16 Tips to Save $100,000 by the Time You’re 30 – How can you save $100,000 by the time you turn 30? Hmm…Be a genius and get a super well-paid job? Find some rich relatives to financially support you? Win the lottery? Good luck with that. Or maybe first try these tips that work nearly 100% of the time. Makes “cents” to me!
1. Make saving automatic
Ever feel the urge to blow your whole paycheck the second you get it? Oh, only about every single time. There is a way to put money aside for a rainy day that works even for the most extravagant spenders. Just set up automatic transfers into your savings account. If you save 5 – 10% of your income this way, which doesn’t sound like a lot, you’ll be surprised to see how much it’ll turn into after a few years. And since you won’t see this money before it gets transferred, you won’t have to fight the urge to spend it.
2. Ignore the latest trends
There’s really no need to go out and buy a bunch of new clothes just because a certain shade of blue is “in” this season. And why upgrade your phone if the one you have now is working just fine? There will always be new technology and cool fashion trends constantly changing. If you try to follow along, you’re likely to spend most of your money on this never-ending quest. Only buy things you really need when you need them.
3. Cancel club memberships you don’t use
You’d think that getting a gym membership will motivate you to work out, but you know how it goes. No time, too busy, or any other excuse we can think of. If you’re not using all those things you signed up for months ago, then just cancel them! They’re sucking money out of your pocket on a regular basis, just like a financial vampire!If you’re going to need them again at some point, you can simply renew them.
4. Buy video games you can play over and over
Ok gamers, now it’s your turn. Here’s a hobby that can drain your wallet as much as it takes up your time. So be smart about it and buy games with high replay value. You can play puzzle games, quests, and interactive story lines for a long time and more than once. When you’re positive you’re done with it, you can resell or trade it in for another game. And if you have any recommendations of some nice replay games, leave them down in the comments!
5. Forget the phrase “Because I can afford it!”
Even if you have enough money now, spending all of it for the mere fact that you can afford to will leave you with slim chances of saving up a hefty chunk of change for the future. Yes, you can afford the latest iPhone model, designer shoes, and eating out at restaurants every day. But do you need all of that?Someone who makes less money but is wiser about it has better chances of saving $100,000 than someone who can’t stop shopping to impress.
6. Adjust the thermostat
Hey, you’re an adult now, so you can finally touch the thermostat!And now you’re going to become just like your parents by being smart about the number you set it to! Don’t freeze yourself out or subject yourself to heat stroke or anything. But at least grab a blanket or open a window before you depend so heavily on the heater or AC to keep you comfy.
7. Unplug what you’re not using
It’s a good idea keep all electrical appliances unplugged when you’re not using them. Even gadgets in sleep mode continue to consume power. It might seem like nothing, but if you add up all the energy you’re overpaying forin a year, you’ll see how much money you’re wasting!
8. Switch to LED bulbs
LED bulbs cost more than old-school in candescentones, but the benefits outweigh the initial price hike. They light up instantly, consume almost 10 times less energy, and last 10 times longer. And, of course, turn off the light when leaving a room. Bulbs lighting an empty room consume much more electricity than you might think. When the sun is shining bright outside, you can also rely on that natural light to keep the electric bill down.
9. Pick the right-sized cookware
Go for cookware that corresponds with the diameter of your stove top burners. You’ll be surprised to know that up to 50% of the electricity is wasted when you choose the wrong size pots and pans. Here’s another stove trick: you can turn it off 5 minutes before the dish is fully cooked:the burner and oven stay warm for a long time, so the meal will cook well without any extra expenses.
10. Save water
A person can waste 5 to 8 gallons of water while brushing their teeth or shaving. The solution: turn the faucet or shower off if you’re not using the water at that moment! Also, toilets these days have 2 flush options. One is more energy efficient because it releases just half the water in the tank, not all of it like the other button does. If you don’t have that fancy feature, then fill a plastic bottle with water and set it in the tank. It’ll displace water coming in and leaving, so you’ll save thousands of gallons a year!
11. Use the dishwasher
Believe it or not, a huge powerful dishwasher actually uses less water than a person who hand-washes the dishes. In fact, using a good-quality dishwasher can help you save almost 5,000 gallons of water a year. And since new models have heaters inside them, they warm up water more efficiently than a water heater. This alone will save 50% of the energy that would be used warming up water for hand-washing under the faucet.
12. Master the art of cooking
Make eating out an occasional treat, not an everyday habit. In fact, if you’re eating “cheap” at fast food restaurants and not fancy sit-in places, you’re still spending way more than you would if you just cook at home. So, get acquainted with your inner chef, and get to know your stove a little better. To save even more money, make a meal plan for the week and a shopping list to avoid unnecessary grocery store trips.
13. Don’t buy an expensive car
For most 20-somethings, a pricey car is synonymous with success. Ooh!But think about it: is it really success you’re speaking of when you put most of your money into something constantly losing its value and only demanding more money from you? Buying a car is one thing and paying for its maintenance is another. Unless you have a good financial base, consider using public transit or riding a bike. Hey, some big-wig leaders do it!
14. Invest in real estate
Unless you have to take out a mortgage, any real estate pays itself off pretty quickly, whether you live in it or rent it out to someone else. But unlike cars, the value of property usually grows with inflation. In developing cities, it sky-rockets!So if you buy a house for, say, $120,000, it might rise in value to $200,000 in a few years, and you’ll be able to lease it for some good dough!
15. Try something new
Don’t be afraid to try something new while you’re still young – like a new job, for example. There’s a chance that you’ll discover a talent for something that’ll bring you much more money and fun than your old job. Some people realize they’re better at teaching a skill they have, so they make money from giving online courses. Once you realize you can’t climb any higher on the career ladder with one company – don’tbe afraid to quit. There are hundreds of others on the market who’ll pay nicely for your experience and knowledge.
16. Live with your parents
While this used to be a running joke about people who were too unsuccessful to make it on their own, more and more young adults are happy to live with their parents these days! Sometimes young people have to spend up to a third or half of their salary on rented housing, and that’s a lot of money you could’ve otherwise put in your savings account. Not everyone will be game for this tip. If it’s not an option for you, you can split the rent with friends, a significant other,or just other people.