11 Simple Ways to Save Money in Your 20s

Simon Mwangi

Being in your 20s is exciting.

You can finally do what you want with your life, not live for anyone else, and are probably on track to get that big house or fancy car at some point in the next decade.

But right now, you’re still living paycheck to paycheck, working long hours to make ends meet, wondering when it’s finally going to be your turn. You’re tired of working so hard and wonder if there’s anything you can do to get ahead right now while still in the beginning stages of your career.

Easy Ways to Save Money in Your 20s

Check out these 11 ways to save money that will help you get on track for a better future:

1. Auto Transfer Money to Your Savings Account

One of the easiest ways to save money is by having a savings account that isn’t linked to your primary checking account. That way, you can’t easily access it and will be less likely to spend what you set aside for emergencies or other financial goals.

2. Entertain More at Home

Gone are the days of spending money for entertainment. Instead, invite friends and family over and cook a delicious meal together. Hang out in your backyard or living room with popcorn and a movie on Netflix. Even date nights can be fun without going to the movies every time – instead, try taking a walk or cooking dinner as well as seeing if the other person is up for a homemade project.

3. Negotiate Your Bills

As you get older, your bills are only going to increase. Instead of waiting until you’re late on payments or ignoring them altogether, call each company and ask if there’s any way they can take off a few shillings here and there. You’d be surprised how often a friendly voice on the other end of the line can make a difference.

4. Put Any Extra Change Into Savings

There’s nothing quite as satisfying as watching pennies, nickels, dimes, and quarters accumulate into something more valuable – especially when they’re not your own! Put all that spare change from your pockets into a jar and check the contents often. Watch as it grows over time and uses some of those dollars to go towards a vacation or a downpayment on the house.

5. Buy Less, Enjoy More

For most people, shopping is an endless cycle that leads to very little satisfaction. Instead of buying more things that you don’t need – whether it’s clothing, household items, or electronics – take a moment to really think about whether you can live without it. If not, wait until something goes on sale or make do with what you already have.

6. Don’t Make Excuses for Not Saving

It’s easy to justify not saving money when you’re in your 20s. After all, how much can you really set aside when you’re still trying to survive on the small amount that comes into your bank account? The answer is quite a bit! Even if it’s just $5 per paycheck, try putting it aside and seeing what happens.

7. Use Your Good Credit Wisely

If you’re already saving money successfully, pat yourself on the back! Now it’s time to take it a step further and ensure you’re not wasting money on high interest rates. Look into getting a credit card that offers rewards for using your debit card or signing up for special deals, and pay off the balance every month, so you don’t accrue any extra fees.

8. Track Your Expenses

One of the best ways to save money is to ensure that you’re putting more into your savings account than coming out through your daily expenses. If you aren’t aware of all the money leaving your bank account, it’s easy to go over budget without even realizing it. Set up an excel spreadsheet or use a personal finance app like Mint to keep track of where your money is going and make sure you’re not spending more than you need.

9. Be Grateful for Your Life

One of the best ways to save money is to be grateful – both with what you have and what you don’t. Once you can truly appreciate all around you, it becomes much easier to forgo the unnecessary purchases and appreciate how much you have saved.

10. Buy Secondhand

One way to save money is by not buying anything new. Instead, check out what’s available in thrift stores or online classifieds like Craigslist for electronics, furniture, and clothing (including accessories like purses). Chances are you’ll find great things at a great price!

11. Cut Out One Bill Each Month

Instead of trying to cut all of your bills at once, try taking one out completely every month. This lets you see what you’re missing and how much money is slipping through your fingers each week – whether it’s cable, phone service, or Internet access. Once you’ve cut most of them out, look for more places where you can switch off the lights (both literally and figuratively) to save even more money.

Share This Article
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way.