“How to save money in your 20s?”- Is this question disturbing your daily life? Well, now put a full stop to your worries and check out my easy money-saving tips.

I realised the importance of saving money at an early stage of my life. During my pre-teens, I started to save money. My childhood friend inspired me to think about saving. Day-by-day I am adapting frugality in my life.

Now in my 20s, I’m implementing practical and easy ways to save money. Here I’m going to share my money-saving tips.

How to save money in your 20s?

How to Save Money in Your 20s? – Be Smart with Your Money

By being frugal you can easily save more money in your 20s. Implement practical and easy ideas so that you can reduce your spending and save extra bucks.

31 EASY WAYS to Save Money in Your 20s

Saving money should be simple and practical. Start to implement simple steps in your daily life to save money. Be frugal to achieve your financial goals very soon.

1. Start to Earn Passive Income to save more money in your 20s

Passive income means making money without being much active at work and with fewer efforts. In my 20s I’m also exploring amazing passive income ideas. These passive income ideas are helping me to make money.

Well, having multiple sources of income is really important. By this, you can earn more and also save more money.

2. Use Mobile Apps to Save Money on Online Shopping

I do online shopping when I need any products. And recently I’ve found a useful app which helps to save money. From this app, I save money by earning cash rewards on my online shopping. 

You should also use some apps while shopping. This will help you to save money. There are so many apps that help to save extra money.

3. Read Interesting Money-Related Books to Save More Money 

I like reading books and I’ve read some popular money-related books. You may think that reading such books is very boring. But there are some interesting books which helped me to understand the importance of saving money.

The first money-related book which I’ve read in my 20s is- Rich Dad Poor Dad. This book is very interesting and useful. Anyone can easily understand money matters through this book. So start reading money-related books.

4. POOL MONEY with friends and enjoy Netflix to Save on Entertainment

You can get 30 days free trial plan on Amazon Prime. Where you can watch the latest movies. So use free entertainment where you don’t need to pay money or very minimum charges.

You can also make a group of 4 friends and subscribe to the Netflix premium plan by dividing the charges among your friends. Then this will cost you less. This is how you can enjoy watching movies and other programs by paying a reasonable price.

5. Have More Fun by SPENDING LESS money During Vacation

Vacation time is really exciting. And I’m sure many of you make a lot of plans and have fun during vacations. Well, I’ve figured out some awesome frugal vacation tips to have fun.

By implementing these ideas you can have fun by spending less money.

6. Save Money on Clothes and Trading Costly Outfits

Avoid purchasing unnecessary things. Wearing branded clothes or branded shoes is not necessary. Prefer online shopping where you can get discounts or coupon codes to save extra bucks.

Fashion changes every week. You don’t need to buy fancy trending outfits because once the trend gets outdated you will not be using such outfits. Spend money on the outfits that you can wear often.

7. Look for an Alternative and Save Up to 50% of Your Money

You can always look for alternative products while purchasing things to save money. A few days back I wanted to purchase a whiteboard. Then I found an alternate option i.e. Whiteboard sticker.

The price of a whiteboard is 5 times more than the whiteboard sticker. Whereas I have purchased a whiteboard sticker at a discounted price. Here I saved around 60% money. So before purchasing any product look for alternative products.

8. Stop Spending Too Much Money on the Gym Membership

It is good to pay attention to fitness in the 20s but this does not mean that you have to choose a costly gym membership. Avoid overhyped gyms. You can visit any local gym that does not charge high money.

Also, you can do simple exercises and yoga at home. Follow a daily routine that helps to get fit at home. You can watch and follow free YouTube channels that talk about fitness. All this helps to stay fit and healthy without spending too much money.

9. Don’t Plunk Down Your Money on Traveling

Many of you may like traveling. In the 20s we feel like we should explore the whole world. But one must learn to save money on travel

When you travel you have to spend money on accommodation, food, transportation etc. So plan a budget-friendly trip. Also, pre-booking of rooms helps you to save more money on accommodation. 

10. Carry Minimum Cash and Cards While Going Out With Friends

If you carry more hard cash then you may spend more money. So whenever you go out with your friends or for shopping then carry minimum hard cash.

When you have more hard cash it will be quite difficult for you to avoid spending. Carry only a little cash. Also, try not to carry cards like debit cards or credit cards whenever possible. This helps to avoid spending.

11. In your 20s DON’T SPEND MONEY on temporary pleasures

I really don’t like that youngsters waste money on temporary pleasures. Youngsters should not spend money on addictions like smoking, drinking or drugs. All these are temporary pleasures and not good for health.

