14 Easier And Faster Ways To Save Money While You're Young

            Building wealth is a long term commitment and it takes plenty of time to be really super-rich. One of the keys to building wealth is to first learn the importance of money and saving it. But, the tragedy is that 8 out of 10 people suck at saving money.

Why save money?

Why is it really saving money that important? We all have some audacious dreams and goals that we always wish to achieve at least once in our life. But, nothing is free in this world as money is ruling everything. So, without some pennies in your pocket, nothing is gonna work for you. Moreover, there will always be situations in life that we never expect to happen and we deliberately need financial help at that time. What's better than getting all the financial help by yourself instead of getting into bad debts. 

I recently wrote an article Financial Advice I wish I knew earlier. Check it out, it's amazing.

Saving money while you're young is relatively easier than saving at an older age. At this age, we literally have fewer responsibilities, fewer expenses, and lots of freedom. But, many of the young people these days spend money vaguely and regret it later. I don't want you to make that mistake in your life. 

I personally saved a lot of money with these simple ways and now I started to generate some income with my savings. Today, I'm gonna tell you those ways I used to save and invest money.

Let's dive right into the topic 14 Easier And Faster Ways To Save Money While You're Young

1. Track your expenses

            When you know the areas where your money is drowning, it's easy to cut and save at places where it's unnecessary. Get a clear picture of where your every penny is going and they analyze, Is it the best way to spend my money? The best way to track your expenses is to check your bank account statements and grouping your expenses into different categories.

 Moreover, there are many new budgeting apps that can track your spending habits. Use them.

2. Never make debts

            Debts are the main reason most of the people can't save money. When you get into debts, it comes with a tag called interest and you need to pay the whole. Most people spend their income on clearing their debts which leaves them with no choice but to have to live with very fewer savings. 

Never ever make debts that you think it's very hard and takes a long time to repay because the last you ever want in your life is to live all your life earning and paying debts. 

Taking debts to start a business or to study is okay but never make frivolous debts for some pleasures. Having huge debts will never let you achieve financial freedom.

3. Avoid expensive buys

           Do you really need that latest iPhone in the market which is damn expensive to watch Youtube, Netflix, Instagram, and text? Can't you do all of those with a small phone that literally costs 1/10th of the iPhone?  The biggest mistake young people do these days is to run after trends and buy expensive things with their savings and left with zero money and make unnecessary debts. 

Stop the habit of buying expensive things that can be done with inexpensive things. Save money and use them for meaningful purposes.

4. Don't buy what you don't need

            We go to the mall with the thought of buying a single t-shirt comes out with 2 pairs of dresses and a pair of shoe. With the marketing strategies getting intense day by day, people are forced to buy unnecessary things unconditionally. Marketing agencies come up with eccentric strategies to convince you to buy their products. So, without even thinking about its usefulness, getting persuaded we buy things we don't need. Never but things that you don't need. 

Instead, there are many alternatives to use things we need rarely which brings us to the next point.

5. Borrow

            Borrowing is a great way to save money. Books are one of the major things we use while we're young. Instead of buying them at the nearby store, just borrow it from the library or your friend. In this way, you can really save a lot of money. 

There are a lot of things which we use rarely and don't necessarily need to buy like a car or bike for one day trip. You can just ask your friends to lend you or you can rent one from the nearest car/ vehicle rentals and give it back after use which saves you some money and you can use it for things that are super useful. 

6. Buy used products

            Buying used products is going to save a lot of money. There are things which we can buy second-handed and still get the most out of it. The biggest advantage of buying used products is that they literally cost very less compared to the new ones. You can see on many online stores that people selling their used products like OLX, Quickr, etc. 

On the bright side, if you're patient enough to find the right product, you can get products that are bought recently and selling due to some reasons by the seller. 

For example, if you want to buy a new phone in the market but you have less budget, then there will always be people selling the same mobile at lower prices in online stores. Check the quality and buy it. 

Bang! you saved a lot of money.

