How to save money when you are young, dumb and broke

How to save money when you are young

I’m a writer, so I know all about being broke. I’ve spent huge chunks of my life that way – particularly when I was young (if there’s anything that earns less money than a writer it’s a young writer). And so I know all about how it feels to be broke.

Of course, that alone won’t help you much. Sympathy doesn’t get you out of trouble.

Fortunately, I haven’t just been broke, I’ve worked my way out of it (several times as a matter of fact – another problem with being a writer is that fortune is often as fickle as the wind). In the process I’ve learned more than my fair share of tricks. Today I’m going to share a few with you.

Have a goal

The first thing that you need to do is have a goal, preferably one that is SMART. If you’re in debt, then you want to figure out when you want to be out of it. If you want to save for school, then work out how much you’ll need and when you’ll need it by.

Once you’ve got a time line and a financial target in mind, break it down to a yearly basis, a monthly basis, a weekly basis and even day by day. This is very important, as this will take your goal from being some abstract number in the future, into something you have to save every day in order to get there. And that will make each financial decision seem all the more relevant.

Sweat the small stuff

Don’t just try to save money on the big stuff, try to save money on the small stuff as well. Seriously, if every day you’re getting yourself a coffee for $3 dollars, that means you’re spending $21 dollars a week, $84 dollars a month and more than a thousand per year! On coffee!

So, don’t have that coffee, that sandwich, or that ice cream from the corner shop. Instead make it at home and bring it in.

Can’t do that? Then consider downgrading. Do you really need that double shot cucaracha macchiato latte with syrup shaved off a penguin’s nipples? How about just having a black coffee? Is it really that much worse?

Also, you can try to use your imagination and instead of buying expensive holidays presents save some money and make it by yourself.

If you manage to shave $3 dollars a day off your spendings on stuff like this, then you’ll – you guessed it – save more than a 1000 dollars in a year.

Don’t think negative

And with that I don’t mean, ‘don’t have a negative mind set’. That’s ultimately up to you. What I mean is that if you’re trying to save money, the thing not to do is think about what you should stop doing. You see, the thing about thinking about what we should stop doing focuses our attention on it. For example, if I ask you to not think of a white polar bear, what’s the first thing that pops into your head?

So don’t think about what you won’t do as then you’ll just end up overthinking it. Instead, focus on what you’ll replace that activity with. If, for example, you love to go shopping or drinking, replace those activities with volunteering, learning an instrument, or learning how to set up your own business. Anything, really, that isn’t going to cost you as much money and is going to keep your mind off the habit that costs you a lot of money.

Change things up

Another good idea, particularly if you’ve got friends with who you’ve got expensive habits, is to try and avoid them for a while. They might be toxic for you and your savings.  In this way you’ll avoid the social pressure of spending that accompanies hanging out with them. Instead, try to make new friends, preferably people who are also engaged in the activity that you’re now pursuing to keep you distracted. Then they can distract you as well!

Also, consider moving. This can significantly reduce your rent (which is a wonderful way to save money). It’s not just that, however, it’s also that we compare ourselves to the people who live around us and if we can move to a neighborhood that’s slightly less well-to-do we’ll feel a lot less inclined to spend money in order to keep up with them!

And not struggling to keep up with the jones is a fantastic way to make sure that you don’t spend as much money.

Move abroad

You can even think about moving abroad for a while. Yes, that’s right. You can combine the fantasy of traveling abroad with saving money.

Perhaps, look online for jobs in other countries, or try freelancing for a place where the costs aren’t as high. If you can get a job in a country that is cheaper, even if they only match your salary that is still like getting a salary bump as you end up spending less on living expenses. And it can even become an adventure!

So start looking online for opportunities to spend six months, a year, or maybe two in a foreign country, that can get you back in the black. And if you sublet you might even be able to pay most of your cost of living off what your renter is paying you!

Heck, the looking for a place to look to and the way how to do it can become the money-spending replacement I spoke about above!

— Share —

— About the Author —

Responses

  1. Monica Gellar Avatar

    I wish I did this years ago and stopped the frivolous spending. It is empowering to have self control and not to impulse shop. Those little purchases add up quick and most times are totally unnecessary.

Leave a Reply

— Follow Us —

Up Next

Unveiling the Truth: The Dark Side of Societal Expectations on Life’s Milestones

Unveiling the Truth

Societal pressures dictate specific timelines for achieving milestones like graduating college, getting married, having children, and buying a house. However, these deadlines are often arbitrary and can change with advancements in technology, the economy, and societal norms. It is important to understand where these expectations come from and create personal milestones that are meaningful rather than clinging to outdated societal norms.

What is the societal clock and how does it impact our lives?

