14 Ways to Save Money
Whether you are starting college or just entered the workforce, there’s many ways you can start saving money.
At Midwest Bank, we’ve set our customers up for success when trying to save money by offering higher interest savings accounts, Round Up program, and features in our mobile banking. Although saving money in your early 20s may seem challenging, incorporating small changes into your daily routine can kickstart your savings journey. Here are 14 creative ways to start saving money:
- Set a budget: Create a monthly budget to track your income and expenses. Check out these printable resources to get started.
- Cook at home: Eating out can be expensive. Opt for cooking at home, which is not only more economical but also allows you to develop cooking skills. Check out #dinnerideas on TikTok for recipe ideas.
- Embrace second-hand shopping: Thrift stores, online marketplaces, and consignment shops offer great deals on clothes, furniture, and other items.
- Cancel unused subscriptions: Review your subscriptions and cancel the ones you don’t use or need. This includes streaming services, gym memberships, or magazine subscriptions.
- DIY projects: Learn to fix and maintain things yourself. From basic home repairs to simple car maintenance, acquiring DIY skills can save you a significant amount of money.
- Use public transportation or carpool: If possible, opt for public transportation or carpooling instead of owning a car. It saves on fuel, maintenance, and insurance costs.
- Negotiate prices: Don’t be afraid to negotiate prices when purchasing big-ticket items or services. You might be surprised at the discounts you can secure.
- Automate savings: Set up an automatic transfer from your checking account to a savings account each month. Midwest Bank’s Round Up program is easy to set up when opening a checking account.
- Cut down on energy usage: Reduce your energy bills by turning off lights and electronics when not in use, using energy-efficient appliances, and insulating your home properly.
- Utilize student discounts: Take advantage of student discounts offered by various businesses. Whether it’s for entertainment, shopping, or travel, these discounts can help you save money.
- Find free or low-cost entertainment: Look for free community events, borrow books and movies from the library, explore nature trails, or organize game nights with friends instead of costly outings.
- Opt for generic brands: Generic brands often offer the same quality as name brands but at a lower price. Consider switching to generic alternatives for groceries, toiletries, and other products.
- Reduce impulse buying: Before making a purchase, wait a day or two to determine if it’s a genuine need or simply an impulse. This habit helps you avoid unnecessary spending.
- Take advantage of cashback and reward programs: Use credit cards or apps that offer cashback or rewards for your purchases. Midwest Bank’s MyDesign Rewards checking offers premium interest rates and rewards you for using your debit card.
By implementing these creative saving strategies, young people can develop strong financial habits and build a solid foundation for their future. Start saving today at Midwest Bank! Contact us to start the process to open an account.