5 Ways to Actually Save Money in Your Twenties

If there is one thing I’m strict about, it’s money.

Money management has become my thing especially after realizing how terrible I was with it in college. My mindset was that if I got paid the next week, I could buy the new outfit or eat out at Chipotle. Terrible thinking on my part. And, it just doesn’t work like that.

There is so much more to money management like budgeting and investing.

It’s a world that I am starting to understand. As a new mom that now has to pay for daycare and childcare insurance on top of many other things, I have to understand my money. Being responsible with your money is essential. You don’t want to find yourself in a situation where you’re struggling and have no way to come up with the funds.

Many articles and conversations float around people in my age group not being able to save. Well one, college is so expensive so give us some slack and let us pay our loans. Two, not all jobs are paying a livable wage. Shout-out to the social media jobs that think 12 an hour for a full-time social media manager is acceptable. Thankful for my job that appreciates my work. We’re working against the obstacles set up against our success.

So, my answer to all things money has been saving. I know that saving is a privilege for some, especially as other people are living paycheck to paycheck and might have their budget set up different than my own.

I do have the privilege to save from my side hustles, so I wanted to share how I’m building up my savings. As I build my savings, I find that I can manage my money better without worry about making payments.

Give up something

It can be hard, but when you give something up that is cashing you out, you can save in what you were spending. It could be a monthly subscription or cable, something that you are paying every month or reoccurring. This is something that I’m good at. I have removed myself from many things that no longer served a purpose in my life. I removed cable from my experience and pay for the internet now which has saved me around $60 bucks a month. And, I stopped the subscription boxes that I have been a part of because $25 can go a long way when it comes to stashing it away in my savings. These are the little things that aren’t a necessity and can be let go of.

Automation

Automation was the first thing that was suggested to me when it came time to save money. Most people can automate their paycheck to be split into different accounts but I can’t. I have to do it myself which is where automation comes into play. If you set up a percentage for each month, you have one less thing to do when it comes to saving. If you want to move 20% from your checkings, you can set this up through your bank or an app. Many apps give you the option to automate some money to a savings account. And, some apps will automate whatever you spend on fast food, shopping, etc. into a saving which is excellent if you need something to stop you from shopping.

Sell your old things

A lot of people have caught on to this wave but if you need to make some money, sell the old stuff that has no purpose in your life. There are so many different ways to hop on this train. You can efficiently execute by going on Facebook Marketplace or Craigslist. What can you sell? You can sell a lot. Many people sell old clothes, toys, furniture, and more. Just because it has no purpose for you doesn’t mean there isn’t someone out there that needs it. If you have upgraded to a new TV or dresser, you can sell your old one if you don’t want to donate.

Take the extra cash that you get from selling things and build savings out of that. I have heard from so many people that make extra cash from selling old clothes or furniture (also, make sure the furniture isn’t gross and can be used).

Whenever I update my furniture, I sell the old things that I don’t need like a TV stand or recliner. I know there’s a better home for many of my old things.

Utilize a monthly/weekly budget

This is a biggie – if you create a budget for yourself that outlines a plan to save, then you are set. When I was in the housing market and trying to get my place, I had to create a weekly budget as I wanted to track everything. There’s a need to keep up with what you’re spending your money on. A lot of people avoid looking at their bank account (me, four years ago!) but you need to check in. With a monthly or weekly budget, you can stay on track and see where you’re spending.

Plus, some apps will keep track of everything for you! I use the Clarity app which tells me how much I’ve spent for the week and tracks monthly with the budget that I have set. When I say you that you got this, you got this! Whether it’s a spreadsheet or an app, you got this.

Pack your lunch

One of the smallest adjustments that you can make in your life is to pack your lunch. It might seem like a chore at times but packing your lunch can save you $20 a week. A year ago, I was paying $5 a day to get lunch in our cafeteria. Chase prepared me lunches all the time, but there was always something else I preferred. With Cannon around, I’ve realized how strict I need to be with my money. That $20 a week can add up when you think about it. I’m saving $80 a month which comes out to $960. All of that extra money can be used for an emergency fund or something else that you need in your life. This small change can lead to a big payoff in the end.

Now, I know it seems like a lot to try and save especially when we live in the time of student loan debt and bills. Most people would suggest using extra money to pay off the debt which you can do. It’s your money and your choice on how you manage it.

On my end, I like to save, so I know that I have something to fall back on if an emergency pops up.

To each their own.

But, take these suggestions and think about how they can work out for you. Packing my lunch has saved me a lot especially when I look at how much I spend eating out. It costs less to grocery shop and meal plan for the week.

If you’re interested in more of my adulting chat, you can read about my student loans here or here. And, some tips on using your tax return. Also, here are some money managing tips from 2017!

How are you saving money? What are your tips?