Saving money when you’re in your twenties is no easy task, but luckily we have a few tips to help you out…
Cut Back On Non-Essentials
If you want to save money then it’s time to figure out what in your life you really need and what you don’t.
A good way to save some money is to quit drinking for a while or to make sure that you only go out to bars with your friends every so often instead of a few times a week.
You could also start thinking of ways to get fit and healthy that don’t involve expensive gym memberships – hiking, running or doing yoga at home will all help to save you money that you can spend on other things or save.
Live At Home
Okay, so this might not sound like the most interesting thing to do, and for many people, it might not be possible, but if it is possible for you, then it’s a good idea to stay at home for as long as you can so that you can save some money.
Of course, make some small contributions to the household, but save as much money as you can so that you can buy a property instead of renting one when you do move out.
Make Smart Investments
If you are one of those rare twenty-somethings who actually has a little money stored in their back pocket then it’s time to actually do something with it instead of letting it gather dust in your bank account.
Investing in property is one of the best ways to spend your money but if you aren’t quite at that stage in your life yet then it’s time to consider what else you could invest in – stocks and shares are naturally usually the most popular investments but if you want to be a little different then why not go for diamonds?
If you want to know more, look at this diamond price chart from Diamond Registry which will tell you everything that you need to know.
If you’re really unsure about what to invest in, talk to your bank manager about the best high-interest accounts for you.
Keep Saving
Make sure that you put aside a certain sum of money every month to save in your bank account.
Having a cushion of savings will mean that you’re more able to take risks and try new things – if you’re having big problems with your boss, having a couple of months of money in the bank to tide you over means that you can quit as soon as you need to.
Having savings will ensure that you can do what you want when you want.
Don’t Get Into Debt
The biggest mistake that most twenty-somethings make is getting into debt.
First of all, make sure that you pay off the whole of your credit card bill every month so that you don’t rack up any interest.
Don’t take any store cards, no matter how useful they sound – the interest rates are sky high on them!
Pay off all your bills as soon as you receive them so you don’t get any nasty surprises at the end of the month when you have to pay them all at the same time.
