What I Learnt About Saving Money In My 20’s

woman in blue shirt with frilled putting money into a jar

Your 20’s is the best time to learn a few great habits and tricks to ensure you know about saving money, and get ahead financially.

Time is one of the most important elements to making and saving money in life, and what better time then your 20s to start, as you have light years ahead of you.

Here are some tips I learnt, that will set you in good stead for a healthy financial future.

  1. Don’t live beyond your means. This can be hard in your 20’s when living from paycheck to pay check is a reality. The trick is to reduce expenditure on unnecessary items like eating out, takeaway coffees, clothing and so on. Enjoy the simple things right now.
  2. Make saving money a habit; I like the micro investment app Raiz, as it automatically deducts from my bank account so I don’t even notice. I can also add lump sums as and when I have them and Raiz then invests the funds for me. Easy. 
  3. Have separate accounts: This is so you can visually see where you are at. I am a visual person, and being able to log onto my bank account online and see how much money I have at any time is important to me,
  4. Don’t keep up with your friends: Humans always try and keep up or outdo each other and girls are the worst. Just don’t buy into what your friends are doing and go your own way. Say no to invitations if you have to, just don’t waste money.
  5. Don’t buy a car too soon ( or at all); You really don’t need to own a car unless you have a long, daily commute only accessible by car. Apps like goget and popcar make borrowing cars so easy, and cheap. 
  6. Have a food (and recipe) budget: This saves money but it also saves a lot of time and hassle.We all waste way too much money on food – keep an inventory of what you throw out in just one week and you will see. With meal planning, a shopping list and by using the site frugal and thriving there is no reason why this should keep happening.And you will have a lot more free time.
  7. Buy Home Brand : Again, go your own way and buy supermarket brands for everything but especially cleaning products. A lot of money is wasted on fancy labels for absolutely nothing.
  8. Create your own fitness plan for nothing; You tube makes keeping fit for free so easy, as does running, swimming and walking around Sydney’s most beautiful locations. Our weather in Sydney also means it’s easy to get outdoors for most days of the year. Why pay to be inside?
  9. Celebrate occasions at home; Covid has helped remind us how special small occasions as can be, as well the wonders of home cooked meals. The days of lavish restaurant meals are over for now, especially if you are saving.
  10. Thrift shopping: When you get into it, thrift shopping can be fun and keep you busy. 
  11. Stop giving gifts: Create a pact with your friends to stop buying gifts for birthdays and instead look at baking cakes for each other, cooking dinner or other more meaningful and less expensive ways of treating each other.
  12. Pay With Cash: Credit Cards or even debit cards can be an easy way to lose track of where your money is going. Cash forces you to keep track on a daily basis.
  13. Tally things up: Take the time every month to sit down and work out where your money is going, where the wasteage is and how you could have saved more.
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Renae Leith-Manos

Editor and Founder of Bondi Beauty

Renae Leith-Manos loves fitness, new beauty products, long chats and long flights. She is at her best when traveling the world writing about luxury hotels and Michelin Star restaurants (www.renaesworld.com.au). She has had a colourful media career as a journalist inmagazines and newspapers, in Australia and Asia. She spends her time writing, cooking, consulting to new businesses, running and working out.

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