Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

5 Money Saving Tips for Young Adults


When you’re young, saving money can seem like an impossible task. It’s easy to see your paycheck as a way to get by month to month and not a way to prepare for the future and save for financial difficulties. But putting just a little money aside each month can make a world of difference. These five money saving tips for young adults can help you get started on the path to future financial success.

Five Ways to Save Money as a Young Adult

1. Make a budget. You’ve heard it before. Creating and sticking to a budget is one of the best ways you can save money. Making a budget doesn’t mean you have to give up fun for the rest of your life. By creating a budget, you’ll be able to see where your money is going each month and allocate funds to saving, bills and entertainment. Try using this simple budget worksheet from Money Under 30 to get started.

2. Don’t wait to save and invest. Saving and investing may seem like a challenge right now, but putting away just a few dollars a week can have a big impact. Use your budget to see how much money you can put into your savings account each month. And as for investing, if your employer offers a 401(k) account, U.S. News recommends contributing just 2% of your salary and increasing it as time goes on.

3. Save one-third of your income. If you aren’t sure how much you should save, U.S. News also recommends saving one-third of your income if you can. By saving $1 out of every $3 you earn, you are making it easier on yourself to survive future financial difficulties, such as layoffs, car repairs, home repairs, and other surprise expenses.

4. Start an emergency fund. Another good way to save for financial hardship is to start an emergency fund. Investopedia recommends putting some money into a high-interest savings account, CD or money market account.

5. Pay off your debt. While putting money into savings is a good way to prepare for your future, you should also be concerned about paying off your debt. You should be aggressive about paying off your debt and careful not to let your credit cards spiral out of control.

For more money saving tips for young adults, check out First Bank’s* online Financial Education Center.


———

Sources:

Money Under 30: http://www.moneyunder30.com/really-simple-budget-worksheet

US News: http://money.usnews.com/money/personal-finance/articles/2010/10/12/6-best-money-tips-for-young-people

Investopedia: http://www.investopedia.com/slide-show/financial-tips-for-young-adults/?article=1

My Bank Tracker: http://www.mybanktracker.com/news/saving-tips-for-young-adults

Trending Topics

SBA Com

If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that…

Find the Best Banks in Charlotte, N.C. | First Bank

The best banks in Charlotte, NC, provide you with convenient ATMs and many helpful banking options. Whether you live in or around the Queen City, you always have access to First…

Is Contributing to a Nondeductible IRA Right for You?

If you're considering making contributions to a nondeductible IRA, first learn about all of your options. This quick guide will explain the differences between deductible, nondeductible and Roth IRAs and how…

11 Easy Tips for Saving Money

Saving money is important if you want to be prepared for future financial surprises or hardships and establish peace of mind. But sometimes, finding extra funds to set aside is…

How Much Should I Have in Savings at Age 35?

How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you…

Budgeting Tips for Newlyweds

For many newlyweds, budgeting is a helpful activity to manage your finances. By following these easy guidelines, you and your significant other can work together to spend less, save more,…

Personal Finance Tips for Beginners

Reading personal finance tips is a great way to start thinking about your budget and saving for the future. If you're just beginning to think about your financial future and…

How Much Savings Should I Have At Age 30?

Do you know how much savings you should have at age 30? Unfortunately, there is no exact answer. Expert advice conflicts between encouraging 30-year-olds to save more and investing their already saved…

Bank Accounts for North Carolina Businesses

If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed…

Bank Accounts for Businesses in South Carolina

Do you own a South Carolina business? Are you looking to start one? There are a number of reasons why South Carolina is a great state to do business. And…