7. Buy on discounts and use coupon codes

           Discounts are a greater way to save money. The same product you bought last month will be at a lower price this time due to discounts. So, before you buy things, just wait for the discounts or for any sales. When you're trying to buy a new product, wait until the near festival sale or any discounted sales.

I personally am a fan of using coupon codes. I'm using shopper chrome extension a lot these days. Recently, I save a big amount on my online purchase for my website. Go check it out. 

Learn to buy on discounts and use coupon codes to save money. I know it seems silly at the beginning, but in the long run, you're gonna save a ton of money using this trick.

8. Keep monthly goals

            Have a clear goal for every month on how you spend your money and how much you need to save. Having clear goals hinders us from overspending and saves a lot of money. Keep limits on how much you need to spend a month and how much money you should definitely save per month. Reward yourself if you hit the monthly goals with a small present to yourself. This way you get more motivation to save more and more money. 

9. Use your resources wisely

            Using your resources to the fullest is going to save so much money for you. Start making the most out of the things you currently have, don't just buy just because there was a new trend in the city. Most people replace old mobiles and some other stuff with new and costly ones which almost does the same job as the old ones. Take care of your resources well and they'll last longer than you think. So that you don't need to buy a new one often. 

Get the most out of what you have before you buy what you think you need.

10. Avoid unnecessary subscriptions

            With everything moving online, we're getting more and more paid services on everything. Do you find any app that gives value doesn't have subscriptions? Okay! I know premium subscriptions give you the best use of that service but there's a downside to it. Most of the time subscriptions come with auto-renewal and you lose money even when you don't use them. 

Avoid subscriptions to apps and products that you're gonna use rarely. They are a complete waste of money. Instead, search for some free services, and almost every premium subscription or service on this earth has a free alternative. It just takes the zeal to find them and use them. This way you are gonna save more money. 

One more amazing way of saving money by subscriptions is to buy a subscription on a shared basis where you and your friends divide the cost and buy subscriptions. This will be so easy since nowadays many of the subscriptions come with multiple users advantage. 

11. Eat home food

            Okay! I don't wanna say this but I should. How many of you love eating outside? Literally, everyone does. But this is where we're wasting a lot of our money. We all know food outside is costly and sometimes not that healthy too. 

Start eating homemade food which is relatively so much cheaper to make and moreover healthy too. With this you're not just saving money, you're saving your health too.

12. Use public transport

            I know! I know! we all love luxury and comfort. Transportation is one of the major chunks where most of our money and time goes. With instant services like booking cabs under a minute, we're getting addicted to it. But, what we have to understand here is that they're so much costlier than public transport. These kinds of transport are relatively 2x to 5x times costlier compared to public transport. 

By starting to use public transport, you pay less and over time you can save more and stay happy.

13. Pay in cash

            Well, this one is going to be really hard for us now? With everything moving online, it's almost impossible to use cash all the time. Online payments are at every nook and corner of the nation. 

That's a good thing right? Nah! According to a study, people tend to spend more money while paying online or with cards than paying cash. When we use cards or online payments we literally don't really understand how much we are spending. Just a tap and there you go payment is done. 

People are losing the value of money with these payment modes. When you start to pay in cash, you realize how much you're spending and may try to minimize your spending and start saving money.

14. Invest and forget

                Last but not least, it's not all about saving money, it's about what you're doing with what you save. Your money isn't gonna grow over time by just saving, it needs to be put to work. 

The best way to use your money and save more for your old age is to invest in some real assets, stocks, or mutual funds and forget that you have them. 

For example, let's take the well know Bitcoin. Bitcoin increased over 6 times its value in the last 4 years and still increasing. If you have invested 1 lakh into Bitcoin in 2016 now you'd have 6 lakhs in 2020, which is literally 600% returns. 

Don't just save money, use it to grow.

Conclusion:

Above are the 14 easier and faster ways you can save money. I'd say, saving isn't just enough, make use of your savings and grow your wealth. These helped me save money and now I'm investing and growing my money. I hope this will help you to save more money. 

What more tips do you use to save money? Tell me in the comments. I'd love to hear from you.

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