Top Ten Ways to Save Money In Your Twenties

As a twenty-four year old frugal girl I'm always looking for ways to save money. Many of us in our twenties are just coming to grips with budgeting, saving, planning for a future, 401(k)'s, credit cards, student loans, car loans, all while trying to have a little (or in some cases too much) fun. So here's my list of how to save some money, with a little bit of good humor thrown in:

1. Live with parents - Yep, you heard me. Move (back) in with family and save a bundle. Of course this only applies if you have parents or relatives who will take you back. Mine have been very considerate and have allowed me to live with them during summers in college, after college, after traveling, and if I wanted to I'm sure I could move back in after grad school. I'm almost positive I won't need to rely on them then, but it's always nice to have that as a back up plan. Parents or relatives may want to charge rent, or have you help out with groceries, but it's usually a much smaller amount and will cost a fraction of living on your own. I wouldn't live with them forever (or would I?), but while looking for a career after college or grad school, or in between moving from place to place are good times to rely on those who raised you.

2. Stop drinking so much - No wine, beer, alcohol allowed. That's an exaggeration, but you get the point. At certain points in our lives we all have to realize that we are not in college anymore and that we should be getting out of that college mode of starting the weekend on Thursday nights. If you like your liquor and have been going out a lot to get it, think of other ways to have fun with friends without breaking the bank. Host your own cocktail party, ask friends to bring mixes of their favorite drinks, put on some music and set out snacks, and have fun without having to pay $10 for a measly drink (and the cover charge, taxi ride, walk of shame, etc.).

3. Stop shopping - The holiday season is hard to avoid, and I know that even without the added bonus of sales galore a lot of my girlfriends view shopping as an extracurricular activity. Cutting back on going to the mall or "window" shopping will help to save money in the long run. If you can't bear to go without that one special item, use the 30-day rule. You'll be able to make a better decision after 30 days, and can save for that item in that time. Another great way to save money while shopping for the holidays is to make a list. Just like a grocery list, your holiday list should guide you and direct you to which stores you need to visit and which items you need to buy. If you manage to stick to the list you'll walk away with only the gifts you need.

4. Kick restaurants to the curb - Eating out is much, much, much more expensive than eating in. Of course eating out leaves you with no messes to clean up, good service (well, not always), and something different to do and eat. Try and cut back on eating out by half, and go from there. An easy way to stop unnecessary spending is to bring a lunch to work instead of buying out, brewing your own coffee, forming a dinner group with friends where one person hosts a get together every month. Potlucks are another great way to get out of the same old food rut but also save money. Have a theme night, such as Italian food and assign each person or couple a different dish or course.

5. Costco (or something like it) is your friend - Shopping in bulk can seem like a waste if you don't properly store the food, but once you get the hang of it lots of money can be saved. I usually buy household items at these kinds of stores because I know I'll eventually use them (such as tp) and they won't spoil. I also buy cereal, juices, and other items that have a long shelf life. If you're a big egg-eater or milk-drinker you might benefit from their huge sizes, and can always freeze meat or fish for later use. Just avoid those "aisles of fun" - it's easy to get sucked in to DVD's, CD's, candy and much more at those places. Focus on what you need, not what you want.

6. Roommates are a good deal - Although I've had great experiences living with other girls, I do get sick of not having my own space and I think many people in my same age range do as well. It's easier to have your own quirky habits without having to worry about other people around, but it's also more expensive. One bedroom apartments are much more expensive than the cost of a room, and the utilities aren't being shared. Sure, you have another person turning on the lights or using the washer, but their costs and yours is usually less than what you would be paying alone. If you're living with a friend or have a good relationship with your roommates you can split the costs of food and cook meals together in order to cut down on grocery bills.

7. Transportation - I'm lucky enough to live close to my work to walk everyday. On the days when I'm feeling especially lazy or the weather is bad I head out my front door, down the block, and hope on the train that runs right by my house. San Francisco has fabulous transportation compared to most other U.S. cities (New York is an exception) and I try to take full advantage of it whenever I can. I figure that while I'm still young and living in an urban area that I should tough it out on the bus or train for a few more years, and I plan on taking public transportation everywhere once I get to Seattle. Even if you happen to live far away from your place of work and are not in reasonable distance of a bus line you can still form a carpool and save money on gas and time. Too many people my age fall for the status symbol that is the car, when they should really be using their health and lack of wealth to the best of their advantage.

8. Avoid ads that target you - Don't let the green eyed monster come around. You'll have to make a conscious effort to avoid magazines, newspaper ads, and television ads that target young audiences. You may think that those ads don't have any impact on your spending, but you'd be wrong. Advertising agencies would be out of business if they didn't work, which just goes to show that people (especially impressionable ones who have just gotten their first real paycheck) are easily duped. If you're watching tv, change the channel when and ad comes on - or better yet, turn off the tube. Even just being aware of advertising can help to save money by realizing the gimmicks that companies go through to get customers in the door.

9. Pay off student loans/other debt - Many of my friends from college left with piles of student loans or credit card debt. College students are an easy prey for credit card companies, and many students fall for those traps. I'm not saying that credit cards are bad, just that many people misuse them and will pay the consequences later on. Try and throw as much money (well, not literally) as you can at student loans and other debt. The faster you pay them off the less interest you will pay. Getting rid of debt will raise your credit score and allow you to save more of your income for the future rather than paying pointless fees and interest.

10. Ask for help - It's hard starting on your own and everyone once in a while I know I make mistakes (hello crashing roommate's car). Ask for help, reach out, be humble. Many people are willing to help you find a career, learn about new cities and opportunities, and help out when you're in a pinch. I know I wouldn't be at the institution I'm currently working at if I hadn't reached out to my Aunt and asked her if she knew anyone in my field. Turns out she had tons of connections and was able to hook me up with the former director of the department. Finding people who are in the same area of work you are interested in helps, even just to talk with them about what their jobs entail. Reaching out to those in your field may lead to further opportunities down the road. I have friends who have passed their resumes along to me, either for review or to see if I knew anyone in the field, co-workers who have connected me with potential roommates and future employers, and of course my parents are always a great fall back. Learn how to ask the right questions, and take a little time to figure out what you need and who can help you achieve that goal.

I hope these tips help, and that implementing them will save you money and a little bit of sanity. The twenties can be a trying time, which is why I think #10 is especially important. Learn what you can as you go through life, take what you can get, and learn from your mistakes. Taking charge of your finances can be an empowering experience, and you'll find that it's not as scary as you thought.