The social clock is a cultural timeline that dictates important milestones in a person’s life. These milestones, such as getting a job, getting married, or having children, create societal pressures for individuals to achieve them. Failure to meet these expectations can lead to

Up Next

Letting Go: How Detachment Can Help You Heal Toxic Relationships

How Detachment Can Help You Heal Toxic Relationships

Many individuals in the self-help and dating advice community often emphasize the importance of independence, but there is a disconnect between societal norms and scientific evidence. Building strong emotional connections with others has been shown to result in increased levels of happiness, success, and overall well-being in individuals’ lives. Some individuals offer self-help and dating advice and believe in the importance of being independent, but there is a disconnect between societal norms and scientific research. Building strong emotional connections with others has been shown to increase happiness, effectiveness, and overall stability in life.

Throughout evolution, the survival of infants and young children needed to have protection from potential dangers provided by a stronger or wiser figure. To guarantee that they received adequate care and safety, natural selection led to the development of an inna

Up Next

Forgiveness After The Storm

Forgiveness After The Storm

The muse of poetry in its depths stalls the ensue of thee,Drowning in the sparse spectacle of hope left, one dives into the waters of misery.Triabilsing in the painful stance of existence, death in its allure creeps behind,To be or not be in the bane of tormenting breaths, in their truth one seems to find,

The hostility that binds, convulsion in its gloating flair laughs hysterically at the corpse of being,Dreariness to live in its slow burn writhes the only ounce of light left to see.The void of embracing the freshness of unadulterated air forges to question the beauty,Of living a life that could lead in the lightness of radiance and the smiles of unbridled glee.

The trueness of being lapses in the oscillation of turbulence and the sea of calm,Yet the tides of uncertain syllables that breed animosity render the sou

Up Next

Beyond Materialism: The Psychological Motivations Behind Retail Therapy

Beyond Materialism

Most people can understand the happiness that comes from purchasing something for oneself when we talk about needing some retail therapy. Can shopping truly improve our mood? Clinical psychologist Scott Bea, PsyD, affirms that shopping can have psychological and therapeutic benefits as long as it is done in moderation, according to research. Engaging in shopping activities, whether online or in person, can provide a psychological and emotional boost. Even just browsing can bring happiness, but it’s important to be mindful of your spending habits. Dr. Bea outlines various explanations for the phenomenon.

Shopping helps to regain a feeling of power or authority

Research demonstrates that engaging in shopping activities can help individuals feel more in control of their

Up Next

Mind Over Met Gala: Analyzing the Intersection of Fashion and Mental Health in 2024

Mind Over Met Gala

The most confidential information about the 2024 Met Gala, which will take place on the first Monday in May, is now known. A total of 250 objects, many of which have never been seen in public before, will be on display in the Costume Institute’s “Sleeping Beauties: Reawakening Fashion” exhibition at The Metropolitan Museum of Art in 2024. Before the much-awaited event, Vogue is compiling all of the information we currently know.

What theme will the 2024 Met Gala have?

The official dress code for the 2024 Met Gala is “The Garden of Time,” in honour of the Costume Institute’s upcoming exhibition, “Sleeping Beauties: Reawakening Fashion.” About 250 rare objects from the Costume Institute’s permanent collection will be on display. The designs, which span more than 400 years of f

Up Next

The Aesthetic Epidemic: Understanding the Roots of Lookism

The Aesthetic Epidemic

We care about more than just ourselves – we care about our loved ones, our communities, and the world around us. We are affected by tragic events, especially when a child is murdered, regardless of where it happens. It deeply impacts us and makes us feel disheartened. Moral evils raise doubts about the goodness of the world and the value of existence, especially for those who believe in a benevolent deity. However, anyone can contemplate the purpose and value of the universe in light of such evils. We may not need to worry about the value of the Universe and instead focus on finding value in our own lives or the lives of our loved ones. The concept of value is subjective and can be created by us.

The important question is what we should value or find pleasure in. Some people may try to ignore moral evil by focusing only on their own lives and loved ones, but this narrow perspective is unsatisfying for most. I

Up Next

An Open Letter To The Hustlers

An Open Letter To The Hustlers

To be or not to be, to go all in or to unwind and relax, we question our dreams, running in constant chase of our quests to come true, we are the ones who never sleep. Dreamers we are called, the ones who passionately strive in the endeavours of the best they could ever be, here is a letter to me, a letter to you. In the stride of embracing the best you have ever been, nurture your soul before the onset of the abundance in you that lies unseen.

Too bold, too much for your age, you are doing too much, how often have you heard these notions been used to describe you? As we tirelessly strive to achieve the next goal we have in our mind, we are often told that we are being hard on ourselves, to enjoy life a little. Life in its entirety passes by us in its dynamic flair, and the existence we envisage holds unique individuality to each one of us. The choices one makes for themselves belies them and them only, and t