We know, life is a struggle sometimes… financially that is. We could honestly say that ever since moving out of our parents’ home both at age 18, we’ve both worried about money every single day. Now, both of us come from different parts of the world and lived in different circumstances, but still we shared a common worry of money and the what-ifs. One of us would worry about enough finances to get through university, both of us would worry about how will we ever save enough money for a holiday, “should we start saving to buy a home?”, “how do we even save money?”. Being in our 20s, we both understand the millennial lifestyle and how hard it is to save money especially with social media and trying to stay in the now with technology. Start good money practices now with these 16 money tips!

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16 money tips to practice in your 20's

Amanda: I’ve recently found as well that I’m torn between whether or not I live life a little and go on an expensive holiday (I’m thinking Europe) or if I pack my money away for future living costs (e.g. buying furniture). But, why can’t I do both? I’ve always been pretty good with my money but I also need to be in complete control of it – in other words, I need to see where my money is going every week and plan plan plan for the future.

Julia: Recently, after reading a lot of Buzzfeed articles about people just leaving behind their life to go backpack the world… I’m torn between accepting that I’m “poor” in today’s sense and working my a** off to buy a kitchen table to eat on or to just save enough money for a one-way ticket somewhere and hitch-hike and see the world. It’s nice to dream sometimes. I’ve always been pretty good with money, but I also am an extremely forward thinker and I need to have control over money and finances…

So, at AJ, we’ve decided to collate a list of tips and ideas. This list is for us – the Millennials, so eventually one day we can say we no longer need to worry about money and can breathe.

1. Put away 10% of your paycheck


According to our recent survey results, we KNOW some of you don’t do this so people, it’s time to start NOW. We don’t care if you have bills to pay. As soon as that paycheck comes in, calculate your 10% and put it away in another account. Did we mention you’re not allowed to touch this stash of cash? If you don’t have a dedicated account, it’s time to get one!

2. Learn to cook your own food


Not only will you feel healthier for meal prepping but it will save you some serious cash. Amanda lives on the Gold Coast so eating out isn’t exactly cheap. Julia lives in Sydney where one shitty beer is $8… and cocktails on special are still $12. We know, we know, it’s so tempting to join your friends for sushi, or pies… or donuts but we bet you’ll look at your account at the end of the week and feel more guilty for the money you spent than eating that calorie packed donut. It’s time to write down your goals millennials! Limit yourself to one night out per week for the next month and watch how much you save, but that doesn’t mean spend a million dollars in one go.

3. Learn about Superannuation


There are ways to make your super work harder for you. Stayed tuned in the coming weeks as we’ll be releasing a few articles on how to make the most of your super.

4. Brew your own cup of coffee


…or take complete advantage of the free coffee at work. Let’s see…1 cup of coffee
averages around $4.50. You buy 6 cups of coffee a week. That’s $27.00. Wait wait, we’ll
break this down even further… that’s $1404 a year! That’s a flight to Europe right there. Enough said.

5. Invest


You know we’re big supporters of this one. We’ve written numerous articles about it. It’s
a way to make your money work harder for you. If you’re just starting out, we’ve got
the perfect gift for you. Subscribe to receive our ‘8 Stocks To Put On Your Radar’ and get yourself going. Knowledge and baby steps guys.

6. Limit your visits to the Bank Of Parents


Your parents love you and yes they want to give you money. But it’s time to start being a bit more independent. You’ll probably find you’re a bit more careful when it’s your own
money you’re using.

7. Think Before You Buy


Try out this little tactic the next time you feel a burning desire to splurge. Take 20
seconds to really think about your purchase. Ask yourself questions like “do I really need
this?”, and “what else is my money better spent on?”. You may find yourself putting back your wallet. Now, give yourself a pat on the back, you deserve it.  

8. Turning off your wall power – save electricity, save the planet…or something like that.


This is just one little thing you can do around the house to help save on your power bill.
After you use an appliance, it’s as easy as flicking the switch off on the power. Bam! Take advantage of if Australia, because American’s don’t have this luxury.

9. Buy bulk on sale


No, this does not include chocolate when it’s on sale. We’re trying to fatten up our wallets people, not our bodies. This is for those more expensive items such as long life milk, pasta, frozen items etc. If they’re on sale, buy up! You’ll feel less guilty knowing you’re saving your future self some money.

10. Know Your Goals


Really… what do you want? Think about it, write it down, make it a reality. Corny? We don’t care, it’s going to keep you on track.

11. Create an Emergency Fund


You never know what tomorrow will bring so it’s good to have at least $2000 stashed
away in case of a rainy day. Additionally, it’ll give you back some peace of mind if you’re
worried about your financial situation.

12. Actually Track Your Savings


Here at AJ we like to use spreadsheets. If you subscribed you would have received our
budget tracker that allows you to track your savings and expenses. If you haven’t
subscribed, don’t worry, there’s still time to receive your tracker! By tracking how much you spend and realizing where your money goes, it will make you more mindful for future spending habits.

13. Be Interested in Interest


Choose a bank account that will maximize the interest you earn. Do your research and if you find a better option, take action!

14. Make Your Talents Work Harder For You


You’re probably good at something… well, there’s a way to monetize it, you’ve just got to get creative. Or, find something you’re passionate about and work your butt off to rise to
expert level.

15. Buy The Affordable Car… Not The One You Think You Look Cool In


Unless you CAN afford it, don’t be that guy who buys an expensive car because you think it’s going to impress and pull the chicks… in all honesty, we care more about your
personality… and your hair. So, make sure you buy within your means where you can
easily meet your repayments.

16. Stop Flushing Your Money Down The Pokies


No, really. We are not joking. It’s a real problem in millennials. If you have an addictive personality then flushing money down the pokies will be the demise of you. We aren’t judging you if you do it, but if you need to do it give yourself a limit. It’s easy to get caught up with mates just craving that random feature. Give yourself a limit. Tell yourself, “I’m only going to spend $50 in the pokies.” Don’t fall victim to peer pressure and don’t tell yourself, “just another $20.” LIMIT yourself.

If you guys haven’t already, be sure to check out our video on this article on youtube by clicking heregive it the thumbs up and subscribe!

Got any other tips we haven’t mentioned? Leave us a comment below!

Don’t forget to grab your 4 week savings challenge, and our super easy guide on how to save $1000. To gain access, just click the button…we challenge you!

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