How to Save Money as a 20-Something

You’re trying to save money, but all the blogs and tips you’re reading just don’t seem like they’re right or realistic for you. Here are 6 real tips to save money as a 20-something. Because let’s be honest, we don’t have the time or the desire to make our friends' birthday gifts instead of buying them.

Cook foods in bulk that can be frozen

Have you looked lately at how much money you’re spending on Chick-fil-a and Starbucks breakfast sandwiches? They’re great every once in a while but going through the drive through multiple times a week adds up fast. Fresh food is best for your body, but you may notice how quickly it goes bad when it’s not eaten. Try preparing a week or two worth of meals that you can freeze and thaw to eat throughout the month. Basically anything in a crockpot is going to be a winner. You can cook without having to do much or even be at home. You’ll then be less tempted to order $20 delivery pizza when you don’t have food because you’ll always have something in the freezer. Check out Pinterest for all the recipes under the sun.

Save booze for the weekends (Difficult, I know)

Happy hour and a bottle of wine with dinner or late night studying adds up quickly when you’re doing it a couple of nights a week. Limiting your drinking to Friday and Saturday can help you save $20 per week depending on how frequently and how long you’re drinking during the week. That’s $80 per month you just pocketed into your savings account. Cutting down on drinks while you’re at the bars also helps, but we’re focusing on realistic ways to save money.

Take advantage of store sales

Let’s be honest, completely refraining from shopping is not going to happen. So how do you still fulfill your need to shop while still saving money? Sales. Watch store sales like a hawk and always check out the clearance section. Target has cute home decor items but they’re rarely on sale. If you in need of something like a mirror or new bed sheets, check out your local Home Goods. They have great prices and also have new stuff in their clearance section. Same goes for clothes. You might love that dress that’s 15% off online, but check out your local brick and mortar stores for awesome sales. If you need to make a big purchase like a TV or a mattress, holiday sales are your best best. Memorial Day is basically the little brother of Black Friday, so keep your eyes peeled for great deals.

Pro Tip: The Copper Closet has a new sale that starts every Monday in-store and online.

Pay in cash except for bills

Always paying in cash may seem a little archaic, but if you take out cash for your weekly allowance of spending you’re more likely to stick to it since you can actually see the money disappearing from your wallet. This is great for when you’re at the bars because you can give yourself only what you’re willing to spend. When the cash runs out, so does the alcohol. Don’t forget to leave enough in your bank account for your bills like rent, utilities, car insurance and payment, and cell phone bill. If you have bills come out automatically on payday then you won't even miss the money you never saw.

Use apps to make sure friends pay you back

If you’re in a financial situation where every dollar counts, you need to make sure your friends are paying you back fairly. If you and your friends tend to put things on one bill, Splitwise is a great app that calculates how much each person owes each other. It even links to your Venmo account so your friends can easily settle up with you. It may seem petty to ask for repayment for a few dollars, but a drink for one friend, a taco for another and before you know it your friends have racked up a $40 bill with you over the weekend. If you’re in a sticky situation financially, that $40 makes a difference.

Learn how to sew (a bit)

A button on your favorite romper popped off, or the seem starts to split in your favorite skirt. Try your hand at stitching is up yourself rather than taking it to a seamstress or throwing the item out. Sewing on a button or stitching a quick repair on a seam are the basics of sewing and take 5 minutes to learn. So pull up YouTube and save yourself some money by doing it yourself instead of trying to replace it or having an item you’ll never wear take up precious closet space. This DIY tactic can be applied to a lot of things to save money, like your mani pedi.

At the end of the day, the easiest way to save more money is to be hyper-aware of how you’re spending your money. Once you pay attention to exactly how much money you’re spending at Taco Bell every week, you’ll probably be more inclined to cut back on 4th meals.

For more money-savvy insights, check out the budget and planning section of our “How to Survive & Thrive After College” blog post.