As you enter your early twenties, the reality of the world begins to dawn on you, and you realise just how much planning is required to budget your money better. Building a life for yourself can be expensive, but as long as you’re smart with your money, you can do it!
There’s two ways to be smart with your money – you can either moderate your spendings, or abstain from spending on whatever you may deem unnecessary. Here are some tips and tricks you can incorporate into your life to spend more wisely:
Plan your meals
Many people plan their week’s meals over the weekend so that they can account for the amount of money required for each one, whether it’s for the ingredients or for eating out. Not only does this allow you to eat healthier, but it prevents you from making the rash decision to buy an expensive coffee and bagel because you couldn’t decide what to do for breakfast.
Retailers offer coupons regularly, but it’s up to you to use them wisely. The discounts can definitely save you a lot of money, but think your purchase through thoroughly so as to avoid buying something in bulk when you don’t need it.
Buy refurbished items
This may not sound glamorous or alluring, but the fact of the matter is that buying refurbished items isn’t as bad as people make it out to be. A lot of effort goes into restoring and revamping the product in question in order to make it as good as new. These items are also half the price, and you can even get further discounts. For example, Zest Money offers refurbished phones on EMI which allows you to purchase a new smartphone for yourself without breaking the bank! EMI mobiles, laptops, and other such electronics can be bought and paid for in monthly instalments, which makes rooms for the rest of your monthly budget.
With so many subscription services, from music, movies and TV, to audiobooks, groceries, and magazines, there’s an entire world for you to choose from. A smarter choice would be to sit with a friend, roommate, or loved one, and see which subscriptions you have in common or are willing to share, and then split the costs evenly. You can even pool in more than one person to split the costs even further – the more the merrier!
Do your own chores
As you go out to face the world on your own, you’ll find you have more chores and errands than the ones your parents gave you your allowance for. And of course, there are different services to take care of it for you, all for a price. Refrain from giving in, and instead, take out the time to do your own laundry and wash your own car. You can even take it one step further and cut your own hair or get a friend to do it for you! It saves you a lot more money than you thought of, especially if it’s just a basic trim.
The time between your twenties and thirties is definitely a time to explore and try new things, so saving money shouldn’t mean staying in each night, refusing to go out with your friends. But even here, you can be smart about your money – eat a meal at home before the movies instead of paying for overpriced popcorn.
Being thrifty or cautious with your wallet doesn’t always have to be strict or self-denying. Your money exists to serve you and build the life you want for yourself. And as long as you’re not being reckless, the bottom line is that there are a number of ways to be more organized with your spending habits. It just takes a little thought and effort into optimizing your expenses and savings.