Easy Hacks I Use To Save Money Effortlessly In My 20s
Here’s the thing; I’ve always been conscious and careful when it comes to money matters and savings. Ever since I was old enough to manage an ‘allowance’ I learned to make mental calculations of how to make the money in my pocket last longer. Whilst, I was no money-saving expert, I was always hyper-aware of my financial situation and prospects. This doesn’t mean I shy away from the finer things in life. Yes, I do love nice things and I don’t believe in hoarding all my hard-earned money for a rainy day. I sometimes have expensive taste and love a good takeaway, an upgraded wardrobe, a trip somewhere sunny, the latest tech gadgets or a fun night out just as much as the next person.
Now that I have survived my early 20s and am navigating life in its later years, I’ve picked up some money-saving tips over the years helping me feel more relaxed when it comes to my finances. Regardless of where you are in your financial journey, I believe almost everyone can start saving today – no matter how small.
Learning how to save and budget money or what things to save up for can be overwhelming, but I’ve learnt keeping things simple is often the best way to go.
If you’ve been telling yourself “…I can’t save money”, try these easy hacks I use to save money effortlessly in my 20s.
Think About Money Matters.
It’s crazy how quickly out of university I realised the education system doesn’t get us thinking about money like we should. We learn to solve complex formulas and remember historical figures, but financial literacy isn’t something that is dwelt upon long enough to leave a stain in our memory. I grew up in Italy and then moved to the U.K. for further education and felt no difference when it came to how money management gets taught. Or, does it?
Hence, when it came to saving money in my 20’s, I had to do the work myself. A big part of that was allowing myself to think strategically about money – how to make it, how to save it and how to grow it. This meant assessing my financial situation realistically for what it was and mapping out where I wanted to be in my ideal life. That’s the best starting point if you want to start to save money effortlessly!
Create A Budgeting Plan You Can Visualize.
After I made it a point to think about money often, I did what I do best – write my thoughts down on a blank page. In this case, it was probably the only time you’d see me using an Excel sheet, but that is how seriously I took it. I outlined my expenses, ongoing subscriptions, and the amount of money I wanted to save. Adding them all up at that point was easy, and it allowed me to have a clear view of my incoming earnings and outgoing expenses.
Having it written in black and white, made me notice things I hadn’t before. I noticed subscriptions I barely used and unnecessary purchases I had made. Making a spreadsheet is the least sexy thing I picture myself doing, and most definitely boring to some, but very worth it.
Make Saving Money Automatic And Easy.
One major reason I find saving money to be easy is I try to remove every obstacle in the way of growing my savings. Technology has made many things in our lives easier and saving money is one of them. Years ago, I set up a direct payment to my savings account on payday. This means I don’t have to constantly actively take steps towards saving money.
Every 5 to 6 months, I then check my finances and establish if there have been any drastic changes. Have my earnings increased or decreased? Were there any unexpected but significant expenses? Am I still saving money in alignment with my financial goals? According to how I answer these questions, I then raise or reduce the amount going into the savings account to one I’m comfortable with each month.
Create A High-Yield Savings Account.
One of my biggest financial mistakes in my 20s was not creating a high-yield savings account sooner. To be frank, I wasn’t very informed on the different types of savings accounts for the longest time. This means I wasn’t getting much interest on my savings for many years. Ignorance might be bliss, but knowing what I now know the knowledge I have currently definitely pains me. Whatever you do, don’t be like me. I would highly recommend checking what accounts are available to you and setting one up sooner rather than later!
Press Pause On The Items In The Basket.
It’s very important to me that I still enjoy the fruits of my labour, so I find ways to reward myself. Whether I’m taking myself out on a solo coffee shop date, buying items on my wish list or ordering in – I don’t refuse to indulge in these simple joys.
Instead, I tend to hit pause before any purchase, big or small. I do this to ensure I’m not just buying into trends, but things I really do want. So, I add things to the basket to my heart’s content but always hold off on hitting the ‘buy now’ button. Sometimes, I leave the items in there for days, or even weeks if it’s a big purchase, and if I return to it, I consider it meant to be.
There have been so many things I’ve forgotten to buy or realised I never needed, and I’ve been able to save so much money by not purchasing in the heat of the moment.
Your restless romantic roamer
What do you think about these financial tips? What are some simple hacks you use to save money effotlessly?