Instead, you can save that money and invest in self-improvement. And make use of money to learn new skills.

12. Stop collecting things and SAVE MONEY

I’ve seen that some people have a habit of collecting things. I’ve seen that people collect perfumes, shoes, wristwatches, bangles and much more. But I advise you not to collect such things if you don’t use them.

You don’t actually need a huge collection. Buy only those things which you genuinely need.

How to Save Money in your 20s?

13. Don’t waste a lot of money on dating as a youngster

To impress anyone you don’t need to give costly gifts. And avoid spending a lot of money on dating. The foundation of any relationship should not be just based on money or status.

So avoid impressing others by presenting costly gifts and treats.

14. Avoid using credit cards as much as possible

The chances of spending more money will increase if you have credit cards with you. So I suggest not having any credit cards which tempt you for impulse buying.

Even if you use a credit card then always keep the records, learn to manage your money well.

How credit cards won’t help you to save money?

1.    You may avoid making a budget

2.    Credit cards lead to more spending

3.    You may not have self-control when it comes to cash flow

4.    You may get bad credit scores

15. Set a strong purpose in your 20s to save money

Having a strong purpose motivates us to save more money. In my 20s I’ve saved 70% of my income from my monthly salary while I was doing a job. I was having a strong purpose that I wanted to sponsor my dream career with my own earned money.

So this goal in my life helped me to save more money in my early 20s. I feel that all youngsters should define their saving goal and work on it. Know how much money you should save in your 20s.

16. Save money on fuel

I’ve seen that youngsters simply waste money on costly bikes and fuel. Instead of having your own vehicle use public transportation. This will help you to save money on fuel.

You don’t need any fancy bike or a car. So don’t waste your money by having your own vehicle. And you can just use a bicycle which does not need more investment of money.

17. Get benefits from student schemes

If you are a student then you can save more money by using your student ID card. You can get discounts at college canteens. And at tourist places also you get a huge discount on entry fees.

So don’t forget to carry your student ID to get such benefits.

18. Don’t go shopping frequently with your friends

One of my friends is very fond of shopping. She prefers shopping with her girl gang. If she gets advised by her friends to buy anything, without a second thought she buys it immediately.

A few days back when we met, she showed her new wristwatch. And she was complaining that the watch was not worth the price which she paid. Now it is your time to think, have you done such over-spending mistakes? Well, deciding on saving goals will help to control your spending habit.

I think you should buy only those things which you need genuinely. Avoid shopping frequently with your friends.

19. Save money on beauty products in your 20s

Grooming is a part of everyone’s life. Youngsters give more importance to grooming. Especially girls in their teenage and in the 20s spend more money on beauty products.

I’m not against looking good. But one must not overindulge in grooming. Cut down your spending on cosmetics, beauty products, accessories.

You can follow simple home remedies for health and beauty. By this, you can save more money in your 20s.

20. Seek for free entertainment

Parties, movies, celebrations have become part of youngsters’ life. Observe your spending on entertainment. Counting on these things will help you to save more.

Seek for free entertainment like free music, out-door games or indoor games etc. Follow hobbies which make you happy without spending money.

I personally avoid parties and all. I opt for free of cost entertainment like drawing, painting, reading books etc. Chess is the game which I usually play.

One more thing which I like is to listen to the radio. You may feel this is boring. But in reality, I have come across many career guidance tips, health tips, beauty tips and much more through listening to the radio. Be aware of such radio programs and save money on entertainment.

21. Avoid spending money on junk food

During my college days, I was not carrying more cash. I was following a simple rule- ‘No cash, no spending’. So I was carrying a lunch box with me instead of eating outside food.

Nowadays all most all people prefer to eat outside. I am not saying that you should not go outside and have food with friends. But try to create a balance. First, prefer home-cooked meals to save money on food.

Few of my friends living in different cities, away from their hometown. They are living in a rented house. They all cook together and even share the grocery expenses among all of them. This is also a practical way to save money on food in your 20s.

22. No need to buy costly gadgets due to peer pressure

Peer pressure is also one of the important factors which influence overspending in your 20s. All most all of my friends were having their own smartphones during my college days. Sometimes they told me also to buy a smartphone for me.

Everyone was using social media and whats app except me. Many times I thought to get a smart-phone for me also. But my first priority was my studies. And even I was quite aware of peer pressure. 

I personally feel that you do not need to buy costly gadgets just because your friends are having them. I also faced this situation and I handled such situations smoothly. You just need to decide your priorities and make smart moves with your money.

