I’m in my early twenties and i was just wondering How the heck are you supposed to save in this economy?

44 comments

  2. join the military?

    You get 3 square meals a day, room and board, easy access to doctors, and they even pay you to go to college and pay for it. It’s how every dude in my family got his start in life.

  3. Accept a standard of living that is beneath your means.

    Put the difference into something safe, like T bills.

  4. Save everywhere you can, its a tough economy but if you can even save a little in this economy you know you can save in any economy. Trim the fat any way you can

  8. Develop a skill set that employers will compensate you well for. Obtain a job in that field and live below your means

  11. Join the military. Stay at home a few extra years if you have that option and focus on a career, save up a down payment for a small home asap. Forget about women IMO while you do this, they’ll just drain you financially

  12. I make about 277 a day and I’m always broke. Gotta tighten up that belt and act more poor than I am in order to keep a few bucks in my account.

  13. It’s very hard even if you have a decent job. When you get to my age it’s easy to forget that in your 20s you still have an active social life and hate the idea of staying home alone. (Maybe the exception of people that live on social media and not out in the real world).

    The big thing is find ways to be thrifty even if it’s sometimes a hassle. I’m lucky enough to make a six figure salary and like leading a good life. But I scrimp whenever I can. Like taking the bus to the airport rather than an Uber. Find deals on meals. Driving a 2005 car.

  15. Either decide to work insane hours (unless you are salary as that won’t work to get more money) most likely have multiple jobs, or realize that retirement is a thing of the past and just realize you are going to die working so you don’t need to save as much.

  16. Most people either have a saving problem or income problem. Identify which one you have and take the right actions needed to save money.

    The hard part about this is the discipline to flow through.

  17. you gotta spend wisely. dont get me wrong coroporations and the government and all that are fucking us in the ass, making rent astronomical and prices are rising. But like also at the same time….some of y’all paying $60 to get two burritos delivered to your house by ubereats. When I hear someone does that and then simultaneously hear they cant save money i laugh and walk away.

  18. Budget. What are you paying for each month/quarter/year, and what of it is not necessary for survival–or can be pared down to a less costly version?

    I exclusively drink unsweet tea at home, and I make it all myself by boiling water and then adding tea leaves. It’s obviously dirt cheap.

    I also buy chicken breasts from the supermarket and bake those, freezing them in Tupperware and then unthawing for dinner each day.

    I also do not own any subscription services. No television, no Netflix, no GamePass, Spotify, etc.

  19. Your vacations should not include going to Las Vegas for the weekend every other month if you are trying to save money. Spend it at home.

  22. You either save for the future or you live in the now. It’s up to you. Sadly you can’t do both nowadays

  24. Spend less than you make…. It really is that simple…. yeah it sucks to see people with the latest phone, new cars, etc and you have old stuff. r/Frugal

  28. My ex SO became a stripper, and that was the only way we were ever really able to save. So there’s that option.

  30. I think this economy is happy for us to stay at the bottom of the pile, that’s where they want you

  31. Budget.

    Not to sound tongue in cheek, but accumulating wealth isn’t about making more money, it’s about saving more money.

    Closely monitor how much you spend in any given month, and know how much you make in any given month.

    Once you know those two things, start budgeting. Be deliberate about what you can afford to buy if you want to save x dollars per month.

    It is as simple as that.

  32. 27 here I send $100 a month to a Roth IRA and I buy $25 worth of bitcoin every Monday. Its not alot but it ads up. Additionally I have 11% of my pay check going to my company’s 457 program. Start small and when you have more money increases your contributions. Even if its $25 a month now you will thank yourself later.

  33. Start with tracking your spending.

    Enroll in work place savings plans so money is automatically taken out before you see it (401k, ESOP, direct deposit to a brokerage account)

    Make your budget.

    Have discipline.

    Focus on getting a source of passive income (dividends, real estate, etc.)

  34. Do you want to live the most boring life imaginable? listen to everybody thats shouting “live below your means!”

    “Save every penny!”

    “Be frugal!”

    These people are throwing lifestyles at you that probably wont fit your needs and in all honesty sounds pretty depressing considering the message theyre sending out is to save money until you die but they never tell you to

    GET A HIGH PAYING JOB.

  36. Either make more money, or spend less.

    Just like CICO, that’s what it boils down to. You have to take in fewer calories than you burn to lose weight, and you have to spend less money than you make to save.

    So, either you have to improve your main job, improve your skills to improve your main job, or find a side hustle to improve your cash flow in. Alternatively, you have to spend less money – eat in, get roommates, find cheaper housing, cut debt payments by selling a vehicle, or making sure your student loans are on the correct plan (once they go live again).

    The days of making $20k/year and just coasting through are long gone.

    One side hustle I’m about to restart on my side is donating plasma. 3-6 hours/week and make over $200/week for probably 12 weeks – there’s 3 different companies within 15 miles of me and each one has a new donor bonus of $900 and up. So $900/month for 3 months to donate 2x a week.

    Another is to turn any hobby you have into cash flow. Do you do DIY? Become a handyman. Work on cars? Do oil changes and brake jobs. Crochet? Offer unique patterns. Sew? Fix clothing. Or, spend time (not money) learning a new skill you can take into the working world. IT is huge, learn to program, or keep Linux happy, or networking, and find a company that’s hiring new recruits. You can learn a new programming language and within probably 2-3 months learn it well enough to get hired as a newbie programmer at a company, which would open salary potential in excess of $200k.

  37. Simple answer: Eat nothing but top ramen until you’re financially stable.

    Complex answer: Eat nothing but top ramen until you’re financially stable.

  38. I learned to cook. Why spend $15 at Chipotle for one burrito when I could make ten of those burritos for $25?

    People ask how? Go on YouTube. Tons of people show you how to make everything from a basic fajita to bourbon honey glazed rack of ribs.

    And buy the K Pods for coffee. I hate coffee, it’s awful, so I save money there. But making coffee is so easy it can be automated by a $100 machine in my kitchen. Most of the cost of your overpriced Dunkin or Starbucks goes to pay for a person to do what a $100 machine in my kitchen does for free.

    Lastly, you don’t need new. Buy used. It’s been cleaned. The only thing I buy new is clothing, and I buy the expensive stuff that will last ten years, not some crap from Walmart or Target. Used games still play. Used cars still drive. Used couches can be found in good condition, as are TVs, phones, etc.

  39. Know how much you can spend on things that aren’t bills/rent and spend less than that. Don’t always skimp on everything, but don’t buy more than you really need. Try not to get takeout/fast food too often. Maybe take one month and just chill at home after work every night. Take inventory of the things you do need that will soon run out like groceries, detergent, toiletries, and then make a note of what you spent on that particular stuff when you go to replenish it and how quickly you’re running through it. If you can, buy a bike to go shopping for the small replenishment shopping runs. Not using gas in your car is **huge** (not even just in these current times). You’d be surprised at how quickly money can add up, but it is certainly tough to do if your salary isn’t sufficient to begin with. Good luck out there.

  42. Having travelled all over the world, I have noted that there is always more you can do fine without.

    The trick really is staying out of debt to start with. You don’t really need it unless there is an unusual emergency. It should be available, but rare. But we have made it a way of life. It works out well for bankers, governments, and employers who have a vulnerable and desperate populace to exploit for money and power, but it doesn’t do much for the people.

  43. Only one way. Spend less than you earn. There are two ways to do that. Earn more. Or spend less. The rest is details.

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