How I save money as a young adult.
After college, most people have quite a bit of responsibility. There are endless expenses you have, including rent, gas, utilities, and so on.
It can be difficult to save money as a young adult with all these expenses, especially for millennials who enjoy going out and socializing. Although it can be difficult at times to save money, there are some easy ways I save money as a young adult.
Disclaimer: The resources and information shared in this article are solely for entertainment purposes and aren’t intended to provide any professional advice.
Buying generic food and budgeting groceries
If you’ve ever walked into a grocery store, you’ll notice that they sell a number of different brands with varying prices. There will always be a name-brand product that is often more expensive than the generic brands.
I tend to buy generic products because of their affordability. This is because the ingredients list is not always, but often very similar. Sometimes you're paying more for the brand rather than the actual product.
This is something that I have recently started doing because I saw it as an easy way to save money. And while saving $0.50-$1 on a single product might not seem like a lot, if you buy 20 generic products that are $1 cheaper than the name-brand ones, you’ve just saved $20 on your groceries.
Again, you should be sure to check the ingredients list to ensure the generic brands have similar ingredients. However, from past experience, I’ve found that generic brands are very similar to the name-brand products. The only difference is the cost and the manufacturer.
Living in an inexpensive area
There are some places that I would love to live including New York City and San Francisco, but those are some of the most expensive areas to live in the U.S. While it would be an incredible adventure, at this point in my life, it’s not the best idea for me to move to such an expensive area.
The same goes with apartments. Apartments can be affordable, but they can also cost you a pretty penny. It all depends on the city you live in, size of the apartment, if you have roommates, etc., but choosing to live in a less expensive apartment that doesn’t have all the bells and whistles is something you might want to consider.
You have to pay to live wherever you are, however, the money you spend on an apartment is money that you're never going to get back. You don’t actually own it, so you’ll never see that money again. That’s why it may be best to choose a more inexpensive area to live in, as well as a cheaper apartment when you’re young.
I initially wanted to move to a more expensive city, however, I knew that the cost of living would be outrageous. I would prefer to save more money now, and a few years down the line make the move to a more expensive area if I’m financially able to do so.
It costs a lot of money to live, and it can be especially overwhelming for recent college graduates. You may have to pay off student loans, pay for an apartment, groceries, phone bill, and so on.
While it can be difficult to save a ton of money right out of college or as a millennial, there are easy ways that can help you save some extra cash. Buying more generic food brands and budgeting your groceries, and living in a more inexpensive area are some of the ways I save money.