According to CNBC those between 18 and 24 years old — 67 percent have less than $1,000 in their savings accounts and 46 percent have $0. Lets think on that for a minute. That is very alarming for people who may be about to lose their job, are threatened with medical bills, or need a down payment on their house. Maybe you are thinking, “but I can’t help it, I don’t make enough money to save.” Well I am going to teach you a few tips and tricks to save money, and fast. Although all age groups could benefit from saving money, this article is specifically geared towards teaching young adults how to save money.
Skip the name brand foods.
(David Carol’s radio)
According to today.com Aldi is the cheapest grocery store. However, for this tip, you will need to shop at Walmart. Let’s say you are looking for some spaghetti o’s. You see the brand spaghetti o’s is $1. Right next to it will be Walmart’s brand of spaghetti o’s for 40 cents. Although the brand is different it is almost always an exact copy of ingredients from the name brand. You may think “okay 60 cent difference is not a big deal.” But something I am going to teach you is literally every penny counts. Say i want 10 cans of spaghetti o’s to feed my family tonight. If i buy the great value brand that comes to $4. If I buy the name brand, that comes to $10. That $6 difference could go towards another food item. Walmart’s brand great value creates copies of almost every food you can think of including Oreos, chicken wings, macaroni, eggs, chips, salad, and many more.
You don’t need to break the bank to look good
(insider.com)
So I am almost positive that most of you have clothes or accessories that you don’t wear anymore. Let me introduce you to Poshmark. You can sell your old clothing items for cash. You can also buy designer items from other people. Even if you do not want used clothes, a lot of times people buy the wrong size clothes for a gift and can’t return them, thus selling them online on Poshmark. For example, I once really wanted a pair of gold jack roger sandals, but they were so expensive for me ($130). On Poshmark someone had gotten the wrong size, they were brand new, and no one was buying them because it was a size 7. I ended up getting brand new designer sandals for $50 instead of $130. If you aren’t a fan of online shopping, go to a clothing resale store like Uptown Cheapskate or Plato’s closet. They instantly give you cash for your clothes that are in good condition. If you want new designer clothes, try your local outlet mall, normally clothes are half the price of what they would normally be.
Stop. Eating. Out.
(the paper wolf)
I cannot stress this enough. Eating out all the time really does add up. A caesar salad at a restaurant usually costs between $10- $15. At home this same meal would cost $3-$5. Try to limit your eating out. If you feel embarrassed for always declining your friends to go out to eat, instead, invite them over to cook for them. They will appreciate the gesture and it will still be cheaper than eating out. If you don’t want to cook for your friends, then blame it on a diet. There are so many strenuous diets nowadays (paleo, keto, military, etc. These diets make it very hard to ever eat out.
Okay fine, you can eat out sometimes
So I understand that never eating out is pretty unrealistic. If you must eat out, look online for coupons. Additionally, sign up for any rewards programs available. For example, you want to have a girls night out at Starbucks. Starbucks has a rewards program app that rewards you every time you make a purchase at Starbucks. For every $1 you spend you get two stars. These stars can then be redeemed for rewards. There are multiple rewards, but the most relevant one is when you hit 150 stars, you get a free drink, hot breakfast, or parfait. So for every drink you buy, you would need 13 drinks to get a free one. To reach this goal faster, Starbucks rewards has notifications for double stars day, meaning if you purchase anything that day, you get 4 stars for every dollar, instead of 2. You can also offer to pay for all of your friends through the app then they can venmo you. By doing this you get all of the points for the drinks, but without spending more money.
But decorating a new place is so expensive!
(shutterstock)
Congratulations! So you finally got your first place whether it be an apartment, townhome, house, or even a dorm. You are probably seeing how expensive home items are. Don’t fret, I have a solution for that as well. For expensive large items such as dishwashers, fridges, microwaves, sofas, patio furniture, etc, shop facebook marketplace. If you don’t have facebook just make a fake account just for shopping. A lot of times people will put free items on there because they are moving away and need the item gone fast. I got a brand new patio furniture set that way and a brand new leather-reclining couch with cupholders. Just make sure you thoroughly exam any items you are purchasing because some people are getting rid of them dishonestly because of stains, stench, or other wear and tear. For decor items such as throw pillows, blankets, wall decor, lamps, etc, think craft stores like hobby lobby. Hobby lobby constantly has 50% off all decor sales. For example, last week I was buying dorm decorations at hobby lobby. I bought a geode lamp, a pink globe, two large wall hangings, a small cross for my wall, and a throw pillow. All for just $68 that is about $11 per item, which is a great deal. If you are looking for cheap basics like sheets, mattresses, and desks, shop at Amazon. Amazon has a line called amazon basics. This line has basic items for houses that are extremely affordable. I got a set of sheets from Amazon basics for only $11. Lastly, target has a basics line as well, but geared more towards students living in dorms. I got a full length framed mirror from Target basics for only $7!
But how does this help me put money into my savings?
(freepik)
Great question. With all of this extra money, first you are going to pay off as much debt as possible. This will make your monthly payments a lot lower when you eventually pay off all of your debt. Then, once you have paid off all of your debt, (except long term debt like a mortgage or student debt). You then put that extra money into your savings. Try to atleast have enough savings to equate to three months of pay. That is a great starting point, and saving more is always wise. Save as much as you can, then you will be ready for any financial challenge and you will now have money to buy a vehicle in full or go on a fancy vacation, without having to use credit. Good luck and happy savings!
Sources
https://www.cnbc.com/2017/09/14/how-much-money-the-average-millennial-has-in-savings.html
https://www.today.com/food/13-cheapest-grocery-stores-america-t149240