This week I decided to ask some friends and do some research to find some tips for saving money when you are a young adult. I found a lot of helpful suggestions to help us get a head start. Pick one of these or more than one to work on.
1. Use a debit card, not a credit card.
This will help you to not overspend your money.
2. 7 Baby Steps by Dave Ramsey
Spend five minutes watching this video for some guidelines.
3. Financial Peace University
This is also by Dave Ramsey, but it is a class that you can take to help you pay off your debt, save money, and create a budget for you and a spouse if you have one. Click HERE to check it out.
4. Make a budget for yourself
Find out how much of your money is going where each month by tracking where you spend it. Once you get a visual of what you spend your money on, you can create a budget for yourself. Set certain amounts aside for gas, utilities, rent, food, etc.
5. The 52 Week Money Challenge
This one is pretty simple and has you save $1,378 over the course of a year. The first week, you start by saving $1, the second week you save $2, the third you save $3, and so on. Eventually, the last week of the year you would save $52. The challenge is sticking with it! A tip for this is having a place to store your money that makes it more inconvenient to get to, that way you are not tempted to spend it. One suggestion is to open a savings account. Another way to make it easier to save is to start with $52 and decrease from there, that way it only gets easier to set money aside.
