEP A COIN JAR
Stop saying, "You can keep the change." You would be surprised how much money can be accumulated in a coin jar. Just last year I filled up a flowering pot with all my spare change and brought it to the bank—I had saved about $200. It adds up!
PUT SPLURGE MONEY INTO SAVINGS
Have you ever gone on a shopping spree unintentionally? Yup, me too. One trick that I've learned is that if you spend $100 at the mall then transfer another $100 into your savings account. This will help you regain control after going bananas at Saks.
Keep track of your deposits and withdrawals in a notebook or on your phone. Keeping records of what your spend your money on can help you plan for the future and it allows you to have the power.
If you're anything like me, I thoroughly enjoy going out with friends on the weekend. Who doesn't? However, all those drinks can really add up. No one is telling you that in order to save money, you have to stop bar hopping. But maybe skip the last tequila shot at the end of the night. Your bank account and your body will thank you in the morning.
This one is easy. Buy or rent used textbooks and sell your last semester's book stack.
TAKING A CHUNK OUT OF YOUR PAYCHECK
Taking a small amount of money—about $25— out of your paycheck every month and putting it in your savings right away can spare you the pain of cutting into your paycheck all together. Even if you transfer only $5 of your paycheck, its better than nothing at all.
DON'T BUY YOUR MUSIC
You can save a lot of money by using free music services like Pandora, iHeartRadio, Mixclouds, Spotify. If you can't stand commercial interruptions—and you are a student— then I suggest getting Spotify Student. It's only $4.99/month and personally it's my favorite. No ads, no limits, just music.
This one is self explanatory. Drink water—it's better for you, you'll be healthier and it will save you a few bucks here and there.
If you live in a big city or on a college campus, take advantage of cheap public transportation. Better yet—hop on a bike or walk! Get outside and get those 10,000 steps in on your way to class or work.
What are your tricks for saving money?
Sophia Zigmond / Writer