How to start saving in your early 20s!

Most people believe that the twenties are a time for being broke and having fun. But that attitude, can have some awful after-taste as you get older. We’re infamously called as the credit card generation and people love talking about our spending habits. We have a vast variety of shopping & food apps installed in our smartphones that notify us regularly about their offers & discounts which more likely tempts us to keep spending on those not-so-useful stuffs! This is because digital payments have made it a lot easier and made everything available at the tip of our fingers.

My Dad who earned success from nothing to everything, has admonished this one thing in my mind from the very beginning : “If you earn 100 bucks today make sure to save a minimum of 20 out of it. Living on a 80 won’t make you look any less opulent”.
However, we’ll discuss how money management is an acquired skill and the earlier you start the better you get.

Spend less than you make

Making a habit of living on less than you make will help you reach your financial goals much quicker and easier. If you get used to this early, it will get you in the habit of saving more and spending less, allowing you to save for big purchases— such as a house or car — and put more money toward your future plans.

Create a ‘Magical’ Bank Account

When I received my first paycheck, it was too exciting to have an independent account balance. But slowly realised that I didn’t have a track of my spends by the end of the month! That is when I opened two different bank accounts. One, where the salary would be deposited every month; another a manual savings account. I would take out half of what I earned from my Salary account and transfer it to my ‘Magical’ saving bank! So it’s good to learn the art of dividing your income in money management concept.

Have a track of your subscription charges

Subscriptions are deceiving because companies know it’s easy to get smaller monthly charges out of your pocket every month without you noticing. Try ditching your expensive subscriptions to save some extra cash. If you are still a traditional cable user, consider switching to a cheaper option like Amazon Prime or Netflix.

Make use of credit cards only if you have the confidence to repay!

Use a credit card for small purchases that you know you can pay off before the due date. The single most important thing about using a credit card is making sure that you always pay it off to a balance of 0 and on time every month.

We all have goals, either about careers, relationships or personal achievements. While finances might seem like the last thing we want to focus on in our 20s, investment habits that are inculcated earlier, can reward you with a stress-free financial life!

Disclaimer: The opinions expressed in this post are the personal views of the author. They do not necessarily reflect the views of Any omissions or errors are the author’s and A Week In Life does not assume any liability or responsibility for them.

Written by Shubhada Poojary

A shy, well behaved, quiet, polite, well organized girl at heart. She'd notice everything around but would opt not to react. That concludes her an introvert by nature.
She has had a pretty decent childhood. Family that loved, friends who cared, a comfortably well-off life. What more one could have asked for!
Shubhada is an extremely hard-working young woman who has major career goals set. This 22 year old girl is all things positive. She's known for always flashing a wide grin on her face. Being a positive soul, she makes sure that negativity and bad phases don't affect her goals. She has a Master's degree in I.T and works for an e-commerce company in Mumbai.
She believes, she has a superpower! A superpower to accept everything with gratitude. She also believes that life trains us in all walks of life to be brave and accept 'Whatever happens, happens for a reason!' Her love for writing brings her here so that she gets to speak her heart out. Ergo, being an optimist is the only mantra of her life.

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