23. Choosing a college which helps you pick up a job later

First, focus on your academic goals while choosing a college. Then analyse which college you can afford. Give priority to these 2 points- academic goals and affordable college.

I had been working at a science college office as a clerk. Many students were coming to me for admission cancellation in-between an academic year. They used to give endless reasons. And those students were not even getting re-fund from us.

So figure out your interests before taking admission. Do not create situations which will result in losing money. Choose a college which helps you to get a good job later.

24. Don’t spend a lot of money on professional courses in your early 20s

Even after graduation or post-graduation, people explore some professional courses to set their career. It is good to take any professional course which opens the door of success.

Try to choose – on the training methods. One of my friends is working at a company. She gets training from professionals on Sundays at her office. So one can search such type of job where one’s skills will be polished by professionals without paying any extra pennies.

You can also get any online professional courses. You can opt for courses at MOOC (Massive Open Online Course). This is one of the best opportunities one can explore. Here they offer some courses at a reasonable price.

Also, look for other online free courses which will help you to grow professionally.

25. Don’t join any over-hyped coaching centres

Instead of joining any coaching centres, you can focus on self-study. Nowadays coaching centres are overhyped. They promise to provide the best services but fail to provide.

In my city, I have come across many franchisees (coaching centres). Where they charge high fees to provide coaching for competitive exams. Do not get trapped in such coaching centres.

26. Save money on tuition classes

Well, my Dad always says “tuition has become a fashion”. I feel it’s true. Because tuition has become the new trend of the new generation.

Here I want to suggest you that do not waste your money on extra tuition classes. Instead, if you have any doubts related to a particular subject then ask your college teachers. They will be glad to help you with your studies. Do not join any tuition class because your friends have joined.

27. Apply for scholarships as a student

Always be aware of government schemes and scholarships for students. There are so many scholarships for students, apply for all the scholarships. Check scholarship websites online and follow them regularly.

For female students, there are special scholarships to encourage girls’ education. So, stay updated with scholarship news. You must know how to save money in your 20s on education.

28. Understand the concept of being thrifty to save more money

Many people think that being thrifty is boring. But thrifty living is the way of life that helps you to reach a better place financially. I feel that frugal living is the first step to reach financial freedom.

So know-how can you be thirty without being cheap. Being thrifty is not about being cheap. But it is all about living well by being resourceful. 

29. Avoid giving costly gifts to your friends

You don’t need to give costly gifts to your friends on their birthdays or any occasions. You can prepare handmade gifts for them. This will create a strong bonding as it will be a handmade gift with a personal touch. And this will not cost much.

How to Save Money in your 20s?

30. Don’t scroll online stores frequently, where you will end up buying unnecessary things

Online stores have their own digital marketing strategies. So don’t get trapped into it. Only visit online stores when you really need to buy something.

If you visit online store websites frequently you will end up buying so many unwanted things. So don’t waste your money on such things.

31. Opt for rental services to save money

You don’t need to plunk down your money to buy the things. There are many rental services where you can use products by paying a reasonable charge. For example furniture, bridal dress, car and much more.

So if you want any product only for a few days then it’s good to opt for rental services to save money.

Do you feel difficult to be thrifty and save more bucks as a youngster?

Some of you may think saving money is not your cup of tea. I have seen some of my friends who give many excuses when it comes to saving. But one should remember that all the excuses are the barriers to financial growth.

Right after graduation, my friend got a job. One day we were talking casually about her job and salary. She confessed that she could not save a single penny.

She told that she spent all the money on her younger brother. Her brother demanded branded clothes, shoes and much more. She loves her brother a lot. And she could not say ‘no’ to him. Well, here I realised that ‘emotion’ is also one of the factors which influence one’s spending.

You may have endless excuses for not saving money. Saving money might appear difficult and even boring. But a life based on your terms and conditions is possible only if you start to save money. Saving money will help to build your wealth. So start to live frugally. Frugal living is the base to save more.

Apply practical methods when it comes to how to save money in your 20s. Saving money in 20s help you to get financial freedom in the very near future. Avoid all the myths related to saving money and take the right steps at the right time.

Hi. I’m Ankita. I’m here to help you adapt to frugality happily 🙂 I love learning new things. Nowadays I’m learning more about saving money and frugality. So on Frugal Beat together we will learn to create financial magic.

Now it’s time to walk towards financial freedom together. Reach out to me on Quora and Pinterest. Read my featured posts on YourStory, Women’s Web and Youth Ki Awaaz🙂

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