5 Key money-saving tips you need to learn in your 20s

Lovely dreamers, adulting seems more complicated than it actually is. In fact, it can be quite easy, if you know how to do it right.

Related:

1. How to live your life, while paying debts in your 20s

2. 25 important life skills you need to learn by your 25th birthday

Listening to your elders (aka a now 29-year-old me(Maya), and a very tired 27-year-old fiance of mine (Andy)) can save you a lot of stress and headaches through what are supposed to be your best years - your 20s.

Throughout our lives, we've made so many mistakes when it comes to money, that at some point we really thought we were either cursed, did something very fucked up in a past life, or the unluckiest people on this Earth. That's how bad it got.

Also, being born in Eastern Europe, where life is harder, and the pay is absolute rubbish for the amount of work you put in, didn't help with paying our debts, saving money, and having our freedom.

But having a hard life shouldn't stop you, it should motivate you.

For us, it was basically the reason why we wanted to move to another country. We wanted to be able to afford a hobby, travel, get some new camera gear ( more on that later), and basically being able to afford ... well... something. Anything other than just our bills.

This is one of the reasons why we decided to start a blog as well. Even if we're still holding on reaching our true potential with this one, we've managed to get some coins in, landed a few sponsorships, and paid for some expenses, even with a small audience. (Here's some blogging motivation for you if you want to start a blog!)

But none of this matters, if you don't learn this in your 20s. The real value of money, how much your time is worth, and how to handle money.

But enough with the chit-chatting! Let's get to it!

5 Key money-saving tips you need to learn in your 20s

1. Stop spending money you don't have

This is the most valuable lesson you need to learn in your 20s if you don't want to become chained to a vicious circle of debt - depression - soul-sucking job - bad credit rep - struggling to pay debts.

Yes, it's a great feeling when you get to be preapproved for a credit card, that can help you build up a credit score that opens more doors later( that's how it works in the UK anyway), but there's something the bank doesn't tell you - and you need to know this.

Listen closely: The money on the CREDIT card is not really yours.

That money belongs to the bank, and if you start spending that, it's like you're borrowing money from someone. You will have to pay it back, and with interest. So before you start spending it, keep this in mind. To build up our credit score it's ok to purchase your shopping on a credit card, as long as you immediately send the amount spent back, so you keep it "intact".

2. Learn the difference between "need" and "want"

This is why I absolutely love minimalists, for example(even though I'm not 100% one - but oh, how I wish I could be, sometimes). Besides the fact that your house is immaculate because it's not crowded with mostly useless stuff, even the wardrobe is simpler.

You get to focus on quality, rather than quantity. In life you should do the same, in any aspect, from the job you have, to the partner you choose to be with you.

I know it might sound weird, or "grandma' mentality", but learning the difference between " I need this new pair of shoes" when your feet hurt from the old ones you have, and "I want this new pair of shoes" when you already have 10 pairs you're not wearing, will change the way you look at everything.

"Shopping therapy"? Not for me.

So next time you think about buying something, think about this: If you want to have money, you have to stop spending money. Try to ignore all those "bargains" out there, they are not doing you and your wallet any good.

Related: How to save money while shopping – without coupons

3. Keep a record of your spendings

Taking control of your money is crucial if you want to have money. This includes having a clear idea of when your earnings are coming in, and where they are going, every single month.

Yes, checking your bank statements regularly is important, but actually writing stuff down will give you a clear idea, and save you from the "where the hell did my money go?" moments.

Having some sort of a money journal might help in this situation. Here's the one that we use, that I personally created when we moved to Spain if you ever need some inspiration. Free for download, just head over to our Reforged Resource Library and get it.

You might find other things inspiring there, all free for download, lovely dreamers!

4. Minimize your living costs

Although it's not an ideal situation to be in when you finally moved away from home and got a taste of independence, (and yes, some of these might sound unbearable at first) hear me out.

It's hard to afford a place of your own in your early 20s, especially if you're still in school, or just staring at your first job.

That's why, to avoid having problems with monthly payments, and actually have some money to spend on something else other than just bills, or something to put aside every month if you wish, there are some changes you will have to make, like:

- get a roommate, to split the living costs with (might turn out fun, just like Chandler and Joey, not like Chandler and Eddie though)

via GIPHY

- switch to smart gas and electricity meters, to have better control and save more on utilities
- make shopping lists and stick to them, no matter how hard it sounds. Also, grocery shopping online might help with saving.
- cut off unnecessary services, like cable, or even Amazon Prime, if you're not using it that often.
- learn how to cook for yourself. With so many delicious, healthy and easy recipes found on Pinterest, you have to try it! And even if you make mistakes, it's still better to pay 5£ for the ingredients of a big meal that might last 2 whole days, than 20£ at Dominos for a dinner.

5. Start a savings account

Make future you very happy, and start saving as early as you possibly can in your 20s. Most banks give you the option to start and manage a simple savings account online, for as little as 1£. Some savings accounts also reward you for every month you don't make a withdrawal, so you basically make money with your savings.

Challenge yourself to save every month, even if it is just 10% of your earnings. This will improve your credit score as well, so when the time comes and you actually want to live alone, with no roommates, it will make it easier. You know you'll actually be the responsible adult in your life.

Bonus!

6. Learn how to make more money on the side

We know, we know. This is not a "savings tip", but it still is a good money tip.

Let's get real for a second. When you have a job that pays you minimum wage, like in retail, for example, most likely it is not enough to actually cover for everything you need, no matter how hard you try and give you a little freedom (as in money to spend).

So if you don't want to be forced to choose between saving and having a hobby that relaxes you and breaks the day to day routine, you will have to find some means of making more money on the side.

Related: 10 Real & Nonconformist ways of making money online

Having a side hustle can be fun as well, it doesn't have to be just another job. It can be anything from starting a blog, or selling stuff on Amazon and eBay, creating fun DIY projects and starting a YouTube channel, making music, or videos and selling them on places like Shutterstock for example.

Or you could be a delivery person, a nanny, a teacher, a photographer, or even a miniature painter.

Find that something you like to do outside of your normal day job, and monetize it. You'd be surprised of how much money you can make on the side, and how much fun it can be.

Aaaand that's all for today, lovely dreamers! We hope you enjoyed our key money-saving tips for today, and if you did, don't forget to share it, pin it, tweet it! We would really appreciate it!

Our question for you is: What are the best money-saving tips you know?