Are you looking for realistic tips on what to do in your youth that will help you “get ahead” of the pack in your later years? We’ve got you covered. Someone asked, “Does anyone have any tips or tricks to employ or things they wish they did when they were younger?”
Here are the top-voted responses.
1. Prioritize Saving
One person got straight to the point: “If you’re legit saving 20% of your salary, then you’re so far ahead of your peers it’s not even funny.”
2. Invest in Good Relationships
You read that right. Another user suggests cutting your expenses in half and doubling your savings with a partner. “People who get married in their late 20s, if they don’t get divorced, are often going to have more money saved in ten years than people the same age who never got married.” The key, of course, is to not end up in a financially messy and expensive divorce.
3. Start Cooking and Stop Ordering Takeout
“Learn how to cook basic meals (there are a million quick weeknight dinners or sheet pan dinners or beginner recipes online),” another added. “Doesn’t mean you can’t go out with friends, but make the other 6 days of the week frugal and healthy.”
4. Find a Roommate
Here’s some practical advice that goes beyond just the college years. One person said: “Your rent is your biggest expense by far, so if you have the opportunity to move in with someone you trust in a place that isn’t falling apart, take it.”
Another user shared their experience, “I can’t stress enough about living with a roommate. In my years in London, as soon as someone could afford it, they would find a bigger place, live alone, etc., which is a recipe for financial disaster.”
5. Ditch The Bad Habits
“Don’t drink, smoke, or do drugs,” another added. “Take it from me; drugs are expensive.” They’re right, drugs, alcohol, and practically all bad habits are expensive and deter you from staying focused on your life goals.
6. Make More, Spend Less
“Probably the biggest catalyst is to make as much as you can and live below your means.” This user shared a simple but very effective piece of advice. “Also, plan how you are able to keep and grow as much wealth as you can but do note that more money does not equal happiness. Consider that experiences, relationships, and purpose are the common denominator to a “rich” life.”
7. Track Your Net Worth
Another shared a suggestion that will help alleviate your stress levels. “If a decision is less than 0.1% of your net worth aka if your net worth is 250k and you are faced with a decision that is $250, it’s really not something to stress about.”
We hope you enjoyed this Reddit picks list of tips for saving money when you’re living alone.