Photo by Igal Ness on Unsplash

Saving money when you're young can be difficult. While you might not make enough money to immediately move out of your parents' house, there are ways to start saving money to reach your financial goals. Unfortunately, too many young adults haven't learned good spending or financial habits, putting them at risk of debt. When you're young and inexperienced with personal finance, saving money isn't easy.

Hopefully, we can help. This article will discuss how to save money while you're young. Let's get started. Here are the ways you can start saving right now.

Photo by freestocks on Unsplash

Control Yourself

When you get your first paycheck, it can be tempting to spend it all in one place instead of saving it. While you can always celebrate your first paycheck by buying yourself something special or going out to a nice meal, you should save whatever is left over, especially if you are planning on getting your place sometime soon.

Delayed gratification leads to more gratification later on. When you're able to control your spending, you can reach your financial goals and move to a new home, pay off college loans, and even start saving for retirement.

Instead of using their paychecks to buy things, many people use their credit cards, which means buying something now and paying later. While credit cards aren't necessarily bad because they can help you build credit, they can be incorrectly used. If you don't have enough money to pay off your credit card within a few days of using it, there's no reason to use your credit card. After all, if you can't afford to pay your bills, you could end up in debt quicker than you think.

Of course, if you can pay your credit card bill at the end of the month, you can put as many of your purchases on your card as you want. However, if you're trying to save money, it's always best to exercise self-control and consider what you're buying. While a new pair of jeans might look great on you, wouldn't you rather put that $100 towards your savings to get something even better in the future?

Know Your Credit Score

Your credit score is just one factor taken into consideration when you're trying to get a loan, buy a house, or even rent an apartment. For example, landlords perform a rental background check to determine if you regularly pay bills on time. Someone with a low credit score likely doesn't have good financial health, which helps a landlord determine which prospective tenants are ideal and which are not.

Similarly, anywhere you can get a loan, including a bank, auto dealership, and mortgage company will look at your credit score to determine your ability to repay the loan. Typically, those with higher credit scores get loans with lower interest rates.

Have Goals

If you don't have any financial goals, you'll start spending without thinking about where your money goes. Most people have financial goals of some kind, even if they don't realize it. When you're young, your goals probably include getting your apartment, staying healthy, becoming a pet parent, or even getting married. All of these things cost money, and if you're spending your paycheck as fast as you get it, you won't be able to achieve these goals.

Having goals is the first step to ensuring healthy finances, but what comes next is how you achieve those goals. Make a plan for each financial goal. While you don't have to meet those financial goals in a certain number of years, you can still aim to save enough by a deadline.

For example, if you want to get your apartment by the time you're 23, consider how much money you'll need to save up based on the average apartment rent in the area where you want to live.

From there, you can expand on your goals to give yourself a savings goal for each month. If you need to save $5,000 to get your apartment and save $500 per month, you know that it will only take you ten months to achieve your goal.

Understand Your Spending

If you get a regular paycheck, you already know how much money you're bringing in. But, unfortunately, most people don't know how much money they're spending. If you want to create a budget for yourself to begin saving money immediately, you need to know how much you spend each month. While you might spend more money one month than another, you can calculate an average monthly spend to learn more about your spending habits.

Depending on your bank, you might have access to budgeting and spending tools that will tell you how much you've spent in a month. For example, you can add up the past six months and divide that number by six to get an average monthly spend.

If you don't have these tools at your disposal, you can take a deep dive into your financial statements. Add up how much you spend using your credit and debit cards each month to find your average monthly spend. If you want to learn more about your spending habits, you can also look at all of your purchases in a given month.

Once you understand your average spend, subtract that number from your monthly income. The number you have leftover (if any) is how much you can put into savings. If you don't have much leftover, it's time to learn more about your spending habits.

Take a look at your bank statements and learn about where your money goes. You may find that you're spending too much money on food delivery, and by eating at home, you'll save a few hundred dollars each month. The goal here is to understand exactly how much money you're spending each month and where you can start making changes.

If you consistently spend more money than you make and you can't cut out very many items from your list, then it might be time to get a side hustle or second job to help you boost your income.

Properly Budgeting While You're Young

Good financial health requires proper budgeting. Now that you understand your goals and how much you spend every month, you can start making a budget that allows you to save money each time you get your paycheck. There are many different budgeting strategies out there, but it's important to find one that works best for you.

Instead of continuing to recklessly spend, consider budgeting your money by breaking it down into necessities versus luxuries. Finally, always try to save at least 10% of your paycheck by putting that 10% into your savings account before you do any spending.

About the Author

Marné Amoguis holds a B.A. in International Business from UC San Diego. She is a contributing writer at where she loves sharing her passion for digital marketing. Outside of writing, she loves traveling, playing music, and hiking.

