Saving money is tricky at every age, but especially when you’re a young adult. With a constant battle raging between the things you want, the things you need, and the debts you owe, finding money to set aside can feel impossible. However, we’re here to help with three top ways to save money as a young adult, so read on!
Make a Budget
We know everyone says this, but maybe that’s a sign! Take a few hours and review your finances from the last few months. Make a spreadsheet with all your expenses and all your income. This will help you see how much money comes in and where it goes when it leaves your account. If you see a lot of cash disappearing to restaurants and clothes, consider setting some rules for your spending.
Save a Third of Your Income
Knowing how much you should save can be difficult, but we recommend saving one dollar for every three you make. Put all your savings into an account that you don’t touch unless there’s an emergency car repair, a health incident, or another unforeseen happening.
Start a Retirement Account
It’s never too early to start a retirement account. Trust us; your future self will thank you if you get moving on this now! You have a few options, depending on your gig. Self-directed IRA accounts are great for a wide range of careers, so consider opening one of those to get started.
Now that you know the top three ways to save money as a young adult, we’ll leave you with one final tip: saving isn’t easy. These suggestions are great for when you’re doing well, but if you’re struggling, telling you to save one dollar for every three you make won’t do much. If you can’t use all these tips yet, don’t give up. Save what you can, and keep doing your best—we know you’ll get there.
Comment
Comments