Every young adult faces unique money challenges, but there are plenty of ways to save on a regular basis. Here are 11 money-saving ideas for young adults to get started:
Take Up A Side Hustle
Now, this is more of a money-making idea than a money-saving idea for young adults. But it is arguably the best idea.
As a young adult, you have plenty of time to find a job you love and build up your career. However, having a side hustle is a great way to earn extra money on the side and even start your own business someday.
There are countless ways to make money from home these days, from becoming a freelance writer to starting a blog or designing websites for clients. If a job isn’t your cup of tea, these alternative careers are a lot of fun and offer flexible hours so you can pursue them alongside other commitments.
Depending on your industry of choice, you may be able to earn a significant income from your side business in the coming years without ever having to quit your job.
Spend Less On Food And Alcohol
One of the most common expenses for most young people is their food bill. Although it might seem impossible to cut costs on a weekly shop, there are actually plenty of easy ways to save on your grocery bill.
For starters, try to stick to a shopping list and only buy what you need, rather than buying extra items ‘just because’.
You should also consider meal plans and batch cooking to cut down on the amount of time spent in the kitchen each week. When it comes to alcohol, it can be better (and more affordable) to enjoy one drink at home than go out for an expensive cocktail with friends.
The same goes for food – a meal at home or a picnic in the park is almost always cheaper than eating out.
Cut Back On Your Phone Bill
Paying your phone bill each month is another unavoidable expense for many young adults, but there are a few simple ways to keep it under control. To start, try signing up for a free mobile phone contract from your network provider to cut the cost of your monthly phone bill.
You could also save money by taking advantage of any free mobile data allowance offered by your network provider or by switching to a cheaper mobile plan. Alternatively, you could switch to a pay-as-you-go plan if you don’t use your phone often.
Read More: Google Fi’s phone plans save me hundreds each year. Here’s how.
Start Saving For Retirement
While it may be a few years before you’re old enough to start contributing to your pension, you can start saving for retirement even while you’re still young.
One of the best ways to save for retirement is to prioritize it over other non-essential expenses and to put aside as much money as you can every month. The sooner you start putting money aside for retirement, the more money you’ll have when you are older.
Refinance Your Student Loans
If you’re still struggling to pay off your student loans, you might want to consider refinancing your loans to reduce your monthly payments. Refinancing your student loans is a relatively straightforward process that involves applying for a new loan to replace your existing loans and paying off your old loans with your new loan.
After you’ve refinanced your loans, you’ll only have one monthly student loan payment to make instead of multiple payments.
Sell Your Unwanted Items
One of the easiest ways to save money on your monthly expenses is to sell some of your unwanted household items.
If you have old furniture or kitchen appliances that you’re no longer using, you can sell these items online or at a yard sale to earn a bit of extra cash that you can use towards your living expenses.
Another easy way to earn some extra money is to use an online listing service like eBay to list items that you don’t use anymore and sell them to the highest bidder.
Eat Less Meat (or Not)
While eating less meat is a great way to cut down on your expenses, it may not be the most palatable option for many young adults. Fortunately, there are plenty of other healthy meal options on the market that are just as affordable and can be just as tasty as steak and burgers.
Vegan diets are becoming increasingly popular among young professionals who are looking to reduce their carbon footprint and reduce their monthly food expenses.
But it’s not for everyone.
Eliminate Any Non-Essential Expenses
One of the worst habits that any young adult can develop is to constantly spend money on things that they don’t really need.
Try to identify any non-essential expenses that you can eliminate from your budget so that you can free up some extra money to pay down your debt and save for the future.
Cable television subscriptions and gym memberships are some of the most common non-essential expenses that young people tend to waste money on every month.
If you don’t really need these services, you should get rid of them to free up some money for more important things.
Pay Off Any High-Interest Credit Card Debt
If you’re currently struggling to pay off your credit card bills, you may want to consider consolidating your debts into a single low-interest debt consolidation loan.
Consolidation allows you to pay off all of your credit card balances with a single monthly payment that is lower than what you would pay under your current repayment plan.
This will allow you to save money by reducing your interest charges and saving you from having to make multiple monthly payments to your creditors each month.
Read More: Beginner’s Guide To Credit Cards For New Adults
Try To Live Below Your Means
Now, this is more than just a money-saving idea for young adults. It is a way to live life.
Living the high life while you’re young can be a lot of fun but it’s important that you don’t get into too much debt in the process.
Try to spend as carefully as possible on your monthly expenses and look for ways to reduce your expenses wherever possible. Look for ways to save on your grocery bill by meal planning and grocery shopping with coupons whenever possible.
You should also look for ways to reduce your transportation expenses by taking public transportation whenever possible or switching to a cheaper car service like Uber when you can.
Finally, try to cut back on spending on unnecessary items like expensive clothing and alcohol in order to make more room for savings in your emergency fund.
Reduce Your Car Payments
If your car is old and unreliable, you may want to consider selling it and replacing it with a new vehicle with lower monthly payments.
There are many cars available today that are more affordable than the vehicles they were built to replace.
Furthermore, there are many new fuel-efficient cars on the market that can save you money at the pump without compromising on reliability or performance. You just have to figure out what the sweet spot is for you.
Do you have any money-saving ideas for young adults that you think are worth sharing? Share them in the comments below!
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