Tips To Save Money For Young People

  1. When you go shopping, especially grocery shopping: make a list and stick to it. And never grocery shop on an empty stomach. Or after a busy day or week. You’ll be more inclined to buy bad food and make poorer purchasing decisions
  2. The best thing to do is shop for food online. Many people have found that they pay a lot more attention to deals and savings, not over ordering, and there are no impulse buys. Shopping in person $100 gets you a few bags of food, online it gets you three times more.
  3. Bring lunch to work every day. You’ll save a lot of money. 
  4. Bringing your own drink can also save you a decent amount and still allow for grab and go.
  5. Learn to cook and abstained from eating at restaurants for one month and you may see a full savings of hundreds of dollars. Pack your lunches!!
  6. Many people try to cut costs by shaving off a few cents on items which they don’t buy very often or were already cheap to begin with. Real savings can be found in big things, so start by looking at your cost of living (it’s often cheaper to own a house than to rent one and make sure to shop around for low mortgage rates) and cost of transportation (You can save a ton of money by going to work by train so you don’t need a car).
  7. Living smaller/lower key than you can “afford” is one of the fastest most effective ways to save money. Housing is the biggest expense, figuring out how to reduce here can save you money for 20 years.
  8. Earning on the side: Find something you enjoy doing. Most hobbies also have a way to earn money.
  9. When you plan to buy anything of high value, say over $300, you can definitely wait a month before buying it. If you still want it after a month, then you’ll buy it. By doing this you’ll know in 7 days if you still want that $2000 Macbook.
  10. Make a budget, and stick to it.
  11. Avoid debt and any sort of compound interest against you. The difference between saving $500 a month in investments and savings accounts versus paying $500 toward debt and compound interest is staggering.
  12. Sell stuffs you don’t need on eBay. Someone may buy it.
  13. Don’t buy things you don’t need.
  14. Having a savings account you don’t touch is an incredible way to save money though