The Budget Keeper: Three Money Saving Tips for Your Twenties

This advice is geared toward your early twenties but is applicable to any stage of life. Whether you’re a recent college grad or a bit older, these tips will save you and make you the most money, based on my experience and calculations as a woman in my latest of twenties.

TL;DR:

They don’t teach these tips in school, but they should.

Set yourself up to be in a better place financially in ten years like so:

Don’t buy a new car and don’t buy a flashy car to seem rich. You want to invest in your appearance for your career? Invest in your clothing. Dress at least one pay grade above where you are now. A sleek wardrobe that fits is a smarter investment than an automobile that spends 95% of its life parked.

Keep your car payment as low as possible (or non-existent). $400-$500 a month will go further invested in stocks you believe in, in industries that you understand, than getting flushed down a motor finance drain. Buy a perfect black suit and a versatile cocktail dress that will pay for themselves, not a luxury car in which to sit alone in traffic. It’s for the birds – who cares about your car? (So millennial, I know.)

You’re young, you’re renting. Renting is okay. Renting is smarter than owning in many ways. A home is a liability, not an asset. Don’t feel pressured to own. Rent til you know. Enjoy your freedom. You can pick up and move to a new city anytime. You don’t need to mow a lawn or pay property taxes or acquiesce to an HOA.

(Bonus tip: buy a Tile so you can save time and money finding your lost keys or anything else you frequently lose. It’s a GPS tracker connected to an app. I’ve sworn by Tile for years. They make great office gifts, too. It’s $24.99 for 1 or $62.93 for 4 on Amazon.)

While renting, bargain with your landlord.

2a) How to lower your rent

A) Offer to post reviews in exchange for reduced rent or at least two years of controlled rent.

B) Offer to pay three or six months rent in advance for a discounted rate or 1-2 months free.

C) If you’re in marketing, offer to do some social media promotion for your residence in exchange for reduced rent. Don’t use your personal brand for this – spell out a contract defining the promotion.

Whenever an issue arises, politely document the hell out of it via email, and make sure they know that you have kept track. Don’t be a nuisance or threaten anyone, and be lavish in your praise for what these apartment managers do right. But whenever you do email about a recurring issue, simply point out that you have documentation of the same thing having happened before, listing the dates and/or attaching the details as a PDF or email attachments. Maybe you have no issues with your landlord, property manager, or neighbors – consider yourself lucky. Keep renting until buying truly makes sense for you, your career, and your goals.

This one is a little controversial 🙂

Don’t do this on a first date.

Do be discreet.

When you go out, pack a hip flask. Some people will judge you and think you’re cheap. You’re not, and who cares what they think? You’re young, trying to save money, and you just cut your bar tab in half. Bars mark up liquor an average of 300-400%. Restaurant owners are the only employers who don’t pay their staff living wages and expect customers to foot the bill. There’s nothing wrong with bringing a little sauce to top off your drink, considering how expensive going out can be. Especially if you have a high tolerance.

Think of this as a backup plan / accessory. This tip allows you to control your spending without ending the night early. You’re busy being fabulous, maybe networking a bit, you go-getter! You may even make some new friends or impress old men who retired from the railroad.

Notes:
Do buy something.
Don’t stiff the bartender.
Don’t get drunk.

Credit for the Budget Keeper goes to RickM. It’s not only a money-saver; it’s a throwback to a better time.

Let me know if you find these tips helpful. I’ll post more soon, hopefully in video format.