19 Easy Ways To Save Money In Your 20s

Between millionaires blasting Gen-Yers for eating avocado toasts and reports of millennials spending $96 billion dollars on food, people love talking about twentysomethings spending habits. And while no one wants to discuss sexy topics like soaring college loans, unaffordable housing and the lagging job market, stashing money in the bank is one way you can hit your financial goals. Despite coming-of-age in the worst economic climate since the Great Depression.
In honor of turning over a new leaf this fall, we’ve rounded up saving tips from credit card experts, personal finance gurus and podcasts hosts. Because saving money in your 20s sets you up for your future. Whether that’s a house with a white picket fence or a yurt in an intentional living community, it pays to plan ahead.
Erin Lowry is the author of “Broke Millennial: Stop Scraping By and Get Your Financial Life Together.” The personal finance expert made her name offering straightforward money managing advice on her now-syndicated blog, and is at work on a second book. Here are her three practical ideas for ramping up your own savings this fall.
1. Nickname your savings accounts.
Instead of just having a savings account with that reads Savings Account #495820 when you log into your bank account, consider changing the name to something specific. Maybe it’s “Quit My Job January 2019” or “Japan Trip June 2018”. The more specific you get, the less likely you are to keep skimming a little off the top each time your checking account dips a little low.
2. Set up a savings account at a different bank than your checking account.
The old out of sight out of mind trick works really well here! Putting a savings account or twoat a different bank than the one which houses your main checking account will reduce the temptation to keeping pulling savings into checking because you won’t see it. It can start to accumulate a nice nest egg (assuming you regularly contribute to it). You also can’t move the cash quickly as it generally takes about two business days for those funds to clear, so it’s harder to take a little out in a moment of weakness. That being said, you probably want to still have some savings at your main bank incase an emergency pops up and you need to move cash quickly.

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