If you’re like me, you’re sick of everyone telling you the way to save money is to stop spending money on expensive coffee because you don’t buy it in the first place? I find it to be somewhat patronizing and incredibly assumptive that all of the advice assumes I’m buying expensive coffee and avocado toast every day.
It’s a pretty funny stereotype for millennials, but the honest truth is a lot of millennials are hustling harder than most people realize because we’re saddled with out of control student debt, wage increases have not kept up with the price of living, and areas with opportunities to grow your career do not seem to offer the concept of a starter home.
If you’re looking for some actual, helpful advice on how to save money, I’ve shared some actual helpful lessons that you can use to help you both save and earn more money in the long run.
Cheat Sheet: 9 Lessons To Realistically Save Money
- Lesson 1: Learn about retirement accounts
- Lesson 2: Understand your company’s benefits
- Lesson 3: Learn unique skills that are extremely valuable to a business
- Lesson 4: Cashback apps
- Lesson 5: Don’t buy anything full price
- Lesson 6: Turn auto-save and overdraft protection ON
- Lesson 7: Always make your smoothies, never buy them
- Lesson 8: Pick up a side hustle
- Lesson 9: Evaluate your hobbies
Lesson 1: Learn about retirement accounts
It doesn’t sound sexy or flashy, but if you’re serious about saving money and becoming financially secure, you need to learn about retirement accounts. It’s the easiest way to grow money without paying the tax bill every year. Check out our lessons on 401Ks and our Guide to retiring at 50.
Lesson 2: Understand your company’s benefits
I did not understand all of the benefits my employer offered, but it’s absolutely worth spending the time to understand your health insurance, commuter benefits, health savings accounts, etc. I didn’t realize my company offered commuter benefits, which allowed me to pay for public transportation tickets pre-tax, which saved me almost $50 a month!
Lesson 3: Learn unique skills that are extremely valuable to a business
In the long run, the more rare your valuable business skills are, the higher the salary you are able to command. Set yourself up well when you’re young, and learn as much as you possibly can so future you can get those well-deserved raises! Understand budget management, business process, sales, computer skills, etc.
Lesson 4: Cashback apps
Get money back on your online spending – check out this lesson. These cashback apps will not make you rich, but they are a great way to ensure you’re monitoring your spend and who doesn’t love actual money going back into your wallet for doing literally nothing? I got $80 back this month through my cashback apps!
Lesson 5: Don’t buy anything full price
Discount stores and online marketplaces are your friends. If it’s not the right price, don’t buy it. I can not emphasize that enough. One rule I hold myself accountable to is never buy clothing, makeup, or jewelry full price. TJMaxx, Marshalls, Ross, Nordstrom Rack, all these discount stores are your friend. Don’t spend money where you don’t need to!
Lesson 6: Turn auto-save and overdraft protection ON
This suggestion helps avoid losing money to overdraft fees as opposed to earning money, but you worked hard for that money! Don’t let the bank scoop it out of your account
Lesson 7: Always make your smoothies, never buy them
Sorry Jamba Juice, not to throw shade at smoothies, but the idea here is actually bigger than smoothies themselves. If you can make food at home at the same, if not better quality, for waaay cheaper, do it every single time.
Lesson 8: Pick up a side hustle
Earn some extra money on the side! There are SO many things that you can do to pad your wallet. If you want some ideas, here’s a list of side hustles we’ve put together for you!
Lesson 9: Evaluate your hobbies
What do you love doing? If it’s expensive, then that’s fueling the wrong lifestyle. If you’re doing an incredibly expensive hobby, it’s likely you’ve chosen this hobby to be seen by other people. Do not pick up expensive hobbies, and definitely don’t do anything for anyone else. You need to focus on making yourself happy and staying on the right path to financial freedom. Some of my favorite, low-cost hobbies are hiking, biking, playing with my dogs, cooking fun dinners, movie night at home, game night with friends, and so many others!
I hope this was helpful to think of creative ways to actually save money (and keep your coffee too). Are there other ways you save money? Let us know in the comments section and best of luck on your journey!
Check out additional topics to make personal finance SLIGHTLY EDUCATIONAL on our Personal Finance page.
