11 Underrated Ways To Save Money As a Young Adult

Do you usually end up spending your entire pay check within a few weeks of receiving it? Having financial independence as a young adult is certainly liberating but it also means you are responsible for spending habits. Failure to foster good spending habits early on can jeopardise your financial future.

Instead of struggling to make your paycheque last through the month, implement these underrated ways to lower your expenses and increase your savings.

Find Free Entertainment

In today’s digital age, entertainment doesn’t have to cost a thing. You can find everything online, from books or shows, for free. If you want to go out of the house, then there are free concerts, art shows, museums and so much more. Be a tourist in your own city and enjoy all the free things it has to offer.

Avoid Impulse Purchases

Are you guilty of buying expensive things on a whim? Impulse purchases are one of the worst ways to waste your hard-earned money. If you are considering buying anything out of the ordinary, take time to think about it before finalising the purchase.

Reconsider Your Utility Requirements

Whether it’s your internet plan or energy plan, take a look at your monthly bills to decide if they are justified. In case you feel you’re overpaying for your utilities, it’s a time to consider switching to a new plan or provider. Use a comparison service to compare electricity prices and find a competitively-priced plan for your home. Check out Energy Australia reviews, if you’re on the market for a new plan.

Resell Your Clothes

What do you usually do with the clothes that you don’t wear anymore? Rather than letting unwanted clothes gather dust in the back of your closet, sell them! You can easily use online platforms like eBay and Depop to sell clothes and other items. This is an easy way to make some extra money and also clear out space.

Shop Second Hand

Whether you’re shopping for an outfit or furnishing your new apartment, explore second-hand options first. You can score some great items at highly discounted prices. This is also a sustainable way to shop and help the environment.

Cook At Home

Even if you buy coffee every morning, this expense adds up over time. Start making your beverages and meals at home. If you’re way too busy to cook during the week, you can meal prep during the weekends. In addition to saving money, cooking at home will also help you eat healthier meals.

Cancel Barely Used Subscriptions

You probably don’t have the time to watch shows and listen to music on every streaming app. So why are you paying for all of them? Cancel barely used subscriptions.

Use Public Transportation

Booking a ride through Uber or any other app is extremely convenient but avoid making it a habit. Start using public transport or carpool for everyday commute to work. It’s also better for our planet!

Shop with a List

Whenever you’re shopping for groceries or anything else, always make a shopping list first. This will help you avoid purchasing things you don’t really need.

Avoid Paying with Credit Card

It’s difficult to realise how much you’re spending with a credit card. If you are stuck with high credit card bills every month, start paying with cash and ensure you regularly check on your spending habits.

Don’t Be Brand Conscious

Yes, branded goods are often better quality but that doesn’t mean non-branded goods won’t get the job done. For instance, if you’re looking for shoes to wear around the house, you don’t need to purchase Gucci slides. Stop being brand conscious.

No one is born with the skills to manage money. It’s something that’s imperative to learn and improve over time if you want a dependable financial future. So, work on it with the help of our aforementioned tips.