There’s an old saying, ‘It is good for a man that he should bear the yolk in his youth.’
What this means is that you have great ability to do many things while you’re young. That won’t be the case forever. So take advantage of being in your 20’s. Work long hours to earn lots of money. And couple that with doing clever things to save money.
Live with Roommates
I’ve lived with many-a-stranger in my 20’s. I’ve saved lots of money by doing this. In your 20’s, it’s less of a risk to live with roommates than when you’re older and possibly have kids. It’s just you that you must worry about. If you need to move, moving just one person’s things isn’t that difficult.
You’re also probably out of the house much of the time in your 20’s. I’ve been through periods of my life where I’ve had roommates but hardly saw them. That works out really well. You save money but have none of the hassles of dealing with roommate drama. Win-win.
Embrace Your Tech-Savviness
Uber? Lyft? Embrace these new technologies. I’m sure you’re comfortable using apps so why not try out the apps that save you money. Consider money management apps as well. Clip digital coupons too. Technology has made it easier than ever to save money. Getting on the money-saving tech bandwagon while in your 20’s is the best time. It’s much easier than beginning to manage your money in your 50’s!
Bike Instead of Drive
You’re young. You’re probably in good shape. Why not bike to save money? I’ve biked in rain, snow, sleet, sun, you name it. It’s actually much easier than it seems to bike in all of the above conditions. I’m 25. And when it’s just me that has to go someplace, I jump on my bike. It saves me tons of money and it’s definitely something I believe nearly anyone can do more often.
Get Long-Term Care Insurance
This aspect of saving money actually requires you to spend money. But getting long-term care insurance while young is wise. As you get older, it will get harder and harder to get it. And even if you can, it’ll be much more expensive than if you had gotten it while young. My uncle, for instance, waited until age 63 to get it. He was denied. That mistake may cost him hundreds of thousands of dollars.
Stay on Your Parent’s Health Care Plan until You Turn 26
In the United States, children can stay on their parent’s health insurance until they reach age 26. This is even true if you:
- Get married
- Have or adopt a child
- Start or leave school
- Live in or out of your parent’s home
- Aren’t claimed as a tax dependent
- Turn down an offer of job-based coverage
Drive an Older Car
When you’re young, it’s not as big of a deal if your car breaks down. You probably won’t have children in the car. You may even be able to easily fix the car yourself. The older you get, the less likely either of those things will be true.
Take Group Vacations
Having friends is awesome for your emotional health – but it also has financial perks as well. In your 20’s, consider going on group vacations. By getting even just a small group of friends together, you can get group rates on many types of vacations. You can also save money on a rental car. A group vacation in your 20’s may be one of the best memories you’ll ever have. Take advantage of buying in quantity.
Turn down the Heat/AC
When you’re in your 20’s, you’re probably pretty busy. When you’re not home, slow down the heating or air conditioning. Before I began working from home, I was out of the house from 6-8 nearly every weekday. That meant I would turn down the HVAC before leaving. My utility bills were very low. Check if this will be alright with your roommates before messing with the thermostat. The arguments that can ensue may not be worth the savings.
I’m a personal finance freelance writer and webmaster. I welcome you to visit me at www.thefrugalpreneur.com