5 Easy Ways to Save in Your 20s

Personal Finance
asian woman preparing food on the kitchen

You thought your 20s would be all fun and games, but you’re suddenly drowning in cable bills, car payments and receipts from that weird bar you don’t even like.

Finding manageable ways to save will set you up for financial success. Try these five easy tips to cut costs in your 20s.

1. Stay on your family cell phone plan

You don’t have to break away from your parents completely. Staying on your family cell phone plan is a headache-free way to save. A family of four that shares one saves $15 to $25 per month per person, depending on the plan and carrier, a recent NerdWallet analysis found. You can still contribute to the bill, as 53% of adult children on their parents’ plans do, according to the poll.

2. Negotiate your bills

Many people don’t know that they can negotiate with cable companies and internet service providers — or they’re intimidated by the process. That’s why NerdWallet has partnered with Billshark, a company that helps people lower their bills by talking directly with their service providers. In fact, renegotiating current bills could lead to savings of $720 per year, according to a NerdWallet analysis of Billshark data.

3. Share your accounts

You don’t need to give up your favorite TV shows to save. Netflix and Spotify allow multiple users to watch or listen at the same time, and sharing an account costs less than buying separate individual accounts. Spotify Premium costs $9.99 per month for an individual, but a Premium for Family account — for up to five people who share the same residential address — costs $14.99.

4. Plan meals in advance

When you’re having a busy week, the last thing you want to do is run to the grocery store more than once. It’s easy to reach for Seamless and other meal delivery apps, but those charges can take a toll on your credit card statement. Save money and eat healthier by planning a week’s worth of meals ahead of time.

5. Play the waiting game

Buy a new vacuum in April and a lawnmower in August. Knowing which is the best month to purchase home goods, a laptop or a car will save you money year-round. It might require a bit of delayed gratification, but you’ll feel good about getting the best deal.

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