Photo by Sara Dubler on Unsplash

Rejuvenating Thailand

Keep reading Show less
Photo courtesy of The Dinah

The Dinah

Keep reading Show less
Photo courtesty of Cecilie Johnsen on Unsplash

LGBTQ+ Healthcare Issues

The Dobbs decision, otherwise known as the court case that overturned Roe v. Wade, has resulted in confusing medical situations for many patients. On top of affecting access to abortions for straight, cisgender women, it presents heightened risks for LGBTQ+ healthcare as a whole. Flipping the switch on reproductive rights and privacy rights is a far-reaching act that makes quality care harder to find for an already underserved community.

As the fight against the Dobbs decision continues, it’s important to shed light on the full breadth of its impact. We’ll discuss specific ways that the decision can affect LGBTQ+ healthcare and offer strategies for overcoming these challenges.

How the Right to Bodily Privacy Affects LGBTQ+ Healthcare

When the original Roe v. Wade decision was made, the bodily privacy of people across the United States was protected. Now that bodily autonomy is no longer guaranteed, the LGBTQ+ community must brace itself for a potential loss of healthcare rights beyond abortions. This includes services like feminizing and masculinizing hormone therapy (particularly for transgender youth) that conservative lawmakers have been fighting against this year, as well as transition-related procedures. Without privacy, gender-affirming care may be difficult to access without documentation of sex as “proof” of gender.

As essential services for the LGBTQ+ community become more difficult to access, perhaps the most immediate effect we’ll see is eroding trust between healthcare providers and LGBTQ+ patients. When providers aren’t working in the best interest of patients — just like in cases of children and rape victims denied abortions — patients may further avoid preventative care in a community that already faces discrimination in doctor’s offices.

The Dobbs Decision Isn’t Just a Women’s Issue

While the Dobbs decision is often framed as a women's issue — specifically, one that affects cisgender women — it impacts the transgender and non-binary community just as much. All people who are capable of carrying a pregnancy to term have lost at least some ability to choose whether or not to give birth in the U.S.

For transgender and non-binary individuals, this decision comes with the added complexity of body dysmorphia. Without abortion rights, pregnant trans men and some non-binary people may be forced to see their bodies change, and be treated as women by healthcare providers and society as a result.

The Dobbs decision also opens up the possibility for government bodies to determine when life begins — and perhaps even to add legal protections for zygotes and embryos. This puts contraceptives at risk, which could make it more difficult to access gender-affirming care while getting the right contraceptives based on sex for LGBTQ+ individuals.

Overturning Reproductive Rights Puts IVF at Risk

Queer couples that dream of having their own children often have limited options beyond adoption. One such option is in vitro fertilization, or IVF, which involves implanting a fertilized egg into a uterus.

While IVF isn’t directly affected by the Dobbs decision, it could fall into a legal gray area depending on when states determine that life begins. Texas, for example, is already barring abortions as early as six weeks. To reduce embryo destruction, which often occurs when patients no longer want more children, limits could be placed on the number of eggs that can be frozen at once.

Any restrictions on IVF will also affect the availability of surrogacy as an option for building a family.

How Can LGBTQ+ Individuals Overcome Healthcare Barriers?

While the Dobbs decision may primarily impact abortion rights today, its potential to worsen LGBTQ+ healthcare as a whole is jarring. So how can the community be prepared?

If you’re struggling to find LGBTQ+-friendly providers near you, using telemedicine now can be an incredibly effective way to start developing strong relationships with far-away healthcare professionals. Telemedicine eliminates the barrier of geography and can be especially helpful for accessing inclusive primary care and therapy. Be sure to check if your insurance provider covers telemedicine.

If you’re seriously concerned about healthcare access in your area — especially if the Dobbs decision affects your whole state or you need regular in-person services that may be at risk — it may be time to consider moving now. While not everyone has the privilege to do so, relocating gives you the ability to settle in areas where lawmakers better serve your needs. However, this decision shouldn’t be taken lightly, so preparing and making progress on a moving checklist now can help you avoid issues later.

The Dobbs Decision Isn’t LGBTQ+-Friendly

The Supreme Court of the United States has proven the power of its conservative majority with the overturning of Roe v. Wade. However, the effects of the Dobbs decision don’t stop at affecting cisgender women’s abortion rights. In states with bans, it also leads to forced birth for trans men and non-binary individuals. Plus, the Dobbs decision increases the risk of other rights, like hormone therapy and IVF, being taken away.

Taking steps now, whether it’s choosing a virtual provider or considering a move, can help you improve your healthcare situation in the future.